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Housing starts fell in July: CMHC3 y( J& i( h4 Q4 g d5 j6 i
(CP) – 41 minutes ago% g) w- X! J: Q' p
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.
5 j0 Z, Z. ^# f% _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.
4 I$ ~% `5 C, t3 M$ V8 c) g/ rIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
v+ i/ c8 l- N9 ?; Q"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.6 X$ i6 [, `) v; q
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.3 {* A5 L2 W& b J9 J
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." V0 \1 R# H8 ^' g5 S7 L
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
. H0 v/ J+ T- RIt forecast 160,250 starts this year and about 163,350 for 2010. G' S1 B; e; V, t K+ k7 M8 M
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.; }0 L6 Q5 L, X: v9 z; ]
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.$ o/ G# v% {0 _2 ?
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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