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Housing starts fell in July: CMHC3 ~+ }1 ?$ E* q' t
(CP) – 41 minutes ago
5 @. f0 B( z+ Q$ t. v9 {2 a/ l( lOTTAWA — 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.
" H# Y! V- i @' YHousing 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.5 p" X N- F: X) Z0 t9 s
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.( _6 m( E7 w: m0 @5 v
"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.
/ Q7 b8 n2 h9 }9 r& {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.8 w- l1 c9 R% ]/ ]! _0 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.7 K% p$ A% Z S" r6 g; C4 T3 d
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
) a* ]* G0 I$ O1 y# y YIt forecast 160,250 starts this year and about 163,350 for 2010.
5 K2 q& m5 [: d* t& 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.+ @; W4 y5 U( N7 |! U' D
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.! y' e1 m6 B3 N+ Y
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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