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Jobs, newcomers and stronger house prices are behind a surge in housing construction in the Edmonton region.
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Housing starts in the Edmonton metropolitan area jumped 40 per cent last month over July 2011, according to preliminary figures released Thursday by Canada Mortgage and Housing Corporation.: F5 H! M5 u8 f+ c+ e/ Y* i& {
0 ?7 k; ]# c, i% LThis July, 1,435 units were under construction compared to 1,034 units in July 2011.
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So far this year, housing starts totalled 6,903 units in the Edmonton metropolitan area, up from 5,085 units recorded in the first seven months of 2011.
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* }6 Q ^! n6 f# T“Housing starts in Edmonton continue to be supported by employment growth and net migration," said David Lan, CMHC’s Senior Market Analyst for Edmonton, in a press release. "A strengthening resale market also contributed to the higher level of housing starts in July.”
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The capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.; U( W& M5 \) s9 x+ D. E
" w5 `7 n2 C7 v9 O% dWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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0 G! h7 C. z/ z: J3 J+ L: ASo far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.
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' ?$ j' I: e. X; W5 |1 yMulti-family starts, consisting of semi-detached units, row houses, and apartments, totalled 853 units in July, compared to 555 units a year earlier. Most — 89 per cent — were built in the City of Edmonton.
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# q7 _5 Q; U# t; PMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011." s5 w$ ^) B& q+ B2 {
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