Edmonton housing starts fall almost 75 per cent

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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.

) B, p/ j8 @& Q: d$ S" \) FConstruction began on only 279 homes during the month, according to preliminary figures released today.
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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.
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) t7 W0 _, i1 {. W/ u8 c2 c( d“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.

1 t3 j* ?1 A! j“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.”

& T- J' n0 y. ?& w8 F  ^8 i. _Single-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.

Multiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.
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& @, s. A6 [5 t5 N“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.

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.