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Housing starts rise
RICHARD BLACKWELL
Wednesday, August 09, 2006
Housing starts rose slightly to 236,500 units in July, Canada Mortgage and Housing Corp. reported Wednesday.
The seasonally adjusted annualized number is up by just 100 units from June, the agency said, and the gain is mainly the result of multiple-unit starts registered in Ontario and British Columbia. Other parts of the county had lower numbers of starts.
“Single detached starts continued to trend lower and reached their lowest level of the year in July,” said Bob Dugan, CMHC's chief economist. “Strong multiple starts reflect a growing interest in relatively less expensive dwellings.”
Rising prices and slightly higher mortgage rates are expected to cut demand for new homes in the second half of 2006.
B.C. showed the higher growth in urban housing starts in July, with a 21.9 per cent jump. Ontario was next highest with 4.2 per cent growth. Urban starts were down in the Atlantic region, the Prairies, and Quebec.
In the year to date, the overall housing starts were up 3.1 per cent compared to the year earlier.
© The Globe and Mail
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