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Housing starts fell in July: CMHC
3 i! Y# Y5 L- j, { @7 K; a! w. N(CP) – 41 minutes ago% f+ g# l/ T: z6 a
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.
, N/ \& q1 X1 Q$ D. ^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.$ E; X1 j3 a, z! j
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.4 m' P0 v% U7 }2 ^" @4 u
"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.
3 J3 N6 J1 i0 S" g/ o9 M2 K5 FThe 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; k4 S2 n( m# B( ]% C8 s
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.
0 K2 @# U; R! B4 ?3 P3 KThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
( P5 n! e- Y3 l/ \It forecast 160,250 starts this year and about 163,350 for 2010.8 I0 z* n* m7 Z+ z2 T" U* 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.
7 A' C3 s' E7 ~+ |; H# _7 t& eRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
6 R$ s0 `" h" l& eStarts 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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