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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER$ L6 m; l, Y# |- H0 O1 R
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Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
* @2 H2 |8 n. Q& ucontinued slowdown in new single-detached activity during September. According to preliminary figures released
3 R. r% O3 O$ u" Vtoday by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census" ?/ f7 U% }* d& s# f+ m# W% F
Metropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
0 W, F9 k. _, X8 }housing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
) c6 S4 G4 q/ v; ?4 `1 l- HFollowing a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per7 T8 I; H2 F* b
cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium9 E! }+ a3 B }' I
apartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
: d; j1 Z P; ?1 Tunit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
( k3 U: Y& S4 u/ G2 j1 x' d“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
) x% |* s7 f: R! g3 g4 t1 uGoatcher, CMHC’s Senior Market Analyst for Edmonton.) C+ W. e5 m2 _5 k& f
- F) z# U H- M+ p W8 n7 fFor the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders6 T( N1 Q. s) P- A( [$ S9 T) A& ^
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by$ P" T P; l( T1 Q8 W' d
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.: o/ n- B! E1 F) t+ r: R
“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house6 h5 p' f: e* \+ N4 R
building industry is still expected to achieve the second best year on record,” added Goatcher.
# d. ]$ \: F7 p$ Y6 X, UTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,1344 Q1 v6 g8 E( J$ k& x
units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached c1 N# G! _" N
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat' q1 ~8 W, n$ Q3 H
reporting a decline in total housing starts. |
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