Housing starts down in July

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.

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.

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.

In July of last year, there were 18,229 actual starts. The agency estimated there were 12,712 actual starts last month.

“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.

The agency predicted that over the next several years housing starts will gradually become more closely aligned to demographic demand, estimated at about 175,000 units per year.

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