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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.9 ]8 R7 b/ d' z' u- V- D. |8 W
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This July, 1,435 units were under construction compared to 1,034 units in July 2011.
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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 2011.0 x& H9 S+ y3 f" W0 {" y/ P
5 s+ Z6 Z& K/ i1 [“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.”8 _& r0 Y( l4 j$ d! i6 W# n& F
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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.2 S" `$ K6 ^& p# `
" i% b0 ?5 ~. UWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.& b( L6 n/ x; W, x9 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.- v0 h$ N9 x# E6 M- s
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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.! E4 |( @4 q4 K9 k a- p
8 | a ]/ U/ v1 R: r/ r% bMulti-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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