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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER5 N. S, W* g8 }7 M6 e
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Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a7 P& h3 ]/ W7 E+ U" C) X8 D# \
continued slowdown in new single-detached activity during September. According to preliminary figures released
: ^0 n4 S# Z' L1 x8 O: ^ X7 ^today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
, g* Z; A( M' l" @3 ]Metropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
$ \6 g- s; N* D4 ^) L5 x+ [/ dhousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
6 o( j+ b F3 O- ^Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per* Z: u( B* ^7 m8 m7 ]# t
cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
' H3 Y) E! y6 G( B+ Qapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple+ L3 Z2 K9 F- q4 w; }
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
2 A" W0 g$ s3 I“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard- A2 i/ x& E; p9 y9 w
Goatcher, CMHC’s Senior Market Analyst for Edmonton.' b: T6 Z6 g' J1 z- c r
/ u0 T/ x: l# g# P' X6 c' A: S- ` [For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
8 j) L+ D& L( g: G# M* ppoured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
3 ^7 k* f+ u2 }+ v# e18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
- f& o1 l4 O/ J7 L, j“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
) p4 l9 J1 {5 `building industry is still expected to achieve the second best year on record,” added Goatcher.
9 u) f/ Y( D! Y3 n1 D# M) M. ^Total housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
0 f: ~6 p8 V5 p$ x: {' M6 lunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
( _1 d. l& s' |starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
. F" k6 L1 H& V, hreporting a decline in total housing starts. |
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