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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER g8 N8 D# f& q+ k- v5 ^/ z
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Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a# l2 Z+ Q( R& \
continued slowdown in new single-detached activity during September. According to preliminary figures released7 x) b2 c p& V2 B
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census+ N8 g8 ?2 h9 m9 V1 S2 s0 l
Metropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total4 v% r! ]; g" m$ ]# f/ T5 G6 G
housing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.- }; h- \2 O2 L2 J* v0 e7 c2 P
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per# o: t# g# _6 M# K5 B# t9 G6 S
cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
6 Q* P( r( o7 d# d J7 Qapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
' v3 ~' F; [ Q( C* j: Funit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
8 {1 u* u! S1 p: A+ \* H“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard+ e* d) z! D; E# @9 i& ~# H
Goatcher, CMHC’s Senior Market Analyst for Edmonton.
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/ u4 ~5 ~0 u0 [5 ~For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders! k4 j: v, L4 K
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
+ [" U- \" b0 I$ R/ h2 h18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
. |& T" `: p( r9 X: ~“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
' E; ]; ~$ }. R0 M, B0 D# sbuilding industry is still expected to achieve the second best year on record,” added Goatcher.
* d" R& s) Y$ r7 |1 T9 J: \1 yTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
4 q8 s# T4 u8 N6 f5 F O4 D4 Cunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached! r ?, M# j1 d; O# T
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat5 A D( x* ]/ _5 g3 H5 p! x
reporting a decline in total housing starts. |
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