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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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8 n2 @3 f$ c) ?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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& V, x. F# ^( W4 gThis July, 1,435 units were under construction compared to 1,034 units in July 2011.1 S% v" f+ I8 c% v2 {9 \
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So 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., n+ g& q7 v1 X9 s( Z1 ^
- [* T- N H: E6 b“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.”7 L: u7 X% F& w% d- s( G! `
' ~8 P# ?) |5 ^, YThe capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.- o4 {1 P* b( E/ Q5 D7 h
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Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.4 M. N" e0 O) l; C5 H( |
7 \9 b" V4 ~4 r/ J3 M7 h( d$ KSo 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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2 H& g }8 j/ T7 O4 L+ ^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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4 i/ c( V; G; i* K! qMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.
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