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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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' n& r) ]5 R; Z. u/ sHousing 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.: m/ \1 ~) P$ `. D
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This July, 1,435 units were under construction compared to 1,034 units in July 2011.
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! p$ m# |2 f# k* PSo 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.' {0 a; Z$ n1 |$ q8 U0 h
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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.”; E9 V" X% V& V/ h
4 N% i4 Y% n5 Z9 ~# a& D: HThe capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.2 d4 ~# d5 i- v- \9 r. }1 Z
" z5 h f0 N" f3 [$ |Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.: @1 W5 { [/ P; z$ D8 E
6 ^4 ~+ `/ k$ e. s0 b1 sSo far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.2 Y% V i8 g. h% B- ^
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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.' g$ g0 o% o! x
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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.
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