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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. G% c; \: S$ H- x0 q+ Z) Z
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Construction began on only 279 homes during the month, according to preliminary figures released today.0 W) I& @, J9 T2 j
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For the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.6 k! N$ M; k0 f) y: G) Z& F
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“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.
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) {. P4 b: |9 s% d% |: k0 H4 E“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.”( ?( B8 U8 B k! C' e, p+ C
* J' x; v B; P% zSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.
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" Z9 w2 D* f# Z7 T" _4 n! HMultiple-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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Across 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. |
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