New Construction Up 40% in Edmonton

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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER

Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
/ D! O& o8 u7 c2 acontinued slowdown in new single-detached activity during September. According to preliminary figures released
: r3 T% y) h* z8 qtoday by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
1 }5 A* C9 H  `+ IMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
5 I9 a$ _" H* G# C7 _' |4 ~/ Bhousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
/ C* R( w% _! \! R* ?cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
0 z- M2 w. p" Z7 m, qapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
! L: e6 @4 X; Lunit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
/ b9 H+ n: L" ]5 `- x/ A“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
0 {1 ?' m7 N: hGoatcher, CMHC’s Senior Market Analyst for Edmonton.
+ u& }7 q6 I  u
9 l3 i% k# w/ _  w8 Y+ n3 CFor the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
1 \$ I( N' y  a1 U; M; Ipoured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
, L4 y7 _1 D4 H, h  F18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
4 ]6 ]- P. E1 _“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
building industry is still expected to achieve the second best year on record,” added Goatcher.
5 _" d5 z6 ~/ f5 d5 o- Q: f" jTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
3 X7 A+ O8 F! w4 z1 O  ^0 Rreporting a decline in total housing starts.

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