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Housing starts fell in July: CMHC5 O {0 ?, v' ^* D! t, j& W( I
(CP) – 41 minutes ago2 j% c9 u2 O. A1 F" \
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.! b7 f; r- o8 z2 \; ~% |
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 Q3 ]' R0 n4 L3 G! ~/ qIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
5 A0 z! q2 m4 O4 o7 V8 \( i"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.
, F2 }+ o* X: G$ Z, VThe 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.
! C( G: \8 `$ CHousing 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.
/ n1 n! Y1 C% u5 GThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.2 g* O. I+ F% g! Q: p
It forecast 160,250 starts this year and about 163,350 for 2010. l, e. D) s3 O: e) q8 Z) H7 L4 F
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.: K+ D, U% i T1 \# F
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.1 m/ I& s7 p% {' A7 H
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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