New Construction Up 40% in Edmonton

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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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  A1 P4 o/ j' FEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
continued slowdown in new single-detached activity during September. According to preliminary figures released
  g9 i* S$ V. Btoday by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
4 j. q, h% K) |" ^% P2 xMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
' C8 u8 W8 T3 K7 A! Y- ]+ s5 qhousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
/ r$ O  U3 ?+ w( Gcent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
7 N4 R. _+ R' G0 |2 D+ kapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
( r- Q+ u# U+ J3 I# F9 @Goatcher, CMHC’s Senior Market Analyst for Edmonton.
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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
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
& S* K$ D' B, h“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
building industry is still expected to achieve the second best year on record,” added Goatcher.
Total housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
9 R$ d) h+ G' q- t8 y: t. k1 ]units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
# [9 ]# [5 p" `0 O0 T  Nstarts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
! F, H' f' D: Vreporting a decline in total housing starts.

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