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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.
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2 _1 ^& |: @) ?, b0 A* h$ AThis July, 1,435 units were under construction compared to 1,034 units in July 2011., W! o5 x- S- H9 e5 u- }( f& g
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So 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! l$ @6 Z6 y k
5 h1 {' j; m1 b$ M“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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* p, s0 v! h2 M; w7 r" Z1 `# qThe capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.. Y, b1 v) M7 s
7 w" Z. H) J5 o. x: {Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.8 \7 G, m( D6 o! L X
3 t+ c, b1 z& O( G; K5 }: _/ f. vSo far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.$ C2 l' f8 L& P* M4 S6 k
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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.* V( t# I2 b- P9 R, {
0 t% b8 ~2 }8 p) }9 z1 UMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011., a; j% h4 ~+ _! ?+ ?5 E
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