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Housing starts fell in July: CMHC1 T$ q; q6 N ?; ^
(CP) – 41 minutes ago, f, x A4 z5 Y
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.
1 T. y4 {' S8 A0 \) y# A* ?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.: R; B ~+ ~5 S$ ^ \7 w
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.% t6 h7 x6 n! W9 e2 ?5 d+ N+ V
"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% d2 J5 t2 G1 r& m5 _8 a- k% UThe 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 k. Q& Y7 ~; ]0 ?: H0 M( i. UHousing 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.
: E2 @* s; h+ CThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
, c- _' l' C3 r. P6 E1 T+ ^It forecast 160,250 starts this year and about 163,350 for 2010.
& e+ b1 g5 {) \# Z, K6 o/ `: SUrban 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.' b3 N4 i q5 H& a* Y# H7 y7 K) d0 ~' R
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
/ C, J! Z7 E, m7 U0 _2 {9 aStarts 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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