Canadian housing starts move lower in July

Canada's federal housing agency said home starts will decline this year and next because of higher housing costs and mortgage rates, while sales of existing homes and spending on renovation will keep rising. Construction of new homes will decline to 220,000 units this year from 227,395 in 2006, and then to 207,200 units in 2008, the Ottawa-based Canada Mortgage and Housing Corporation said today. Starts will decline in every province except Quebec, Manitoba and Saskatchewan.