Edmonton housing starts fall almost 75 per cent

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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.
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Construction began on only 279 homes during the month, according to preliminary figures released today.
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For the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.

“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.

# [6 d; k5 P( N: C, O4 e“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.”
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  V4 N/ @2 Q* {$ S3 ^# @2 [Single-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.
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; J) Y) b/ |  `1 d( C- i+ qMultiple-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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7 k" b9 W( x, _# mAcross 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.