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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.; J- a5 r w/ G: t6 R9 u
1 L7 e8 F+ G: Y$ sThis July, 1,435 units were under construction compared to 1,034 units in July 2011./ |* R3 @! B' |0 ^3 \6 m: ~5 j& J; L
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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.. X6 h [% V a( c, [- p3 }
$ D7 E+ o; B) g; m8 f8 J“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.”# ~- G* d4 f3 O: g7 u5 V0 I( n
) W5 g& w% G" KThe 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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7 U3 u6 a) M9 O! D( vWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.
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/ {) Z3 A, M- l4 v* h# f2 j1 \ X5 mSo 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 B0 n1 M8 f1 WMulti-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.; M$ o- b1 T m! a3 Z2 n* n
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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.* D% X3 w! F5 ?6 L" i+ t0 z
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