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Housing starts fell in July: CMHC
& Z0 n9 r0 p- b6 ~(CP) – 41 minutes ago) _# {! W3 }1 r3 n5 ]
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.2 B6 r+ ^* B. J6 J
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.! O+ S8 R* f7 W y9 j2 g1 F, Y1 W
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.( W& ]) M: f2 Y' c3 p9 P; 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.
" p) S) G% ]! z. JThe 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.
% M* K$ O: \4 w# J# Q a: f0 E" ^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.5 _7 r `$ r/ G/ {5 K/ F
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
% P: y5 o0 v9 h9 L- SIt forecast 160,250 starts this year and about 163,350 for 2010.
4 J& b0 ~/ @* h9 O2 E/ ^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.
' f( H& H! ^9 ERural starts were estimated at a seasonally adjusted annual rate of 18,600 units.. p# V s! |1 B9 {& L. d' I2 Z
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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