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Housing starts fell in July: CMHC$ C3 K9 V* [, S' n0 i% ~ {+ K* B
(CP) – 41 minutes ago% Y. L& ?. U5 G
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.& v# ~/ ?+ q8 e2 \% ^; ]) Q
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.
' u' a& v* o1 U- DIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
$ t- R+ M. b2 ^+ A/ _7 O! Z! w"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.
6 d: T$ j( j( b, p- \: L3 RThe 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.
! |) o6 X0 C, |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.# [ g1 f- Z3 r2 |8 Z% O/ [
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.$ T- {1 B2 h/ N7 H
It forecast 160,250 starts this year and about 163,350 for 2010." l! f9 v$ J: e# ]' c
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.0 ?9 J6 r* e/ q. C1 N1 d8 o4 o
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
- g+ Q) J5 h$ i5 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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