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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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}" }+ S2 q. u# [+ r6 a. e6 lHousing 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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* l( e4 v W9 l( vThis July, 1,435 units were under construction compared to 1,034 units in July 2011.
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+ Z3 T4 |2 _& e% h% `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 2011.2 N3 J2 c) J. C
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“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.”
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6 @9 t1 t, ^! P1 E" n5 i7 S8 S4 `The capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.2 O; g6 B/ F3 N0 o
% z A# [" D1 OWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.1 r) `* f: y, v: b+ B
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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.; h3 R9 ^9 t3 {
0 l# `+ s3 V% a/ O9 i9 K, MMulti-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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# ^) O+ ]' m- n) a% }" u! BMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.
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