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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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# I6 ~% W6 u( ?7 Y& @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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This July, 1,435 units were under construction compared to 1,034 units in July 2011.1 [3 H/ I5 ?3 U/ n/ U, x( p
# z1 U) Q! \- \; Y1 f0 KSo 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.! Y) [# W- X$ |6 ^8 f) Z
# r- ?8 F& H5 e“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.”; y+ k# A( o+ x8 V
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The capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.) L+ D% z) S3 Y9 g1 q0 w. q
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Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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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.
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2 }+ M6 q. r2 x$ l4 ^* j- D L3 lMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.! m+ g6 `& Z- t$ C- ?
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