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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.. l+ T, j1 ]0 V$ T* ]' }, z) W
9 Z! ~1 K& T% Y$ u9 I3 g8 ^- hThis July, 1,435 units were under construction compared to 1,034 units in July 2011.3 g8 T M5 F7 a3 D- b
0 {9 X3 W- O2 v/ dSo 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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: t2 Y% s; e4 m“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.”) H0 i6 J1 o1 Z# [- X8 b4 m! q4 Y* i
8 M* _+ g, t( A- c+ v5 kThe capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.
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Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.9 v i- y3 B* }2 x) K: O) ~
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So 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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Multi-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.& f+ B. g! K V2 W3 h5 l
4 D+ S- r5 o$ D( B NMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.: `! G; Y. S7 q
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