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Housing starts fell in July: CMHC# d1 n& t4 i. S5 C3 n
(CP) – 41 minutes ago
" l+ Z, j" J7 f/ TOTTAWA — 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.
) |3 p `: g; c |; g! kHousing 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.
+ s! }) e1 |" I9 ^2 EIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
5 k" Y& `9 p7 A* ? e6 ~& ]6 F! Z"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.
) S/ x/ Y. j: {; h6 N" {5 M" DThe 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.
' a" j5 m0 q/ GHousing 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.
, g: \4 r* ^5 f. W+ sThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
8 L6 b' d4 v) cIt forecast 160,250 starts this year and about 163,350 for 2010.
/ H' K4 y9 e4 |3 dUrban 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.. _6 \3 G2 t: _+ B" O
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.- |1 y/ E; f! Z! [% G; Z2 x
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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