Edmonton housing starts down in a big way
Over the past year, new housing starts are down nearly 30 per cent, industry group says.
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Construction of new houses in Edmonton slowed significantly in September, according to numbers released by the Canada Mortgage and Housing Corporation.
Actual housing starts were down 28 per cent year-over-year in September, CMHC said in a release.
"The trend in total housing starts continued to decline in September as a slower pace in multi-family housing starts more than offset an uptick in single-detached construction,” Christina Butchart, a market analyst with CMHC, said in a statement.
Over the first nine months of the year there were a total of 7,162 starts in the region compared to 13,499 during the same nine months in 2015.
Most of that decline comes in multi-family housing projects like condominiums and apartments. There were 9,004 of those starts in 2015, versus just 4,085 this year.
“Employment losses, lower migration, and elevated new home inventory are tempering multi-family construction in Edmonton,” Butchart said.