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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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9 O$ B: n+ Q+ y; z6 B+ B2 u; [Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a [5 y6 @) V5 s8 D: j" Q
continued slowdown in new single-detached activity during September. According to preliminary figures released- K/ z) Y' q, N" _7 T+ r# ^
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
) B2 l: P% C0 L8 v, Q, _, g& hMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
- w% C9 f7 u* F; H+ y/ L2 w2 u1 i5 Jhousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
( `; P) L1 a' Z9 D7 _* G& pFollowing a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
, K! s' T. ~/ C, p3 g: ?8 Icent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
$ @6 t7 V" t" {2 ?* L6 {1 a* P Qapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple6 a3 {% a5 m8 g/ I1 k# f
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.: ]# K1 A1 z8 k: e* P9 b/ i. B
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard' J" S5 o! y% p% z
Goatcher, CMHC’s Senior Market Analyst for Edmonton.2 W2 d0 i9 Z9 O0 Q% U' D
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For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
3 {$ o3 |; ^1 X4 ]/ [. upoured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by1 e a+ A0 {! U
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
7 g% B; C1 d& W( q“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house' p. ?+ k; k9 H
building industry is still expected to achieve the second best year on record,” added Goatcher.
% q1 F. p( b( C" V( STotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
5 Q. s6 J0 |2 F- A5 ~units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached7 [8 V8 l. U; H" u$ T4 |
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
; }) m8 |* k! K( `* O# J2 P& w6 q) Ireporting a decline in total housing starts. |
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