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Housing starts fell in July: CMHC
! I# @; o& A$ h0 w0 v- o(CP) – 41 minutes ago- ] L$ T9 w" o1 v/ p& ^8 |7 J
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.
+ I! F* ?2 ^2 n9 c( Z% x; uHousing 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.
+ n6 ^. b" M( D9 j, b# ?In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month." O0 I, U9 C9 }8 q: X8 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.
$ C0 T* a- [) Q, ]; C- KThe 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+ s5 A& u+ K9 FHousing 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.. ` s o3 M0 A# J% j, [* ^* B
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
+ f& n s) G* }7 _' WIt forecast 160,250 starts this year and about 163,350 for 2010.; l8 H Q/ b( Y5 |2 x+ R, ^
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.
$ @! b/ m0 I# M* p# d* pRural starts were estimated at a seasonally adjusted annual rate of 18,600 units." M& ?6 M2 @& d( W5 q
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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