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Housing starts fell in July: CMHC
8 K3 ~; `5 W# c(CP) – 41 minutes ago! C3 R+ [! C ^' d/ _6 |& f
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.9 d+ N9 X6 R# d, ^" h
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.
3 r: c' N2 v: w I& A5 GIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.% l: U- ]1 I6 h! E/ j p7 `0 x
"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.
( u" r5 e$ q$ D: j6 S3 YThe 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 d' o( r/ I+ y. u, G- {6 y
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.) m2 h* \1 r- ]! Y' X' c
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
. H1 M0 }0 C7 o" hIt forecast 160,250 starts this year and about 163,350 for 2010.
$ M; k5 Y$ d3 \$ q3 I. \& m/ X0 EUrban 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." n% G( z4 N( Q4 [% F: N5 B
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
- K. E" x% p: x& p1 u! l! @9 fStarts 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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