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Housing starts fell in July: CMHC) s3 s, x) F. W2 F
(CP) – 41 minutes ago
/ b3 A. [" h4 j9 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.1 b: L5 S9 G. p7 z E" 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.6 t h0 B$ i g
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.6 R0 ~9 B6 {( F: ?7 X3 J
"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.$ I' }+ Z" c$ z2 W/ j, v
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.
: t6 g8 n" h2 s* H9 T" L( J! vHousing 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$ t# I# K' `5 H7 r+ z
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
# w$ R. y% D" xIt forecast 160,250 starts this year and about 163,350 for 2010.
* e B& d+ q* l& c7 i4 CUrban 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./ \2 ]1 d, X( v, q& U1 \. ^( ]
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.; [2 {9 M% |" u/ Y! ]
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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