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Housing starts fell in July: CMHC
2 `6 a9 F: d8 s7 R3 A(CP) – 41 minutes ago
: k4 g2 V" N: b. _8 h5 m; COTTAWA — 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.
; a+ [) R J* OHousing 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.
9 z6 ^9 H/ v$ |" C! y( S+ vIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
% d. Y H+ i, h"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.
! l) P1 o2 n# z) a! BThe 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.
% [' l% @* G8 V" m& zHousing 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., p M* a2 i3 I0 n
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
4 b. p1 k" V% _: T+ }It forecast 160,250 starts this year and about 163,350 for 2010.
i6 T/ c, f7 L. |- k1 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.
1 E/ f% C& d4 V# F* @) n$ ?' CRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
1 C4 c$ I/ n* y+ G: \3 i1 r7 Y: WStarts 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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