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Housing starts fell in July: CMHC9 y, {* f' i X) `2 ~. j
(CP) – 41 minutes ago7 F V; S! H& t# ~; K
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.
7 }5 K3 e: a0 BHousing 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.# M+ D. e3 \3 t6 M! v5 L3 u! M
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
! I! g/ L9 w; {, B" w! B- u" W' `"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.
' c5 d1 N2 g5 B5 X8 K# _; BThe 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.
3 _: t& ]% R( s6 W, S6 XHousing 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.
+ e7 L. g1 P8 _3 u" S) BThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
6 {3 i# Y: B* X- R4 Z+ z7 Y, ^4 c, ^* }It forecast 160,250 starts this year and about 163,350 for 2010.6 {. w4 A/ V% D4 e/ h" V6 @. c
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.) v0 C: I3 @/ D! g
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units. u) \. z$ R1 o- j
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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