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Housing starts fell in July: CMHC
# q d8 D1 Q8 W1 m" z* Z% K6 G3 O(CP) – 41 minutes ago' r1 w; S- {7 \) n
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 w, [6 o0 Q& @1 C0 h' H; mHousing 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 ] X) \% Z4 b& {4 p, ?In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month." p( C3 O$ m6 }1 d1 i7 J* E Q. E6 e
"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.
4 a% F P7 z4 M: yThe 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.: g# B5 T7 M6 W' K" T; } s. [4 T" y
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.8 G" h/ A+ C. J4 H! e
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
, A, o8 p. O* g- M! O& q m/ |: C+ x3 CIt forecast 160,250 starts this year and about 163,350 for 2010.
5 a J0 G8 y( p! S' E- C0 l7 TUrban 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 W! S# i2 f) N
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
9 h& M! m$ e+ ~: q, MStarts 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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