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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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% n1 \" n/ [6 l! m6 O" pHousing 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., y8 C+ B/ U3 W) k# n
: J0 p8 c& N U7 S& MThis July, 1,435 units were under construction compared to 1,034 units in July 2011.* Z9 d9 s+ n6 |* Y" @9 b: d
+ D0 J6 \7 ^7 {+ q7 \! ZSo 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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“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.”
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! |1 g2 b" \: ^2 KThe capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.# E# g9 C$ b% @# X( o
- ]7 A) u9 d) m+ l% ?6 NWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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So 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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. @: H* G( d0 W) b! @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.7 a1 b8 |: N" A- J6 t- {+ J, A: p
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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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