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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER% t2 b! g k, P9 v5 U( ]: `4 s7 `
2 L9 [2 ?; ` s
Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
+ f- [- K. R' P4 l( S% j; D& _continued slowdown in new single-detached activity during September. According to preliminary figures released ?0 L3 J2 j8 R2 _/ g
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
$ U: O3 n: q! s. v# L, B9 qMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
5 b1 p+ v& J/ u0 d- rhousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.; `8 o& D1 T# B& W
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per$ {! M- X% U! i- n" O5 f6 h
cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
# |3 D1 Y& Z4 `# p4 Z3 Zapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple7 Q( H$ o. Z. |
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.) l& j6 J; D. F
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
0 \* O3 l, P; ]: d6 D1 ]# _. ]) I0 q. C' `Goatcher, CMHC’s Senior Market Analyst for Edmonton.% X9 \$ V( h- m$ ]- N8 i V+ j
! m# [. v0 y3 k5 XFor the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
# ?) Z' h3 I; ]' | Hpoured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by& N4 S% l! n+ ?3 \ P- b/ U0 g9 T+ H
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.2 B2 z- E$ O* d+ [3 i
“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house& q# n5 U; G6 w) c- e7 C- B# g
building industry is still expected to achieve the second best year on record,” added Goatcher." r6 j, C3 y% n/ s6 f: d( c7 v" [
Total housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
5 r+ P$ v% d# x) \4 B! u& Aunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
6 ^% [1 s( ~3 A" A/ a# ]( `, E8 p9 m kstarts. Six of the seven cities reported gains over September of last year, with only Medicine Hat% D( V! ?# e5 s4 R; `
reporting a decline in total housing starts. |
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