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Housing starts fell in July: CMHC( c# X+ z/ d C0 Q: v: E; v
(CP) – 41 minutes ago, A- z: o( I* f7 F9 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.! E A* m7 \3 t' O {" [7 n
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.7 U! I0 t0 u& i6 A) F
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.7 x, W& L; w" c
"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.0 ^( U9 w# i6 y3 K ?3 f/ u
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.
9 G5 o( i; o+ c+ Y: I4 eHousing 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.
* w$ h2 ?, H* ^- p: QThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.3 V, y9 S. p i& X, p) [4 G& ?
It forecast 160,250 starts this year and about 163,350 for 2010.
* U' [9 A( E, ^0 Z+ ^9 cUrban 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.
8 f, p5 ?* q/ ?& q& ?Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
9 i9 B! s' J4 G, ]* p& f7 GStarts 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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