Edmonton housing starts way down in October

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EDMONTON - The number of new homes going up in the Edmonton region in October is about half that built a year ago, say preliminary figures released today by the Canada Mortgage and Housing Corporation.
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Builders started 612 homes in the census metropolitan area last month, down 48 per cent from October 2007 when 1,181 were started.

For the year to date, total housing starts have fallen by 54 per cent from the first 10 months of 2007.

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* z8 n* l3 v0 [0 d+ |0 ^0 \4 KFont:****"New home building activity remained on a downward trend in Edmonton during the month of October,"  the federal agency said in a release.

The trend is most dramatic in the single-family market, where starts fell by 60 per cent from October 2007 to 223 units this year. For the year so far, single starts are down 68 per cent regionwide to 2,195 units from 6,871 during the same time last year.
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In the multiple-dwelling market, starts fell 38 per cent last month to 389 units, compared to October 2007.

Most of those starts last month were condo apartments in the city of Edmonton.

For the year to date, multi-family starts have declined by 40 per cent from construction reported between January and October 2007, said the CMHC.

! v" L) Y. B/ k8 @: K7 v- s5 _Across Alberta, total housing starts in the seven largest cities fell by 43 per cent year-over-year in October to 1,682.

) J* K# z) R3 r4 M7 |More starts were reported in Wood Buffalo and Grande Prairie, but they were offset by lower volumes in Calgary, Edmonton, Lethbridge, Medicine Hat and Red Deer.

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