Advertisement

Canadian housing starts decline

OTTAWA, Feb. 19 (UPI) -- Housing starts in Canada dropped to 211,056 in 2008 and are expected to decrease further in 2009, the Canada Mortgage and Housing Corp. said Thursday.

The Housing Market Outlook report estimated housing starts would fall to 160,350 in 2009 and 163,350 in 2010, the corporation said in a release.

Advertisement

In 2007, Canada recorded 228,343 housing starts.

"The economic downturn will result in a decrease in demand for home ownership leading to a decline in housing starts and existing home sales in 2009," said CMHC Chief Economist Bob Dugan.

CMHC predicted existing home sales would fall 14.6 percent in 2009 to 370,500 units.

Latest Headlines

Advertisement

Trending Stories

Advertisement

Follow Us

Advertisement