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Housing starts fell in July: CMHC3 H; J# K5 _5 ?# k8 I4 H5 J
(CP) – 41 minutes ago& G- N2 D! }7 i% C
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.
6 g1 {, O" j5 P% h" vHousing 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.
" m1 v# n4 ?6 G nIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
9 K( P4 z$ s. j5 G1 H, m, g$ x; p( _% A2 v"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.9 a; p0 J- ?) D, l
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.6 H/ Y7 P0 a: P! B9 |" G
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.
) [" X" F3 O: A1 ?1 b1 m2 }& sThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.3 o$ |8 N) r( Y; k1 P, w |& F* ?
It forecast 160,250 starts this year and about 163,350 for 2010.
6 `; k# _% O" G1 s6 O' H9 CUrban 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.
3 K l2 S W0 vRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.3 y. ]; q, U' C2 H; F+ ~
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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