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Jobs, newcomers and stronger house prices are behind a surge in housing construction in the Edmonton region.
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/ `& Y- r4 o; E" ]6 P% SHousing starts in the Edmonton metropolitan area jumped 40 per cent last month over July 2011, according to preliminary figures released Thursday by Canada Mortgage and Housing Corporation.8 Y) g4 `9 X& F0 v
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This July, 1,435 units were under construction compared to 1,034 units in July 2011.
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So far this year, housing starts totalled 6,903 units in the Edmonton metropolitan area, up from 5,085 units recorded in the first seven months of 2011.
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“Housing starts in Edmonton continue to be supported by employment growth and net migration," said David Lan, CMHC’s Senior Market Analyst for Edmonton, in a press release. "A strengthening resale market also contributed to the higher level of housing starts in July.”8 p0 b6 C4 X4 A+ H5 m* s/ d: ~! _
2 E1 r, g% Z% u# h& \The capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.2 E' I; V2 t8 K' a! o5 f2 i
! ^/ i2 Q3 M) R- x9 D! U! ZWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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" `; E1 i' B2 J, R/ h+ jSo far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.. K3 z2 d0 }% S3 b; S; z
C5 v9 V2 l( oMulti-family starts, consisting of semi-detached units, row houses, and apartments, totalled 853 units in July, compared to 555 units a year earlier. Most — 89 per cent — were built in the City of Edmonton.
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: P3 N1 r) x& A, N4 H: v/ I( dMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.
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