Edmonton housing starts fall almost 75 per cent

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EDMONTON — The number of housing starts in the Edmonton region for November tumbled 74 per cent from the same time last year, said the Canada Mortgage and Housing Corporation.
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Construction began on only 279 homes during the month, according to preliminary figures released today.
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+ i4 v8 q3 p' S- |& S. gFor the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.

7 Z& o- v- c. F: P5 f“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.

“The home building industry has been impacted by a slowdown in net migration into the province since mid-2007 and concerns locally about elevated new and existing home inventories.”

% `7 j4 ~: U5 V3 G( \Single-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.

$ y2 ]& r. R0 PMultiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.
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“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.
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  `& K  d6 T% `# V  S' gAcross Alberta, total housing starts in the seven largest cities dropped by 49 per cent year-over-year despite increased building in Wood Buffalo and Lethbridge.