Housing starts decreased in July, Canada Mortgage and Housing Corporation has revealed.
The seasonally adjusted rate was 132,100 during the month, agency data showed Tuesday. That's down from June's 137,800 figure.
Urban starts decreased 5.5 percent to 113,500 units in July, while rural starts were estimated at 18,600 units, down from 20,600 the previous month.
Most of that decline came from multiple starts, which decreased nine per cent to 61,000 units. Multiple starts are buildings expected to house numerous dwellings, such as condominiums. Single starts were down 1.1 percent.
Demand expected to rise
The agency estimates demographic demand for housing should be roughly 175,000 units per year, and it expects the number of starts to become more closely aligned to that in the next several years.
''Although July registered a decline, housing starts are expected to improve throughout 2009,'' CMHC chief economist Bob Dugan said.
Regionally, urban starts increased 16.6 percent in Quebec, but declined:
17 percent in the Prairies.
15 percent in Ontario.
10 percent in British Columbia.
1.4 percent in Atlantic Canada
