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Housing starts fell in July: CMHC
: y% Q1 C; b5 [1 v(CP) – 41 minutes ago. [* X4 P4 r% L( g+ O# U
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.: h( P+ O" r ~ p* _7 z B
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.
/ i2 W/ G0 { A) i0 ^) Y/ EIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
$ f! I l$ Q8 z T! L"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.& e& e0 Z% Z* K2 p3 l2 }" _
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.
% S8 m0 O) I* w( 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.
) r7 g0 {+ @# S+ d( K, z% t2 RThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.: Z U2 ?) t( b- F- C: e
It forecast 160,250 starts this year and about 163,350 for 2010.7 u2 q% L; H3 d3 i T& K& A
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.
" r) ]* l. z! @- I9 Y1 ?Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
2 i. b% G J0 d9 iStarts 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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