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Housing starts fell in July: CMHC, k" v3 `* h4 _
(CP) – 41 minutes ago/ d/ r: H {) p5 Q. Y
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 h( z8 K& t# K
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.9 |0 g8 C F7 D( A
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
* X: o. G5 e" D"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.: u3 q; J5 }$ f5 i% t
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.
' w/ g1 m9 z- p% J# r2 mHousing 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.! N# j1 i/ p8 _9 d- @
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.; B8 a5 J I* t' a2 y
It forecast 160,250 starts this year and about 163,350 for 2010., F& D* c2 l8 n. e, x* @
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.
( h6 Y) Y8 c0 g8 cRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.2 b0 o, T S5 B4 |$ Z6 I* C
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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