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EDMONTON — The number of housing starts in the Edmonton region for November tumbled 74 per cent from the same time last year, said the Canada Mortgage and Housing Corporation.
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+ J7 D! q$ ?1 I: i8 k1 E( |6 IConstruction began on only 279 homes during the month, according to preliminary figures released today.5 F0 `4 b+ ~' n
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For the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.3 U$ S7 H, D* X' ^
' C; l1 a# e0 A“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.
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“The home building industry has been impacted by a slowdown in net migration into the province since mid-2007 and concerns locally about elevated new and existing home inventories.”
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0 y$ x7 I: c; oSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.) p+ b7 G2 c6 I+ E* K: |
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Multiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.: j& J3 Y5 B# n+ p) }4 F0 Z
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“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.; l! l; r3 i4 A9 s( b8 Z
3 o# b4 i+ y s5 _4 W$ t6 H4 _Across Alberta, total housing starts in the seven largest cities dropped by 49 per cent year-over-year despite increased building in Wood Buffalo and Lethbridge. |
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