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EDMONTON — The number of housing starts in the Edmonton region for November tumbled 74 per cent from the same time last year, said the Canada Mortgage and Housing Corporation.
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! `: y9 a* [2 d1 c: O- MConstruction began on only 279 homes during the month, according to preliminary figures released today.* b% `$ }" B V: w. S- n; ^
: K' D/ f: q7 d8 U# w7 U8 `For the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.
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“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.
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“The home building industry has been impacted by a slowdown in net migration into the province since mid-2007 and concerns locally about elevated new and existing home inventories.”
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8 u3 _+ v0 q" VSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.! Y' T( t ^4 k6 d. w, H( E% l6 m8 i
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Multiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.
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# k* K9 S$ x- [. T“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.
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5 }* A3 {4 f0 s wAcross Alberta, total housing starts in the seven largest cities dropped by 49 per cent year-over-year despite increased building in Wood Buffalo and Lethbridge. |
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