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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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Housing 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.3 W' K. T- [' J" _6 D
; k, D# R& p: j. W, X) O) M$ WThis July, 1,435 units were under construction compared to 1,034 units in July 2011.
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So 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 2011.8 ~; Q& h+ W0 b$ n4 P# U3 c
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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.”6 d }5 e5 | |, J7 w/ ]
0 ^6 I6 J1 I7 _5 b$ J) N' QThe 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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! `8 E6 u. o2 TWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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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.& \5 R t2 O* N& T0 i& u- d+ m
: h- D6 o; C+ B/ n5 ]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.: B0 P/ i' z- E+ [* ?
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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 2011.5 _& X! B; E+ ^3 j
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