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Housing starts fell in July: CMHC
, b/ [$ }" G, z% T# w(CP) – 41 minutes ago
! L- O# r; ^( X9 I7 D# v! 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., P( X- U* X4 M& ]1 @3 l i
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.' r1 b% Q- m( W9 q: Z3 C
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
1 A5 p" O7 ^9 N0 D9 i: S"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., Q" O* Z: {9 W: @
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.
' a9 s2 J4 a, rHousing 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 y4 P) H5 r1 E1 F7 F' a5 ?
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007. U7 Y- ]4 M4 G( z. o; l! T
It forecast 160,250 starts this year and about 163,350 for 2010.; J- i) f* G$ ~9 k' T
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.( y/ Y4 O% A8 D) m9 o- Q4 b
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.* ^5 q: I: d+ B4 m$ E8 i0 j
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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