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EDMONTON — The number of housing starts in the Edmonton region for November tumbled 74 per cent from the same time last year, said the Canada Mortgage and Housing Corporation.
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Construction began on only 279 homes during the month, according to preliminary figures released today.
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/ N: [% c! h: V. \5 K& r7 [2 h4 x* uFor the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.$ Q8 A6 a5 ~7 }6 k$ b; ?
6 Y4 N0 C; {% a7 q2 y- K1 _4 Y- b“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.3 B4 D0 W1 @9 S2 |. y$ j: {% Q
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“The home building industry has been impacted by a slowdown in net migration into the province since mid-2007 and concerns locally about elevated new and existing home inventories.”- U, s1 M# G5 r* c, j$ Y6 Y
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Single-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.: y+ N d( W: S6 h& ^
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Multiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.3 ^! c' D4 Q" t) F) J
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“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release.' b5 M) H+ H# ^0 F
) I2 l1 A; `" U: v- W; i: I* ?Across Alberta, total housing starts in the seven largest cities dropped by 49 per cent year-over-year despite increased building in Wood Buffalo and Lethbridge. |
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