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Housing starts fell in July: CMHC3 p9 {( x- [" y* M5 V* W
(CP) – 41 minutes ago6 D* t2 x2 Z s1 F
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.
, e: R2 q/ }4 h: {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. x( W0 F/ s$ _
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.8 f" |* n. I$ F
"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 H- Q1 b, y& a, [# u4 Q: L( x
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.
7 Z1 u+ a% @1 R0 A: m- ]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.
}$ L" E/ n! kThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
- X( W8 Y. k$ g$ i8 n" N; V3 hIt forecast 160,250 starts this year and about 163,350 for 2010.
3 K: G: t2 {. J7 i' P xUrban 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.
4 \4 n$ I* L1 s/ E3 \8 n, E4 CRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.: H$ H% C9 w' H
Starts 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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