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Housing starts fell in July: CMHC/ U+ M9 p: J8 E* v4 b6 z
(CP) – 41 minutes ago0 s0 v9 [7 i1 J9 B2 k% O. d; F+ d
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.4 W9 Z% t! ?& b0 [/ t; K
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.
' H1 g' y, E; s6 cIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.) H6 N) D1 U% T. E
"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.
$ V b( ]' D2 j/ E5 e5 [5 Q1 sThe 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.
" M+ l' y6 D3 R2 UHousing 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., ~8 O4 J7 ]8 T' J- `8 G
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
) l7 p5 g0 p7 Q8 K+ F& qIt forecast 160,250 starts this year and about 163,350 for 2010.
: x6 i; V8 V! |0 D: vUrban 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.
( ?7 ?# z" V8 c& F7 u7 ^8 c2 ORural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
. ^+ O3 d/ H" X, U4 ~( |6 H' pStarts 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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