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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' ~1 F& ^3 P3 z8 M1 j) JConstruction began on only 279 homes during the month, according to preliminary figures released today.

  m; y- q6 n) A- c* CFor the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.
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5 R, ]9 @) \" x$ [3 [7 Z% v“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.”

0 L& h5 l5 d" M4 i: W  {; V* M4 CSingle-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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: d9 c6 O3 v0 b6 Q' r“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.
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* X& D+ ?$ _# S3 J* j: vAcross 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.