New Construction Up 40% in Edmonton

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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER

0 _5 p& B$ z% j/ r' qEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
continued slowdown in new single-detached activity during September. According to preliminary figures released
* C) T0 I. D0 y, U* {, Htoday by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
" t) k0 V! d! }' z6 hMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
+ T3 U1 D% ~2 h, K5 Shousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
7 I' m( D  O. D" |Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
( c+ E( ]; N: U6 A6 Pcent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
) }7 E1 b2 V' |; ~2 i* Dapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
; b  {/ i) _$ S! u“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
Goatcher, CMHC’s Senior Market Analyst for Edmonton.
8 I* ]( K8 ]; k  b5 M
For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
1 z, P0 d/ {5 N! T“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.
4 s/ {0 K7 C2 k7 RTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
2 }1 ]: I5 i5 Y- o2 {7 g0 Eunits. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
/ u& S3 w* }* ~; k" ~1 ystarts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
3 [* E- _/ E# T+ W1 l% w# Freporting a decline in total housing starts.

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