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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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) E& u2 ~; U" |( N- THousing 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.) T: X- _8 g" L+ \! n( r
3 \8 w9 h E: L) wThis July, 1,435 units were under construction compared to 1,034 units in July 2011.
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4 D& T2 v7 E. Q! a/ lSo 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." x- j+ ^8 `/ h1 w) N H
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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.”3 N& P8 E1 I o( S' p6 F* e
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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.
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P8 `- E, I& x: kWithin the City of Edmonton, 341 houses were started, compared to 289 units in July 2011.9 ? i$ [3 s# h6 {* c& I, A o
# Z7 f9 j+ V5 b7 i# \2 Q$ ?So far this year, 3,177 single-detached homes began construction in the region, 17 per cent over the same period last year.1 Y6 o4 j3 X, ^7 q, H
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Multi-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.
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' K+ P) E% r2 t! {& `$ jMulti-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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