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New Construction Continues Slowdown in Edmonton in December

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Canada Mortgage and Housing Corporation (CMHC) released its report on housing construction in Edmonton for December showing for the third month in succession, total housing starts decreased on a year-over-year basis. Here are some highlights from the report:

• housing starts totalled to 558 units in December, down from 812 last December 
• Despite the recent reduction, annual starts were considerably higher than 2009. Total housing starts reached 9,959 units, up from 6,317 units reported in all of 2009. 
• There were 309 single-detached units started in December, down 31% from the same month last year - it was the slowest month since July 2009.
• For the year, builders started 6062 single-detached homes compared to 3897 in 2009. 
• Multiple unit starts amounted to 249 units in December, down 32% from December '09.
• For the year, multiple unit starts increased by 61% to 3,897 units, up from 2,420 units in 2009. 
• “New apartment activity experienced the largest gains, with starts in
  2010 more than double the volumes recorded throughout the previous year,” noted Richard Goatcher, CMHC’s Senior Market Analyst for Edmonton.
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Important notes:

• At 2pm this afternoon we will send out our annual report to all subscribers - dont miss out, subscribe before 2pm for free! If you don't get your copy, check your junk mail! *our mailing service provider is having technical difficulties, we will send this out asap.
• We will be attending the Edmonton Housing Forecast seminar tomorrow. Check the blog all morning for live updates from the seminar featuring Garth Warner, President and CEO, Servus Credit Union, John Rose, Chief Economist, City of Edmonton, Patrick Shaver, President, Urban Development Institute, Ian Glassford, CFO, Servus Credit Union, Richard Goatcher, Senior Market Analyst, Canada Mortgage and Housing Corp and Chris Mooney, President, REALTORS® Association of Edmonton.