New Construction Up 40% in Edmonton

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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER

Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
( m2 L2 S/ f! [! ?; r& }continued slowdown in new single-detached activity during September. According to preliminary figures released
* n( z; G. p9 O0 V! C% v7 b; @today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
  C2 c& `6 |1 Q2 FMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
0 L) I3 [$ j7 a: |: Q2 [2 bhousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
8 j; {  y' }: L# M6 O8 K  |cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
. A9 s1 a7 g# ~4 Z2 Xapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
$ \) j2 M) [/ b7 P* b7 U- bunit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
) R+ [3 h! R- c9 t. FGoatcher, CMHC’s Senior Market Analyst for Edmonton.

For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
  b0 ]: I# e# b( H/ f18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
2 T1 i: i4 ~( n: Y“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
4 E* g6 `: R, ^3 _building industry is still expected to achieve the second best year on record,” added Goatcher.
Total housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
2 c- k+ v; N+ U, P7 U) tunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
+ s! b& k6 l& xreporting a decline in total housing starts.

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