RTTNews - The seasonally adjusted annual rate of Canadian housing starts decreased to 132,100 units in July from 137,800 units in June, according to Canada Mortgage and Housing Corporation (CMHC).
The slight decline in July's housing starts is mostly attributable to the volatile multiple starts segment, said Bob Dugan, Chief Economist at CMHC's Market Analysis Centre. Although July registered a decline, housing starts are expected to improve throughout 2009.
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.
The seasonally adjusted annual rate of urban starts decreased 5.5 percent to 113,500 units in July. Urban multiple starts decreased nine per cent to 61,000 units, while urban single starts moved down 1.1 per cent to 52,500 units in July.
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