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Housing starts fell in July: CMHC j% }. h3 u. J0 S3 E0 K
(CP) – 41 minutes ago
1 Z( p/ H# g8 F1 ?1 AOTTAWA — 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.
) o& }7 Z8 P! ~1 @. VHousing 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.. F2 W) V4 z. @) K7 b. n
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
3 P ], C* b' X5 s/ ?"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.
4 I# q" B _6 l1 v( 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.# y% G" f% 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.
- R0 F8 t7 _: \8 \; x I+ v( cThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
0 g; t( D+ ~" \, C! t1 D! XIt forecast 160,250 starts this year and about 163,350 for 2010.# ]; S7 K9 |: l+ Q! U( M' p
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.
! Q- y+ s. v6 {/ R- ]Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units." L Y( C, f6 O; h9 Z* s0 l
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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