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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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. i+ }6 |2 N6 s" k* Q# wEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a( h, v D7 N) i3 m
continued slowdown in new single-detached activity during September. According to preliminary figures released. n" r5 h& }% L& k% f2 n
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census4 P: U& I4 h% ` L1 b2 e
Metropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
Y. @2 b j0 Q* phousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.7 z) g0 y$ y4 k* H, j
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
; R+ R( o) R: K7 p5 V8 m8 S6 gcent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium7 I3 i) i- R T: T! g
apartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple, D/ Z Z, G# k8 B
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
# c9 ^1 {4 c- Y' i* [“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
O! R( B! s# _& K$ [! F& @4 a+ p1 QGoatcher, CMHC’s Senior Market Analyst for Edmonton.( r6 [3 q. G) C1 N% A' x
9 d6 H* A6 V+ o8 l+ q% SFor the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders, h/ q+ W$ c/ x% `' i
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
' a8 @0 M' I( j0 Y+ x18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
( f( I3 N, m$ _8 o“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house+ x; P$ p6 Q/ T& O: X: ^# d7 ?
building industry is still expected to achieve the second best year on record,” added Goatcher.
1 V, U3 _3 \3 ^Total housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
. I8 x) m! f) i$ q3 N& o+ Lunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
9 a* I2 ^9 l! A; ?6 _7 qstarts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
) {2 j* O. F Greporting a decline in total housing starts. |
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