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Housing starts fell in July: CMHC; c3 M8 k% s7 Z2 {: X4 L6 `
(CP) – 41 minutes ago2 G) Y* N" b: m# o- o
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.
0 }1 B: t7 }: K5 r8 W( `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.
+ |! f& Z# T: ]/ N8 {0 [In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.
# `+ j* D; ]4 A- Q2 |0 q1 M8 e- j6 G# z"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.
1 M* a+ @- e0 _3 X9 L6 l: W2 tThe 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.
0 l* T3 E; Z G) i( x% x. h$ ZHousing 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.
1 A8 p0 x3 L' G- h2 p4 ^5 B; oThe corporation said in January that starts reached 211,056 units in 2008, down from 228,343 in 2007.9 h. p4 _' v6 h! L- F. _
It forecast 160,250 starts this year and about 163,350 for 2010.: X4 Q; s; Z7 @9 n" [
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.
6 @* \# {) S7 T# c6 X n( ~2 aRural starts were estimated at a seasonally adjusted annual rate of 18,600 units.
' c! H3 V; X* G* t j% o% CStarts 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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