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Jobs, newcomers and stronger house prices are behind a surge in housing construction in the Edmonton region.& T6 a( v/ z3 B |
- x& F; `1 u" d; p* [/ m: ]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., F: g' s1 y) A( L
" P3 }: A7 r( v6 m& \This July, 1,435 units were under construction compared to 1,034 units in July 2011.7 _0 c' T+ T! V/ F& o/ i; l
' ~5 m* z4 h* SSo 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.
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& C5 J& k$ C4 y& l: b- q6 Q“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.”# @% Q, P# t8 ^# o1 }3 S
5 @% \. u5 M6 E/ NThe capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.* F1 W! F0 h- [+ r
1 J4 `( O+ Z. z) O$ J& l7 ^Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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- Z. Y3 d$ \4 Q7 U! z+ ?$ ?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.8 {$ ~& q1 T6 d: ~. a) U3 K$ U
& x7 [" ^6 t' [ [5 t0 ?, J# |- cMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.( @2 n, X& w5 _3 h1 R
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