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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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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. U9 G2 ~ A$ |' e6 S
j3 z- s7 g2 O' q g! ]7 ?- |This July, 1,435 units were under construction compared to 1,034 units in July 2011.0 h, f7 U& O+ E) ~3 a/ s5 ^0 w
% h$ u; W( ^/ p# a. G: ^5 ~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.
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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.”0 F! H) r J5 W7 _. \2 r- P! f* B
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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.. e9 C [: H: y3 G) b5 @* o
3 `- R- Q( n3 z. _" y3 I, Z. kWithin 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.; W) Y! L9 d$ s# F6 F0 u
1 d4 M; U r& Y4 f+ B+ o: Q( f- XMulti-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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1 h# z8 J b5 W+ Z" r0 H6 y- F4 sMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.# I+ y$ {5 E1 v2 U" Y# A
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