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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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! j7 O' P+ M/ ]3 W8 k7 {* |8 XHousing 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." H$ @8 r! P0 K8 P Y4 s: N( R& |
% `9 b x5 |% d$ ]$ aThis July, 1,435 units were under construction compared to 1,034 units in July 2011., J+ J$ M6 J% k* Z: h+ _6 C
& `1 U- j5 S1 j8 @7 fSo 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.
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“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.”
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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.
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4 j/ A3 N- y2 i! vWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.+ f0 a$ O X: D2 B! o7 o
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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.. w+ r" E/ f+ B0 R; L5 w2 T
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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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Multi-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.7 p! r& t. U; t
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