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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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" s+ S6 V& ~( Q% s+ V+ w M3 KEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a1 w- \2 e& Z. m) }) E1 q, v3 K. B' u) B/ Z
continued slowdown in new single-detached activity during September. According to preliminary figures released9 d8 ]) s4 b# d, f9 [) w7 L' j
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
4 H# g" j% c( c. K e$ ~5 GMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
4 e. R$ W% r- B/ p" @housing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.+ g7 U. p; }/ b2 S; f$ @
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per' z, B" O( ]' o# _- M. D! \
cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium8 j9 p8 Z1 \% Z; i# H
apartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
' \& Q' d& q# t8 _# iunit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.4 T* M6 t7 R% A& _0 T' m
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard( Q9 X9 L1 y3 n1 N) J
Goatcher, CMHC’s Senior Market Analyst for Edmonton.
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For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
' J4 c" F5 C. D/ H! `) ?3 apoured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
. z7 R1 ^- H% K/ w18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.) \2 g3 X( u& J! y: [1 h
“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house* v4 j6 {1 E) c2 n$ d
building industry is still expected to achieve the second best year on record,” added Goatcher.
* P, t2 y6 U* _; T( Y' jTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
: T; @' Q% I1 E% y5 D. Q6 Aunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached* @3 E3 `3 s. N9 f; c
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
+ c. d9 o- v, R4 n2 |& s0 i6 lreporting a decline in total housing starts. |
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