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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER$ C. `, @1 T# T n
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Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
, v3 X! O; b O* e3 bcontinued slowdown in new single-detached activity during September. According to preliminary figures released8 c7 l6 \9 D- o# h( z ]! O
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census- N* ~6 N( q7 p2 B. D2 k# v
Metropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
; Q1 z3 K6 n' `: f5 |housing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.8 n! r( n! ?* N; Y9 H+ c5 N. m. d b
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
$ R* K% s4 B0 Hcent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
( H' }) p# Y- r U( V, t' papartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
' r7 S) |# }% b# Bunit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.' O$ s; n& A' i( k5 S' i
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
! b a3 a" |- w4 Q/ K+ H8 _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
, B2 b- ]7 A c/ v) m1 Kpoured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by1 K1 W8 H7 Z9 R4 Z( o7 [" y4 E p
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.7 N( D# g7 E. _
“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
6 e3 _9 U/ x$ n8 y5 f4 ?0 Y8 ~building industry is still expected to achieve the second best year on record,” added Goatcher., ]' k% J6 M* ]- l8 J8 \( f
Total housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,1340 _# B0 b+ ?7 o
units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
" a1 p9 q) ]3 [: Fstarts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
! b4 A& M$ {/ u* F* U; sreporting a decline in total housing starts. |
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