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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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Housing 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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- b1 U: b! s3 o4 i1 }, Z9 qThis July, 1,435 units were under construction compared to 1,034 units in July 2011.8 t, Z, U! ^) Z& m! `% M% l
0 ?& u5 ]# o u5 x0 ` n5 a: HSo 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.
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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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4 F& L/ h5 V; e @The capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.) @( m1 a1 ?8 c# |" \
# n, f8 D! F. f/ a! v8 BWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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! M- }- i8 M, j4 E% `So far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.
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Multi-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.* H* r2 E' e y* O$ \- R
0 y _* R2 w' fMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.! v; O. S+ h! h6 u! s2 Y
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