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Housing starts fell in July: CMHC, F1 b, P( S: n' M
(CP) – 41 minutes ago
( b8 y0 v6 ?* ~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.
( @5 m2 O& N- P% xHousing 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.
& t! q- w( j. tIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month. M: V2 o- Y4 y0 v! \" z
"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.
) N$ H! N* G2 g \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 v. E3 ^6 Y9 uHousing 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., F) @+ J( N+ H/ L+ Y; A
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
4 D+ G/ H1 b7 o0 [* w9 d8 {* HIt forecast 160,250 starts this year and about 163,350 for 2010., p8 ^6 T# a, J* [
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.( s. h' P( }% Q; ~7 Y
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
9 `5 e8 l, E- F' a% i# H- DStarts 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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