New Construction Up 40% in Edmonton

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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER

+ Z2 A2 N, s, n# t1 iEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
continued slowdown in new single-detached activity during September. According to preliminary figures released
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
" Z5 ^2 Q( j. F8 WMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
& D1 g9 A' U0 j$ V; p1 R: F4 L) Jhousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
  W- i4 F; }* t1 c* f* jFollowing a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
6 m3 @1 k' |7 M: w: a" l( Ycent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
; Z- r& D0 J9 x. q; M/ S! Qapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
unit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
6 t) H4 R. e0 D5 T“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
4 [7 @+ Y# V/ S; V6 N5 zGoatcher, CMHC’s Senior Market Analyst for Edmonton.
3 J; q. q8 m* M* ]
+ D! G3 ^' q7 {# D6 ?0 oFor the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
& r2 m0 V4 N; [$ ?9 V' \poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
% O' O% w* K/ j* g/ S18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
building industry is still expected to achieve the second best year on record,” added Goatcher.
1 }$ z% O0 }; ^8 a/ g" E( YTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
0 j+ }5 o! I. O* M7 a" c% @6 ~units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
8 Z/ d# y$ A& g+ J$ O& t8 Hreporting a decline in total housing starts.

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