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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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6 e& v: h4 _2 a0 W' H. }Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a: S0 Q- q6 B1 r# Y/ R) X% Y+ o; j
continued slowdown in new single-detached activity during September. According to preliminary figures released8 j3 {9 g0 A. m' h7 a4 W
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census: Q1 C- U/ |; t+ v, }2 e
Metropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
, T5 o! P1 Y' r. Y z* M( whousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006., E# P, ~: a2 [ a, y7 l" X
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
% M+ s+ d6 _) b$ e0 N' \cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium! D' L, ]' D9 Q" m ^+ M' K. I
apartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple' i9 q3 v2 h+ v; T
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
/ C, ^$ g) Y7 F! J9 n6 m4 p“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard' ]8 ~ v' s4 I6 E% w" W8 M/ I) v1 I* v
Goatcher, CMHC’s Senior Market Analyst for Edmonton.
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6 a( H$ k* D+ f6 @& _For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders4 S1 E, E* q& r+ R
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
. y2 p* Q3 `# Q18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
/ z$ P" {. z7 L. o4 K% u# ?“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house2 S0 Z; K# Q4 [4 r0 U, ` A" S9 U I
building industry is still expected to achieve the second best year on record,” added Goatcher.
+ |4 _, i1 A' T( s+ Q: E, qTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,1343 y% i! ?. W/ p. \
units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
; o* U2 p6 p' x; Sstarts. Six of the seven cities reported gains over September of last year, with only Medicine Hat$ e$ G4 Z& V' [' B# {: u' V, d" \5 x
reporting a decline in total housing starts. |
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