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Housing starts fell in July: CMHC
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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.8 n C9 a9 O! X" n0 a2 i. k8 b
Housing 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.
l7 c9 H$ K+ I# z5 @In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
+ ]4 F: m9 X. p; b/ S+ t"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.
5 V2 g3 [! F& o GThe 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.
/ _7 }. Q" q$ q# dHousing 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.
! s ?' t2 j& ~7 WThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.5 F# b* t6 b, }$ Z7 z
It forecast 160,250 starts this year and about 163,350 for 2010.0 I& j1 B% `3 P( z
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.
% Y1 `+ [1 ^9 \# lRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.) r# C0 b( b- ]* w3 y
Starts 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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