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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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0 h5 P: S% ^1 n! _( C9 Q+ e( ^# RHousing 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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This July, 1,435 units were under construction compared to 1,034 units in July 2011.$ K. D1 Q: W# E2 o, v b
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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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“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.”: f" p4 T: L/ o* X
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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.' Q6 a; ^8 i5 Q4 k4 K
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Within the City of Edmonton, 341 houses were started, compared to 289 units in July 2011." w# @$ S' N' f' w' K" O$ L
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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.% V! {4 n! t% }" A; _! W: k5 A
, W! }( v) r) C; 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. c# P, I9 C5 B% |2 \* E* z
; J2 q; c3 L6 Q; e* `' C6 BMulti-family housing starts in the Edmonton region so far this year reached 3,726 units, compared to 2,380 units started in 2011.* U. L" I- R/ s; u" W6 F' j
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