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Housing starts fell in July: CMHC
' V( ~6 f/ c( k: {/ J' t(CP) – 41 minutes ago
8 s8 \' \( ^8 Q* Q( ?+ v4 N# WOTTAWA — 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.2 L7 r" s4 Z p4 L0 g. 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.! a0 K1 o0 [) X( p5 `+ K
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
' x, ]: ~3 j4 v: y6 D"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.7 b. W# D0 t7 _* z6 y+ U0 s, v( d
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.
2 R4 a n7 \/ E4 _! j5 L5 q: _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.
+ q% g s8 ]5 O4 w, i: \The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.0 b/ }8 C& X! u( i# ~- b5 j
It forecast 160,250 starts this year and about 163,350 for 2010.
0 X9 T6 ` s5 TUrban 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.1 x* U* c# F* i8 d5 I
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.3 O1 L4 J( o. K6 s% Y
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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