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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER, F/ j: Y# L+ V3 ^: D) s# c- e2 C
% x$ C9 i" `! ] jEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a4 P1 F- c; M4 B2 d7 P" Y
continued slowdown in new single-detached activity during September. According to preliminary figures released
+ r; `& {' p* ^7 v4 R' `$ {today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
$ f. r3 h* E( v" JMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total$ j0 k4 @% {+ [) i; F
housing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.; o' o; O; d) A( `3 I4 I1 d! b
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per* C7 u+ A* d5 D, P: X
cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium- z- g9 Q; s5 g' U" K# `
apartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
- c" g0 l) g2 N' ~3 munit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
7 c2 `5 ~+ |, f+ u$ Z4 Z“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
/ S; b# s& G$ F+ U( `+ j( iGoatcher, CMHC’s Senior Market Analyst for Edmonton.! A! O# A2 y; N; g% Q4 @
& {) R9 F( f- E7 i; t, WFor the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
' _8 ?4 L& S }% J, Ypoured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by! F" z4 I# c- K) C9 M, g8 j% K; y
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006., ~" f. V2 e, ?' m% v# W& R* ?
“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house9 a; B- Z% o1 d5 u
building industry is still expected to achieve the second best year on record,” added Goatcher.. F) K" e; `. w% V9 l0 B! X: h
Total housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134% P! d- Z$ p; T* a4 }/ _
units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached2 e. k4 F2 L7 l. \% D% }
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
& N5 N- v+ \+ N# S* W5 c9 [4 ^reporting a decline in total housing starts. |
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