Edmonton Housing Starts Almost Triple in November
Tags: canada mortgage and housing, canada mortgage and housing corporation, city of edmonton, cmhc, edmonton region, greater edmonton, housing market, outlook report, recession, single family
Canada Mortgage and Housing Corporation (CMHC) released their monthly Housing Outlook report on December 8th, 2009.
Last month, we saw 11 single family homes had started in the city of Edmonton, with the number this yea being 297, it is a huge increase.
For the year as a whole, single family home starts are up by 73% in Edmonton.
Well, last year we were into the recession, so construction was slow, however with us now out of the recession, things are definitely looking good.
Total housing starts across the Greater Edmonton region has increases on a year over year basis for the faith consecutive month of 2009, with 958 units started in November 2009 compared to 279 units started in November 2008.
The total year to date housing starts has reached 5,505 units throughout the Capital region, down from 6,291 units that were reported in the first 11 months of 2008.
It is interesting to see what the effect the recession really had on the housing market, and what has happened once we have come out of it. Luckily for us, we are seeing great improvements, however with the slow start at the beginning of the year we will not be reaching last year’s level’s, however we will only fall short by a little.
Jeff Markewich
Broker of Record with InfoMarket Group GMAC Real Estate
www.imgrealestate.ca
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