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Housing starts fell in July: CMHC
$ ]2 T# H) J4 h7 O3 F(CP) – 41 minutes ago! {9 s! C8 Y* B( a2 v S
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.
, S- k& r2 A W9 @$ p! `" }0 f- ~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.6 {+ f1 {9 b v) ~7 G
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
6 k6 _( L& p0 n8 v; |"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. C# N2 f1 C/ } d% E5 m
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.
, F* z* E2 `* r$ X+ VHousing 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.' `1 h. J$ P$ q+ J( R5 S4 q3 i* x
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
. u7 T- T, q9 n# D3 yIt forecast 160,250 starts this year and about 163,350 for 2010.
3 Q3 M( a# H2 HUrban 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.; [( N/ S% R4 O4 v. e! `
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units. V8 _3 A2 [: u- o/ u2 q
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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