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Housing starts fell in July: CMHC* s4 O5 I: o% D' C
(CP) – 41 minutes ago
2 U; }( z8 h' fOTTAWA — 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.' ? X! M6 a. t7 o' s4 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.. M) D3 S) U- C9 H+ f/ B+ G& q: E! r
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
4 h2 ~4 F9 d7 F+ z 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.: D9 t" q0 i; y3 w/ u7 Z+ N
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.* u3 m# s0 X" |- M
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.$ h4 [; D% C0 J8 d. i
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.8 |* ^; u9 a, V' _# i% q' p
It forecast 160,250 starts this year and about 163,350 for 2010.4 G W; V! E& k T" I; Y
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.
8 F3 M- W6 L$ gRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
8 g( l& _* d1 e/ P# UStarts 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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