Edmonton housing starts dip again

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Edmonton housing starts dip again

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4 c" F- [" M+ ]4 n  G. tBy Bill Mah, edmontonjournal.comMarch 9, 2009 11:02 AMComments (2)
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# B# R2 R" v4 k, j, q4 j. Z More Images »  A for sale sign is posted in front of a new homes in the Sunset Valley Estates on Ellerslie Road in Edmonton.Photograph by: Anne-Marie Jackson, Edmonton JournalEDMONTON – Housing starts fell again in the Edmonton region for February with no growth in activity foreseen until at least the summer, the Canada Mortgage and Housing Corporation said Monday.

6 t, o, \! Q$ A( u! ]" G( i2 GMultiple-unit starts led the decline with a near-86-per-cent drop from February of last year, according to preliminary CMHC figures. Multi-unit starts across the Capital Region totalled 64 units last month compared to 449 started in the same month a year ago.
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# t6 x$ s2 f6 q2 c/ K, B& ~" E+ [' n“Developer unease over rising condo apartment inventories will cause multi-unit starts to be lower this year than last,” said Richard Goatcher, CMHC senior market analyst for Edmonton.

5 [  h( {1 D* X; a+ [/ D! G) \( u' Y+ ]In the single-detached market, shovels went into the ground for 149 homes in February — a 39 per cent drop from the 243 units started a year ago.
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CMHC predicts single starts to remain slow throughout much of 2009. Building activity won’t pick up over the previous year’s pace until after mid-2009 — provided new house inventories head lower. Goatcher said it will likely take until 2010 for notable year-over-year increases in single starts.
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Total housing starts in Alberta’s seven largest centres totalled 574 units in February, down from 1,867 a year ago, according to CMHC. Grande Prairie was the only city reporting a year-over-year increase in starts.

bmah@thejournal.canwest.com

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