September seemed like the best month for southern Alberta residents. The area’s homebuilders had a lot of work to do throughout the month.
Local builders started 58 homes in Lethbridge last month; this is 58% ahead of September 2008.
Their multi-family projects showed there is even stronger growth, that is to say the 23 new developments were 91% higher than September starts in 2008.
Despite the recession, Canada Mortgage and Housing Corporation (CMHC) reports that there are 653 units launched in Lethbridge census area during the first 3 quarters of the year, this is only 6.4% behind last year’s pace.
For the builders in city of Lethbridge, it shows that there is a strong consumer demand.
With many of the “spec” homes built last year sold, builders have begun to start more on the fall. These projects will be worked on over the winter, once the weather allows it.
Builders are pulling permits and starting more foundations, bringing up the construction figures.
Among the multi-family projects being started are duplexes, townhouses and more comprehensive residential projects.
Lethbridge buyers are showing much more interest in multi-family living.
While 89 multi-family units have started in the Lethbridge area by the end of September last year, we have seen the number grow to 244 before the start of October this year.
Single family homes are still buyers first choice; they were down 32% over the first nine months with 409 starts recorded locally.
In Red Deer, multifamily starts are down 30% to 118 units so far in the year, with single family projects at 227 homes, down 11%.
The Calgary consensus area saw an 84% drop this year to 987 housing units, whereas Edmonton area is down 59% to 1,374 units.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
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