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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.
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/ ~1 b }6 p4 ^" PThis July, 1,435 units were under construction compared to 1,034 units in July 2011.9 u* D, `% a0 Q
% |+ b; R3 o/ w' ySo 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.) ]/ V6 x! K& r5 V
7 V4 ]. b( K7 W6 I" w1 G“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.. Z: y. A l: }* G" w2 R
9 h% w5 {- Q& V0 KWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.6 h" t4 ~! f0 K, Y9 W0 g: u; m
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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.
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6 L1 |2 f- r# I) x: NMulti-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 t# X, T6 F2 F( v! N6 I' E" V0 cMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.) }& |0 `& m. r
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