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Housing starts fell in July: CMHC f7 d5 l( L# t* |/ a% ?4 u& m
(CP) – 41 minutes ago
( |' ?+ X" ?6 R- }2 z+ zOTTAWA — 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." g; t: u: S5 t, k. m6 e
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.- R- c( Y7 Q! r7 a7 K' g/ E( R
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
$ G- H! v# g6 |, G/ h9 B0 Q5 f0 v6 \"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.
T+ x, R/ c( y1 N9 M4 yThe 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.- B5 Z1 P2 Z& q$ x) D' ]" h
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.4 w: W( i) L8 E$ W6 Q. ?. S
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.1 x' c8 v$ w' D+ ]3 O p, w
It forecast 160,250 starts this year and about 163,350 for 2010.
9 {9 K' e* S$ J. v, fUrban 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.9 p! x8 v1 C9 ~, [9 ^0 M
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
# I9 ]0 R8 e- V8 j$ c+ xStarts 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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