Edmonton housing starts dip again

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Edmonton housing starts dip again


. h8 q2 p) i) J1 SBy Bill Mah, edmontonjournal.comMarch 9, 2009 11:02 AMComments (2)
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4 q0 W6 N0 ]/ j. B2 L More Images »  A for sale sign is posted in front of a new homes in the Sunset Valley Estates on Ellerslie Road in Edmonton.Photograph by: Anne-Marie Jackson, Edmonton JournalEDMONTON – Housing starts fell again in the Edmonton region for February with no growth in activity foreseen until at least the summer, the Canada Mortgage and Housing Corporation said Monday.

Multiple-unit starts led the decline with a near-86-per-cent drop from February of last year, according to preliminary CMHC figures. Multi-unit starts across the Capital Region totalled 64 units last month compared to 449 started in the same month a year ago.

: ?4 l" h; O. b* I1 o% h; d“Developer unease over rising condo apartment inventories will cause multi-unit starts to be lower this year than last,” said Richard Goatcher, CMHC senior market analyst for Edmonton.

1 T: F% O7 @6 N  oIn the single-detached market, shovels went into the ground for 149 homes in February — a 39 per cent drop from the 243 units started a year ago.

CMHC predicts single starts to remain slow throughout much of 2009. Building activity won’t pick up over the previous year’s pace until after mid-2009 — provided new house inventories head lower. Goatcher said it will likely take until 2010 for notable year-over-year increases in single starts.

Total housing starts in Alberta’s seven largest centres totalled 574 units in February, down from 1,867 a year ago, according to CMHC. Grande Prairie was the only city reporting a year-over-year increase in starts.

bmah@thejournal.canwest.com

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