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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
+ A# ~0 Q" N8 R* R% Tcontinued slowdown in new single-detached activity during September. According to preliminary figures released; Y8 N) j0 u0 {- ?- _" v8 f' P; G
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
- |* u7 O1 q( [- u ~! B" D% \+ BMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total- B [; O/ @! w/ J- x2 T
housing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.. G3 K+ z) ^4 _9 J/ W; H
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per, C+ ?3 q5 W/ ^3 G( w6 V
cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium% F- z4 w. N; `9 A
apartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
9 Q L9 U0 ?+ V8 s' C) B/ F6 nunit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.8 u6 l/ B4 O3 e6 n$ C
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard2 {- f* P5 o$ K- I* I1 j
Goatcher, CMHC’s Senior Market Analyst for Edmonton.: y, }$ R" c% F9 R9 Z/ ?
- p7 x4 Z! e7 g1 O5 \0 S3 iFor the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
* b% [# _# }2 s# _- x( e+ ~poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by/ `: M0 E7 C/ S' S+ c2 [
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
, h3 p4 M1 V" ^. Y“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
1 R# ~& H0 c5 @building industry is still expected to achieve the second best year on record,” added Goatcher.
2 V0 J& {) W+ {& ]$ k! pTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
$ U q" I9 M) a: e+ w I( m9 l- lunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached2 S k4 z9 f5 |( W# d" w6 O
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
" }; v7 T/ n/ Preporting a decline in total housing starts. |
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