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Housing starts fell in July: CMHC9 V# H, r* g8 i* G
(CP) – 41 minutes ago
" u! y! t* M* G$ f& s3 TOTTAWA — 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 l& [) J) U+ W6 s! q$ [7 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.2 D# j: e' F; W% g, k5 k W
In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
, ~9 p7 m% @+ e7 C* g3 Q- P+ x$ ["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.
" Y, |' ^ C8 |' G2 ~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.
8 y$ g1 q( w! k$ C- m& q KHousing 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./ D" o4 V- v: v i3 F- P) R
The corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.) T7 ]! V) O: f/ V5 z+ |
It forecast 160,250 starts this year and about 163,350 for 2010.
! |$ u& y6 M+ W; {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.& v+ e, b( a8 D/ n( g; t; A, K5 D5 u
Rural starts were estimated at a seasonally adjusted annual rate of 18,600 units.1 d5 a( B& h! y- Z6 x
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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