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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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$ l, B- t! K( N2 k6 s* @+ ^( xHousing 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.
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% L6 R1 U! X0 q4 j. ^3 M" {, z8 D5 ~This July, 1,435 units were under construction compared to 1,034 units in July 2011.- h1 H1 u; n9 S7 I7 F
0 y% r$ A2 d. ?9 kSo 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.
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- B% B& k; {1 b( D6 `1 j3 C8 p8 P“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.”* ^" R6 v! c$ B, N" b2 y
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The capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier., ^0 z4 Z* b" m
' s4 O8 e) B. f1 t4 h! V* mWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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z) e" W3 e, LSo far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.
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v1 u5 [2 K& U) Q5 N4 c" d' QMulti-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.
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8 Z. S, l+ ]/ T- ~* K9 Q j$ nMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.4 ^ F2 a/ b! z9 A& }- g
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