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Housing starts fell in July: CMHC: [0 F' r" N8 \
(CP) – 41 minutes ago( Z! g' x, m- v
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.
8 t" @" m$ ?& {- l& ?9 e1 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.
z0 [0 L, P6 h* k4 U: `In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
8 m; m8 h8 `( e% I0 K"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.
+ y& o( ]5 o* A- }) XThe 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., [* O" r- F+ }% H: R
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.% s' j: j+ n) f8 U% t
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.# c0 j" {3 v1 n2 t3 W' d3 P
It forecast 160,250 starts this year and about 163,350 for 2010.
+ |3 G. a3 c9 D+ z% LUrban 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.2 g O0 d4 K6 f1 \4 m7 j
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.5 [% ^4 p: i F" W$ c7 W
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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