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Housing starts fell in July: CMHC: r1 i+ A4 o' T: R6 ^; l2 C, V
(CP) – 41 minutes ago2 s$ o& `- Y2 S
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.# b* o, Y) m1 ?0 A( G
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.
: F4 F4 r J0 o) M4 R% J; LIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
: ^9 l! V. v( P2 ]3 x% a"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.
$ ]$ Z$ i2 H6 x6 b* @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.
4 c u. X; c/ [8 [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.
$ n6 r* D& i: ~) eThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
7 W+ n8 O9 _/ T$ Z- \' q; gIt forecast 160,250 starts this year and about 163,350 for 2010.
* a: L" |. H% e% y' Y8 t) @Urban 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., i" K/ h! q2 d& B' k0 A$ G" M( P
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.4 V5 |2 l2 b* ~ t% C# U/ k5 M
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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