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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.0 A/ K3 G$ P: p; q, Q9 E
3 J3 I- a) U% n0 YConstruction began on only 279 homes during the month, according to preliminary figures released today./ V/ }, U% ]1 t, \- v/ l5 C( c
, ]9 ?5 y5 j1 _4 FFor the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year." d4 \3 A3 p- U
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“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.
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7 ^ ?4 p( S; X; U( F“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.”9 x- {: P. s) W o& o E4 Q
' m) l, q4 s: ^& e; l- w4 LSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.' Y! g4 f: Z6 T: x& ^# \# `/ p J
* G0 M, j3 L, e+ {/ y* M! q+ FMultiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.
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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.
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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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