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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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& G' O2 b; m' L, i6 T% hEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a; O* D" C! o% K1 C
continued slowdown in new single-detached activity during September. According to preliminary figures released$ c# g8 C( Z8 A9 F1 s: `- y1 w K, t* H
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
2 y1 h# c2 R+ f. u- W! EMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
. p: C! ?# }4 u: h7 O. { W8 shousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.) |% a; [- E! E; w4 h. ~( k
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
1 t5 E! X$ |: k6 ~4 m& Rcent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium4 y! ]1 ]7 x* v6 O8 G( F3 ?
apartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple1 E" J( [) l, c: f" K7 }) g( r
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.6 A/ n. O+ S9 W* i* s/ U- o
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard" E& z+ f! o! W2 k
Goatcher, CMHC’s Senior Market Analyst for Edmonton.- i J A5 N6 {8 O/ L
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For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders2 t. s% j3 o8 Z9 v# d1 M
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by1 A' o0 m3 z8 f) s' h6 S3 q
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
1 F9 K/ ^1 G- o7 }- z2 T9 S“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house. u5 h( x0 B3 O
building industry is still expected to achieve the second best year on record,” added Goatcher.
: l, z& Y: N# HTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
8 @; M/ V8 D( V+ V/ Vunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached4 N$ g7 }( | D
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat d/ ~; O% }; r7 h1 q- M
reporting a decline in total housing starts. |
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