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Canadian housing starts rise in July

Canadian housing starts rose to a seasonally adjusted annual rate of 222,324 units in July, up from 212,948 units in June, according to Canada Mortgage and Housing Corp. data.

The six-month moving average increased to 217,550 units in July from 215,175 units in June, with British Columbia and Alberta being the main contributors to the higher trend, Canada Mortgage and Housing chief economist Bob Dugan said.

"While BC's construction coincides with near-record-low completed and unsold units in the past few months, Alberta's inventory of new unsold homes is ramping up, highlighting the need for managing inventories," Dugan added.