The Edmonton Real Estate Blog, Market Information, Advise & Opinion

Edmonton’s new home builders continued to ramp up production in March. According to the Canada Mortgage and Housing Corporation (CMHC), housing starts in the Edmonton Census Metropolitan Area (CMA) totalled 813 units in March compared with 135 units in March 2009. This represented the ninth consecutive month of year-over-year improvements in housing starts.

Single-detached home builders started work on 513 units last month, almost five times the 105 singles started in March last year. “The industry is attempting to replenish single-detached inventories that have been driven to low levels by a reduction in completions and relatively brisk demand,” noted Richard Goatcher, CMHC’s Senior Market Analyst based in Edmonton. So far this year, foundations were poured for 1,394 units compared with 401 singles recorded in the first three months of 2009.

While apartment starts were up in March from the same month last year, production levels so far are down by 64% from January to March of 2009 due to persistently high inventories.

Housing starts in Alberta’s seven largest centres totalled 1,957 units in March compared with 605 starts in the same month last year. Strong increases in Calgary, Edmonton, Lethbridge and Red Deer easily countered year-over-year declines in Wood Buffalo, Grande Prairie and Medicine Hat.

More information can be found online on CMHC's web site.