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Housing starts fell in July: CMHC
4 Y1 g$ i% U$ ~5 H, t. V(CP) – 41 minutes ago* F( }# ^' N" i- ?. E
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.: V$ @0 k3 [) W3 t. Q/ |; _( Q
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 |6 H, j& v: o- p* xIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
6 ^/ L9 u- H( I8 v/ K+ ~"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.
8 L$ T0 m/ F* xThe 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.
6 l; x- T$ i+ MHousing 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.6 S: e5 T: x0 g2 K$ k+ _8 Y. T0 F3 G
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.3 [; p& X Q6 T) f+ o# F2 M, |. I
It forecast 160,250 starts this year and about 163,350 for 2010.
0 N0 `$ H \$ N2 X) 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.
3 J! S4 d9 U. l# j( ]1 tRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
5 P4 S- {7 F6 D4 C! w7 \. l, }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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