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Housing starts fell in July: CMHC
/ Y9 H0 O# R: j(CP) – 41 minutes ago
& W& e% ?" ]5 [( d+ C5 W% HOTTAWA — 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.
: N' r9 P$ D! p5 A& kHousing 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." ~" B1 g: X. E2 B
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
; Y' u6 ^" O% R4 i$ M% ["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.
8 O: R! c: m" N( e+ SThe 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.
+ L- N% Z8 {4 Z- n+ c3 y4 `7 T7 @0 C! WHousing 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.* ^/ p% @5 W/ E+ y- D
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
6 ?, v: L: s" ~, c ~6 X# }. JIt forecast 160,250 starts this year and about 163,350 for 2010.
) u! y& }: J# c2 `# b7 ~" N+ lUrban 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.
" b4 m2 I+ e4 g# D! a2 GRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.3 k6 E" G; b6 d; G. [
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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