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Housing starts fell in July: CMHC9 r* C0 o P( A4 A0 P4 p1 q- G
(CP) – 41 minutes ago
2 i. ^$ S8 }- h [# e5 Y6 q4 ?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.
8 W+ y+ c8 ?( F2 A% S+ E, aHousing 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.
! H1 Z0 ?, S! Q% kIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
* `+ ]) b6 Y/ e' X; S"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.
) c5 i$ r# s- U5 L7 {( H$ v/ nThe 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.
4 V5 S# e1 g/ A! @1 E( D- fHousing 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.
( W5 Z. V7 L7 ?, e' m! M% `0 k8 L NThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.. y" B" I1 J7 c% m7 O; G
It forecast 160,250 starts this year and about 163,350 for 2010.
1 T, P+ q: l( _1 ~3 iUrban 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.
/ m4 p: o# n' C$ E" |! gRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.2 m5 j& u. M2 C% U$ ?) y2 ]
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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