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Housing starts fell in July: CMHC2 T2 l4 l$ K" ^: `7 r
(CP) – 41 minutes ago: M7 ]' N. A0 z
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 \& I3 S$ g5 u) J9 U' T
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.# ]2 k1 z: d, s; z+ D& x3 t
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
3 c; n# T+ e9 m5 _"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.( ^% A4 F& S1 f
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.2 y* {0 H' A. C5 N2 p3 }$ C6 {7 I
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.3 N+ p! j+ J) X& W; d
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.* u4 ]# S5 P9 I) R5 E, w1 B
It forecast 160,250 starts this year and about 163,350 for 2010.8 p& K3 p5 r& E) s
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.
. C" R; R! v7 gRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
3 t4 m2 v/ g- g/ Y: s9 hStarts 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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