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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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/ N8 |: G1 x( H8 L9 r% v) ?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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- v6 ]& \( I1 D" L! UThis 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.
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/ h9 h3 M6 o" b- k“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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W/ E" o) t0 G( G! z: V: U1 EThe capital region saw the construction of single-detached houses rise 20 per cent in July to 582 homes from a year earlier.
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Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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. n0 }6 _' \( LSo far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year./ }7 w5 o/ D( Z# h* F7 f# q
, W- c* z1 [6 d# @* B) lMulti-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.$ X7 `8 U4 G9 p' \3 Q2 S
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Multi-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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