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Housing starts fell in July: CMHC8 ?/ v$ k. e* y3 r3 U
(CP) – 41 minutes ago: @; R$ S' w4 C
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 q2 X6 i/ t5 E( X- [6 k8 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.
- c2 [- f" d+ D2 o3 Z* RIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
7 m& w- a" q" I o7 c"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.( g8 ?! H* f: x7 @- Y( o
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 s% j; J6 d4 M5 D9 X- n( y& EHousing 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.. d* A4 m4 [. Z& {; v4 `: T
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.2 J* U# n: O8 j' S6 P' A6 d# w
It forecast 160,250 starts this year and about 163,350 for 2010.
: W; ?( w5 J) t+ CUrban 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.9 k/ P; i- ]2 \ Q6 m; B
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units., n/ i; r- }4 M8 U
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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