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Housing starts fell in July: CMHC7 ~, V" m, _0 ` ?. f b6 l
(CP) – 41 minutes ago
5 A: [7 Q# S* j) d3 WOTTAWA — 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.0 e6 C# @2 q" G! w7 i9 ^: `
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.
5 N4 ]7 c( V3 d: C; S$ UIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.# [, |: ^+ C+ g+ R" M3 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.
6 r7 d$ r# E4 N+ [; Z5 ?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.
0 [% h: z' R5 K2 q9 PHousing 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* w4 b8 |) B5 E5 m
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
* G, l6 E, W* a. p! yIt forecast 160,250 starts this year and about 163,350 for 2010.& ?" B% M. \( x& s. y4 M7 T
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.
* E `7 u4 y3 k/ _# E2 H5 ?Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
+ [7 w! x: r, J9 ]1 }4 PStarts 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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