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Housing starts fell in July: CMHC8 Y7 [2 S4 O- B" }
(CP) – 41 minutes ago! T5 R" |1 Y! |" b4 ~1 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.6 @) E$ d, P6 a1 u
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.
2 E( z6 f! g% [3 lIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.5 L0 O- q. ?' m3 m6 }- h
"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.- G+ X" c1 f5 g8 x
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.
7 L W5 R" |# s- j" K. |5 c: C% yHousing 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.
; |2 T6 `/ E3 H9 X" Y( \The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
5 a# }; e" S5 U* X3 k! `It forecast 160,250 starts this year and about 163,350 for 2010.
, h* m, s4 W: G% I r1 FUrban 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.
, v6 o/ \- V: |2 @& i6 t4 _( DRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
! j% M" p5 W5 J# C: E: }1 M" VStarts 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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