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Housing starts fell in July: CMHC3 s+ d/ G( g$ F# H, ^
(CP) – 41 minutes ago
$ P8 `' B+ Z& M+ E2 |* O; a; E! L4 POTTAWA — 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.7 N& C; ^& q, K. f6 X
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.
- L0 g4 x1 u; s. l g" [6 dIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.- `1 K& n% o) D7 L6 R0 f& G& `
"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.
0 f, E" s. H, `/ j+ \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./ H% v) _! a/ R: w; `' b
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.
3 M+ i: {, D# }9 IThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.$ l5 D. }/ _ |7 P. w
It forecast 160,250 starts this year and about 163,350 for 2010.3 u' W H. E7 D/ a6 g
Urban 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.
( G! i9 U: F uRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
1 x+ R: ]- r( l4 w: qStarts 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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