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.
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& c" I$ {1 |6 GConstruction began on only 279 homes during the month, according to preliminary figures released today.

3 _2 \$ P3 k8 y7 zFor the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.
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“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.

“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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9 d  V1 E1 S5 {7 i/ t& V* xSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.

! V; j' q1 \9 }9 D: X0 Z$ `: b, RMultiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.
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- ~8 j2 C5 r* n8 i9 K$ P“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.

: M( O3 j2 m  [8 R6 K2 |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.