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Housing starts fell in July: CMHC, f1 A4 `9 q) P+ z+ Y, a; T
(CP) – 41 minutes ago+ e4 s- |6 z& v! o# A, t
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.$ E: f2 m6 z/ g+ z7 m% j7 }
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.1 F2 s* M: ^4 y" a/ d
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
6 U2 n% g; u/ {4 C"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.
( F1 n, t) }4 i' 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.. _% B6 D9 q! z1 P- v
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.
) h1 U: G! P2 T" |% zThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
' [& B; P. o$ H4 u# I/ C% y& T" n. HIt forecast 160,250 starts this year and about 163,350 for 2010.
- E! L( G( u5 _* E4 o+ C1 S3 `0 QUrban 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 h! \. D+ a0 e3 h7 ?
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.$ i2 E1 o/ r; W+ ]7 c
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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