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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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9 Y0 z9 ~8 a) e) I) DHousing 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.* |/ i5 ~2 r g/ f9 o) ]# b
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This July, 1,435 units were under construction compared to 1,034 units in July 2011.% B7 d5 x# T, F D; b8 b3 L
+ m% C/ ?( @9 iSo 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 2011.2 n) ` p# q8 G4 {
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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.”- I5 _. F5 k3 N: F* X. ]2 d
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The capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.
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Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.4 C: k' r, K4 J2 {7 V9 c! g' o
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So far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.
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Multi-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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Multi-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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