Canadian Mortgage and Housing Corporation - Housing Now, Edmonton, August 10, 2010

According to preliminary figures released today by Canada Mortgage
and Housing Corporation (CMHC), housing starts in the Edmonton Census Metropolitan Area (CMA) continued to outperform the previous year. Housing starts in Greater Edmonton totalled 949 units in July, up from 451 units in July 2009. This represents the 13th consecutive month of year-over-year gains in new
home construction. To the end of July, local builders have started 6,328 housing units, up from 2,363 during the corresponding period last year and surpassing all of 2009’s annual production.

Local builders started 610 single-detached units last month, representing a 123 per cent increase from the 273 units started in July 2009. “While impressive, July’s year-over-year gain was less pronounced than the 185 per cent increase to the end of June,” noted Richard Goatcher, CMHC’s Senior Market Analyst for
Edmonton. “In the latter half of the year, the single-detached sector will be competing with comparatively stronger numbers from the second half of 2009,” he noted. After seven months, construction began on 3,799 single-detached units, 173 per cent higher than the 1,390 starts reported one year earlier.

Multi-family housing starts, which consist of semi-detached units, rows, and apartments, totalled 339 units last month, 90 per cent higher than the 178 units started in July 2009. After seven months, multi-family starts reached 2,529 units, up from the 973 units started from January to July of last year. “With a 315 per
cent year-over-year gain to the end of July, apartments have recorded the largest increase among multifamily units thus far,” noted Goatcher. “However, with apartment inventories still elevated by historical standards, apartment starts will likely dissipate over the balance of the year,” he added.

Housing starts across Alberta’s seven largest centres totalled 2,348 units last month, compared to 1,454 starts in July 2009.

Edmonton posted the largest year-over-year gain among the province’s largest centres.
 

Lethbridge and Red Deer were the only centres to report a year-over-year decline.

As Canada's national housing agency, CMHC draws on more than 60 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable homes. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making vital decisions.

For more information, visit www.cmhc.ca or call 1-800-668-2642.