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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+ a( u0 `0 O: F9 y( \Construction began on only 279 homes during the month, according to preliminary figures released today.

( u8 m% y) T& V- Q, {For the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.

“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.”

: t* E* R+ ~% }7 |7 ~, Y# I  K& jSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.

6 }/ n+ N! H) s6 AMultiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.
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/ \( I6 u) X, d" \8 l& X9 F' {“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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6 m9 W# e; C# t/ p, uAcross 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.