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Housing starts fell in July: CMHC5 t- i' x! T# U( v, B+ q
(CP) – 41 minutes ago0 b9 d8 w. b2 ?2 ~/ {+ 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 P/ A7 b$ G7 [1 }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.
: B z a4 }# o& e$ Y3 X7 n) u6 @+ GIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
! I/ V# [7 k6 l9 F; S* \"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./ h1 d, d6 k5 `( E h' O9 l7 I& p
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 G/ `" s7 _/ X+ M
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.
9 I7 Q: q9 f; l e4 n% k9 }' IThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.$ G4 Y0 W0 ?* ?/ d) p+ `2 v8 t
It forecast 160,250 starts this year and about 163,350 for 2010.
( A* l' E- E6 P+ E, E. D8 p- hUrban 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.
1 R7 `9 B& [0 D7 R8 ORural starts were estimated at a seasonally adjusted annual rate of 18,600 units.& @3 w; h: v3 N6 s4 k0 c# E, ]
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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