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EDMONTON – Housing starts fell again in the Edmonton region for February with no growth in activity foreseen until at least the summer, the Canada Mortgage and Housing Corporation said Monday.3 M6 ]' i) ?0 i$ D6 z8 [- h, W# f
0 k1 Z: W( K" G4 T; O0 L& Q. o; \Multiple-unit starts led the decline with a near-86-per-cent drop from February of last year, according to preliminary CMHC figures. Multi-unit starts across the Capital Region totalled 64 units last month compared to 449 started in the same month a year ago.8 Y$ J5 k& v& F: {' ]" o# i# K: u
' h7 g4 S9 U9 ?“Developer unease over rising condo apartment inventories will cause multi-unit starts to be lower this year than last,” said Richard Goatcher, CMHC senior market analyst for Edmonton.; m7 e4 v7 |/ e) p# M3 |+ n
8 h' R: J [: {4 K' e& |In the single-detached market, shovels went into the ground for 149 homes in February — a 39 per cent drop from the 243 units started a year ago.$ r8 h7 c: k) k, h
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CMHC predicts single starts to remain slow throughout much of 2009. Building activity won’t pick up over the previous year’s pace until after mid-2009 — provided new house inventories head lower. Goatcher said it will likely take until 2010 for notable year-over-year increases in single starts.
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Total housing starts in Alberta’s seven largest centres totalled 574 units in February, down from 1,867 a year ago, according to CMHC. Grande Prairie was the only city reporting a year-over-year increase in starts. |
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