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Housing starts fell in July: CMHC6 B4 D9 j5 h- A4 W) d# f$ Z" W5 \
(CP) – 41 minutes ago
2 W y' [8 S6 Q- e G: Z6 u) IOTTAWA — 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.
5 i' Q+ O1 Z# ^$ |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.1 o& S8 }/ q, Z$ Z+ v4 P
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.' f [# l& `3 S4 N+ M
"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.: \8 I5 B% 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.# n3 i+ N; ? y
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 f& C$ ]0 z3 [! v6 c+ x; i, ZThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.
* Q7 i" O) y/ L! {$ yIt forecast 160,250 starts this year and about 163,350 for 2010.0 j9 H) c7 ^$ t
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./ ?. E2 W( [% f4 e2 o& `
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.$ m7 a+ x; X- g" B0 Y* 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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