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EDMONTON — The number of housing starts in the Edmonton region for November tumbled 74 per cent from the same time last year, said the Canada Mortgage and Housing Corporation.- V4 D% o8 E6 `: q0 G
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Construction began on only 279 homes during the month, according to preliminary figures released today.
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7 s8 N% x% C9 }For the year to date, housing activity has fallen by 56 per cent compared to the first 11 months last year.
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“This comes despite a robust local economy that is showing impressive employment and income growth,” said senior market analyst Richard Goatcher.- C& j4 ?. U/ w& ]
" ^1 S! Q. z! V* n4 s' w6 M8 j# a“The home building industry has been impacted by a slowdown in net migration into the province since mid-2007 and concerns locally about elevated new and existing home inventories.”/ ^6 F- i# z1 a) I$ R/ m: N
" l' a- ~1 y" V3 v! m5 SSingle-detached starts in the Edmonton census metropolitan area fell 52 per cent year-over-year to 224 units in November.
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Multiple-dwelling starts fell off even harder, by 91 per cent from November 2007 to 55 units.7 y2 s" A- D$ M) l$ e
" o: a2 W0 e! E- X8 c“The high volume of units still in progress suggests that further reductions are warranted in the coming year,” the CMHC said in a release." D3 i2 c8 _, F* U1 I
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Across Alberta, total housing starts in the seven largest cities dropped by 49 per cent year-over-year despite increased building in Wood Buffalo and Lethbridge. |
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