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Housing starts fell in July: CMHC& ?, _1 c8 o& c6 `' I
(CP) – 41 minutes ago
1 @7 {2 _% _* z# M6 C) A( d3 QOTTAWA — 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.) x/ f% `5 ^0 H4 y" }+ z |2 c/ P* p
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.
; W: W/ b3 ~# D0 w* K5 }* A; `. ~In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
3 m& B1 i( W1 }$ l"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.2 f) P& q5 x! a: }1 z4 S( n
The 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.- l9 q8 n" c' F3 j" u, T
Housing 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.7 `$ d! _) ]% T
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
G) }% z* i, s# v% EIt forecast 160,250 starts this year and about 163,350 for 2010.
* o' V4 y; G- B; _5 s7 y& FUrban 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.) b7 [7 W3 Q X1 L* ]
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
9 |& Q1 e/ T( ^2 m. `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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