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Housing starts fell in July: CMHC
/ B3 C# b9 [6 v' H: R6 }9 E) f. r(CP) – 41 minutes ago
8 h( c4 o6 {# ^4 R2 W6 W9 l% gOTTAWA — 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.
: X' g4 d2 ?1 M! A% r) s4 g! aHousing 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.
. i! w1 Q9 K$ M4 L. T9 p( |" YIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
! Z" O, l) B1 Y"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.! ^& Y' h- j0 U3 f3 V( t
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.
: x) \- l7 l. I2 ]# U2 nHousing 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.
: v) a" R0 T. \+ r6 sThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.9 O! ?+ D" Q* f
It forecast 160,250 starts this year and about 163,350 for 2010.
( \- ^ ]& }7 ]/ T3 M! {2 h7 K& h' kUrban 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.
; [# M0 n: Z5 ?4 @Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
5 y9 C o2 e3 P# tStarts 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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