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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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This July, 1,435 units were under construction compared to 1,034 units in July 2011." g* |, v1 T7 ?4 q* U
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So 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.. o9 C8 w, _7 f2 }9 Y
7 w5 z+ a+ ]2 O$ Q0 o“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.”5 ?/ g/ C g5 J' _5 y
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The capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier. @5 @4 @4 ~* f1 g, K
0 C" C% D: y& eWithin 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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6 B- Q8 D& q+ t- y( Q" ~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.
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Multi-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.) w z1 f, U. }. R
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