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Housing starts fell in July: CMHC8 r2 y7 j" c9 w+ i$ c* s
(CP) – 41 minutes ago& |4 S: y2 u% N4 i
OTTAWA — Housing starts declined last month from where they were in June but are expected to rise later this year, Canada Mortgage and Housing Corp. said Tuesday.
" v7 L% p- H- {8 S0 X4 w# ZHousing starts fell to 132,100 units in July from 137,800 units in June, on a seasonally adjusted annual rate, mostly because of the multiple-units segment that includes condos and apartment buildings.: U! g/ o- E7 e7 P$ v* p' n
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month./ D7 z0 R& n$ b* \* c- ~' {
"Although July registered a decline, housing starts are expected to improve throughout 2009," said Bob Dugan, chief economist at the corporation's market analysis centre.
- H4 S1 e1 u- N2 c @8 i1 wThe agency predicted that over the next several years housing starts will gradually become more closely aligned to demographic demand, which is currently estimated at about 175,000 units per year.
. H v. k+ {" b( HHousing starts this year are down sharply from 2008 and 2007, when builders and buyers responded to a strong economy, low interest rates and years of pent-up demand.
* I* `$ |- C- A" ~0 K! G5 e, B6 eThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
9 \! S1 o( E3 `7 a9 UIt forecast 160,250 starts this year and about 163,350 for 2010., B( t" B- T) Q1 O+ f
Urban starts on a seasonally adjusted basis fell 5.5 per cent in July to 113,500 units, with multiple starts down nine per cent and singles off 1.1 per cent.
3 m. r, I' b6 s& e$ c8 i2 ARural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
" Y/ ]- M! p0 R' S& y# Z" c9 UStarts in Quebec rose 16.6 per cent in July, while they fell in other regions, including a 15-per-cent drop in Ontario. |
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