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Housing starts fell in July: CMHC: w) d+ z/ s1 p& k# `# q+ N
(CP) – 41 minutes ago
5 g4 g, D' C0 G' C3 V1 }' ZOTTAWA — 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 u3 W1 t. l& O t+ S% u% v
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.
3 b$ ?: T6 ~4 u" m& W" dIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
U, n; K1 P; h) b; i"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.
* A# B. |) }- ^9 {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.
# }* ]) N# j5 Z# d1 f6 T6 \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.
) n0 U9 G f J4 }! U0 ?6 Q! qThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
5 M5 k% i8 q3 l2 mIt forecast 160,250 starts this year and about 163,350 for 2010.' e0 w. j, a" Q4 l
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.# g+ E. p( N+ [7 j( v! r, C
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
; B/ c+ u5 W, }/ D8 t1 B5 ]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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