Canadian Housing Agency Lifts 2008 New Home Starts Forecast
By Theophilos Argitis
Aug. 15 (Bloomberg) -- Canada Mortgage and Housing Corp., a government housing company, said new home construction will decline less this year than had been earlier forecast as the country benefits from strong job growth and higher incomes.
About 215,475 homes will be built this year, up from a May forecast of 214,650 units, the Ottawa-based CMHC said today. New home construction will drop from last year's 228,343 units.
``Strong economic fundamentals such as continuing high employment levels, rising incomes and low mortgage rates will provide a solid foundation for healthy housing markets this year,'' Bob Dugan, CHMC's chief economist, wrote in the report.
To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net.
Last Updated: August 15, 2008 09:04 EDT
