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Housing starts fell in July: CMHC/ c0 j( T* ]- ?5 A
(CP) – 41 minutes ago
2 `# ?; j: ]7 E1 I6 oOTTAWA — 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.
7 B7 K# T1 @' DHousing 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.
5 s! t% I5 x/ E3 IIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month. ^3 L" |1 Q4 f Z8 x
"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.
/ @3 {" S2 S. Q! z- L" n5 y+ }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.5 ` Q+ e& q- u0 ]+ z
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.6 T; S) d; g/ L# C
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.% i; q" t) [5 H3 F% W
It forecast 160,250 starts this year and about 163,350 for 2010.
3 J9 N& Y' W4 e& H1 |; E# K: qUrban 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./ E5 V3 {% b' }3 j3 ^2 p5 q
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
3 E' c; {; Z7 \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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