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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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3 o: _2 R0 O' K$ |. Z' U. CEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
( T% D. N# [6 n7 econtinued slowdown in new single-detached activity during September. According to preliminary figures released
' z( N/ s$ z# q: y, l' L( \today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census# F- n$ A' L% L
Metropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
# b+ b7 q0 Z I# A9 i n9 khousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
6 J# Y$ x) B0 yFollowing a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per3 D+ I+ X0 I' I
cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
8 r% U& Y7 L1 T/ n( [2 lapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple: X9 D+ ~9 y2 p& ~
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.: Y, K) K3 W" w) \% f
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard$ ? P) |( ~: |8 {$ g
Goatcher, CMHC’s Senior Market Analyst for Edmonton.
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For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders& u1 w7 g- V s5 T! G
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by4 ]/ ^/ B6 f5 X% v3 N0 T" c
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
8 D3 w2 g6 o9 i6 ^$ L“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house( m: ]) z$ o8 u1 f9 P, F
building industry is still expected to achieve the second best year on record,” added Goatcher.
2 B5 T/ D$ s) M$ B1 g/ w3 UTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,1348 F' [% z! K0 p! |& P* o
units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
+ D+ e8 d7 f; j6 _1 z$ P9 I' kstarts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
) W3 ?: \1 C4 W# Treporting a decline in total housing starts. |
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