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Housing starts fell in July: CMHC
7 I. \: N# A; }$ y0 s) r(CP) – 41 minutes ago# U* Q2 q( E; p$ U$ u; O- F7 h
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.
5 c0 X; D( g3 _; }: J7 mHousing 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.6 O2 j( E# x( u, i3 D3 F7 d
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
, n2 |8 v9 c! L3 N2 w! H"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.
! G' X* s2 b) d% g/ EThe 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.
7 k$ C) O) Q% 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.8 P3 m+ X* U1 L- v' c. C. j
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
" f2 \4 k8 Y0 ]4 hIt forecast 160,250 starts this year and about 163,350 for 2010.
% ~% b9 o L7 T$ o0 Q" j" L3 mUrban 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.
! S7 g# h/ w5 ]$ BRural starts were estimated at a seasonally adjusted annual rate of 18,600 units." u6 Q' A- A2 }, C5 P8 P0 D" R
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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