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Housing starts fell in July: CMHC M0 g1 _% {% u. a6 M( I; S
(CP) – 41 minutes ago9 n) a/ B' E8 R9 p, `" N4 \8 T2 B
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.
* }" e6 h( s1 Q+ A; ~: V* SHousing 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.3 X8 G" k9 t) [9 T1 ?
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
; a' m0 z* O4 V& W4 V R0 R) d6 o"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.$ G2 C8 m5 l p+ b' v3 t" I" p0 m
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.2 c {6 E+ Y6 R8 G* d5 Q2 g& P
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.
8 H9 k( z$ W+ l& oThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.2 `3 }( S* g" W0 M8 {2 D. ^
It forecast 160,250 starts this year and about 163,350 for 2010.
8 y# U# K; q: 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.
: P% D8 ]; f& b5 n, y. ^Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.! {5 s; ~! R0 W& k$ L# e, }6 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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