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Canada housing starts fall in May

Canada's housing starts totaled 195,613 at an annualized rate in May, down from the upwardly revised 216,775 in April and below Econoday's consensus estimate of 220,000.

The six-month moving average of the monthly seasonally adjusted annual rates of housing starts slipped to 216,362 in May from 225,481 in the prior month, data from the Canada Mortgage and Housing Corp. showed.

Seasonally adjusted annual rates are monthly figures adjusted to remove normal seasonal variation and multiplied by 12 to reflect annual levels.