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Housing starts fell in July: CMHC a! x) w0 x" s( z) X
(CP) – 41 minutes ago
9 v- q+ Q; ^" u1 a9 M% X# b" P# ?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.) u% `% P1 d* L9 h
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.
; b, F' p2 l( |' u: eIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.2 c5 y' S) W! Y: e
"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.1 g* r& r z; c1 c1 u. g/ v
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.
- K4 `8 _: T( l1 y+ l; aHousing 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.* m, q2 C* m; w; h% G& n& y
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.1 z+ U0 o! P6 l+ R1 H( y
It forecast 160,250 starts this year and about 163,350 for 2010.
8 _# L v8 @$ b6 b9 OUrban 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.
$ `+ c; X2 Y2 NRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
$ `7 Z8 R7 ]1 S# A* |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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