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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.5 D* W8 W1 ]! E3 @$ H
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This July, 1,435 units were under construction compared to 1,034 units in July 2011.& e! u7 `; [3 k2 H' A7 f
; g$ {, Y W5 t7 dSo 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.) a- ]$ t8 O; V" Y& V8 \
& [; u7 ~, h2 t% U' w6 ^“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.”) ?, H" u2 J( W5 \8 S" I
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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.
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o3 }& W1 L5 s" q; y& q% vWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.* P" g$ z: G& v+ J: n
6 E5 }/ |, |+ JSo far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.- T1 U+ J) M/ g7 E
7 k! c# D! a. i' r# h4 y* E0 Z8 p/ `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.
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( j( D5 e- f V) n) c6 U. KMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.- }- Y% p* ?* A$ U
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