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Edmonton housing starts dip again5 m9 P0 D& z9 M1 ~5 v7 K/ V
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5 ~; b( _3 U$ W, s n& y, WBy Bill Mah, edmontonjournal.comMarch 9, 2009 11:02 AMComments (2)0 [ }3 t* Y0 A! R( O1 D% Y
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& o' ^8 m, Y2 v) Y( c More Images » A for sale sign is posted in front of a new homes in the Sunset Valley Estates on Ellerslie Road in Edmonton.Photograph by: Anne-Marie Jackson, Edmonton JournalEDMONTON – Housing starts fell again in the Edmonton region for February with no growth in activity foreseen until at least the summer, the Canada Mortgage and Housing Corporation said Monday." t7 R M, k" G7 P
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Multiple-unit starts led the decline with a near-86-per-cent drop from February of last year, according to preliminary CMHC figures. Multi-unit starts across the Capital Region totalled 64 units last month compared to 449 started in the same month a year ago., F" G+ G1 e9 c8 _: Y2 C: v
. c9 V8 r! P( v% t# H! s- q“Developer unease over rising condo apartment inventories will cause multi-unit starts to be lower this year than last,” said Richard Goatcher, CMHC senior market analyst for Edmonton., J/ \3 P/ L4 A/ s' ]/ [9 R/ R0 u
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In the single-detached market, shovels went into the ground for 149 homes in February — a 39 per cent drop from the 243 units started a year ago.
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CMHC predicts single starts to remain slow throughout much of 2009. Building activity won’t pick up over the previous year’s pace until after mid-2009 — provided new house inventories head lower. Goatcher said it will likely take until 2010 for notable year-over-year increases in single starts.+ P5 @" r2 p: `- H) m" A% E7 q" X
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Total housing starts in Alberta’s seven largest centres totalled 574 units in February, down from 1,867 a year ago, according to CMHC. Grande Prairie was the only city reporting a year-over-year increase in starts./ i- n3 W8 u5 J" K. J) @
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