New Construction Up 40% in Edmonton

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APARTMENTS BOOST HOUSING STARTS IN SEPTEMBER
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, G* A8 v' }9 ~1 F9 n: {) n4 A  s+ d* cEdmonton, October 9, 2007 – A surge in apartment starts across Greater Edmonton helped counter a
6 U+ I5 w$ g" @5 D* z+ Z3 O- u% l; acontinued slowdown in new single-detached activity during September. According to preliminary figures released
today by Canada Mortgage and Housing Corporation (CMHC), housing starts within the Edmonton Census
! Q2 u8 m$ W( H# p' I$ BMetropolitan Area (CMA) increased by 40.3 per cent from September 2006 to 1,978 units. So far this year, total
/ r+ o$ W4 {8 }, khousing starts have increased by 5.7 per cent over the numbers reported after three quarters of 2006.
Following a 37 per cent year-over-year increase in August, multiple dwelling starts in September jumped by 150 per
  \7 x! r' N1 ]7 ?+ ~cent over the same month last year to 1,306 units. The majority of September’s new multiples were condominium
3 H( ?& Q- ?' o% m, Uapartments located in Edmonton, Spruce Grove, Strathcona County and Beaumont. For the year-to-date, multiple
5 y) v8 G5 K, c7 zunit starts across Metro have increased by one third over activity levels reported in the first nine months of 2006.
“Multi-unit builders in the CMA are poised to exceed 6,000 units for the first time since 1982,” noted Richard
& l- c/ u4 D' |( |; vGoatcher, CMHC’s Senior Market Analyst for Edmonton.
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" c3 T+ q! I7 Q9 B4 NFor the third month in a row, single-detached starts in September fell below last year’s record-setting pace. Builders
poured foundations for 672 units, representing a 24 per cent decline from September 2006. Single starts dropped by
18.5 per cent in the third quarter compared with the number of units started in July through September of 2006.
5 A! K4 X$ J( {9 s: C4 `“Although single starts for the year-to-date are off by 11 per cent compared with 2006, the single-detached house
& W- d9 c; [2 ?! ~5 B6 Abuilding industry is still expected to achieve the second best year on record,” added Goatcher.
$ p9 S9 i+ c! o2 W  OTotal housing starts in Alberta’s seven largest cities increased year-over-year in September by 33 per cent to 4,134
units. A major upswing in multiple dwelling units compensated for a combined 23 per cent pull-back in singledetached
starts. Six of the seven cities reported gains over September of last year, with only Medicine Hat
1 ~$ T& {  B! t7 x" ereporting a decline in total housing starts.

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