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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.
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5 a2 ?' `8 Q Q+ Q9 M" LThis July, 1,435 units were under construction compared to 1,034 units in July 2011.
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So 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., B7 I5 `5 R& N, r5 ~! N
6 ~& n2 h( O8 ^1 j9 l* n1 c“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.”2 q" \2 f& O3 q+ K9 I) H
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The 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 2011.1 _0 U7 G) l( x2 k
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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.( C" T; `% J( Z% C e- Y( X
& p. K a- }* W) c- z: O; pMulti-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.+ E* C2 k- |* u* \, L( Y4 v
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Multi-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011. J& ?) p/ d+ T, U
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