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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." l, _ I8 h" N, i: {* n
$ U$ `' G- b, B" e2 @. pConstruction began on only 279 homes during the month, according to preliminary figures released today.
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s0 r* h; h2 L% K5 SFor the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.7 ?# W5 |* s6 [4 Y$ c j, n7 @0 B
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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.
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' p7 v y5 b" A7 o“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.”& v$ m! w2 P x a# ?
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Single-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.
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, l$ {6 ?- x& g9 dMultiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.2 q0 y2 G8 q* \; p
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“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.+ @7 g- W4 j# k( `* y
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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. |
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