New Construction Up 40% in Edmonton

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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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' P* U1 Y) J' ?Edmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
6 b% d2 K4 \' Bcontinued 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
6 d+ x* l1 S& N: HMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
9 x! ^+ }+ X% o4 ~  |2 c0 `housing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
1 y7 q7 v3 h6 _3 }* UFollowing a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
! m9 M3 i8 j9 e3 l9 M. p* ecent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
4 j; i  j$ c% s9 Oapartments 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.
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
Goatcher, CMHC’s Senior Market Analyst for Edmonton.
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For the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
; ?  m3 _1 h( J18.5 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.
Total housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
- d$ \# _1 F% l( k  G& [; F$ Sstarts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
reporting a decline in total housing starts.

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