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Housing starts fell in July: CMHC* P( I* \* M# e
(CP) – 41 minutes ago, p& |& W. x- L" [- S* v6 O4 `
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.7 h* V, l3 y k* v, I0 L- z
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.
. }! w! j; @ k" ^9 O1 D0 q% QIn July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
+ {3 v7 a, S2 Z- R"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.
/ @; S2 Y% a& b8 V- X* V9 EThe 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.# e3 n+ G- m2 @, j! u
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.1 J; `6 j1 p( I7 }* j
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
, _1 ~2 A7 ^5 `* ]It forecast 160,250 starts this year and about 163,350 for 2010.* {, K7 J2 ]. A" r1 h( k
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.% j& m( K0 H3 ]) M
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
, C9 `! j, K6 T& s8 E4 T0 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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