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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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/ r: ]% I) ?- F! j3 oThis July, 1,435 units were under construction compared to 1,034 units in July 2011., }& g/ h5 \% b
8 h) a7 p. K9 a+ O6 T- r' J- BSo 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./ h3 x! Q% R5 `3 M( y6 A6 U7 T
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“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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7 _& z. ]( f1 T9 S/ X- s; tThe capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.* a# o& |* m- r% w; H
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Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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So far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.
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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.+ `" R& ]- O1 v* g, G
* s5 ^' a* b7 W+ x fMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.! `1 b4 T" W7 {" N, t6 F
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