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Housing starts fell in July: CMHC5 [+ C4 N/ h. x$ O% R( b1 @
(CP) – 41 minutes ago: K; q$ A. R+ v5 I$ J, \' P
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% I5 E& u8 d p; F5 k% w3 T
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.- f) [+ P9 R5 f1 d0 p* @
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
- Y% C# ~# E5 M0 i$ ?' s"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.
3 M: J, [, K0 j0 f/ k( [- }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.
9 G8 L2 y% u& N- X, w" RHousing 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.
3 p0 R; p6 j5 Y* LThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
: A2 B% z. c" X; p3 IIt forecast 160,250 starts this year and about 163,350 for 2010.
) r& b( G( U. N ?5 d+ ~7 O% TUrban 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.
5 T6 d0 v- X2 l1 S* Q4 E1 I1 ORural starts were estimated at a seasonally adjusted annual rate of 18,600 units.& ~1 j3 ?5 W1 k5 U1 k2 ?5 D9 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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