St. Albert housing starts have climbed significantly since this time last year, according to the Canadian Mortgage and Housing Corporation (CMHC).
Housing starts more than doubled in St. Albert, jumping to 29 units last month compared to 12 in June 2011.
“In 2011, we saw a year that started off rather soft and grew as the year went on and that was mainly due to economic conditions that have started to improve around that time and have continued to improve,” said Christina Butchart, CMHC’s senior market analyst for Edmonton.
The most common housing type to see an increase last month was single-detached homes, with 27 starts. Multi-family units, including semi-detached units, rows and apartments, made up the remainder of starts.
Since the beginning of the year, 238 housing starts have been recorded in St. Albert compared to just 81 in 2011. Nearly half of total housing starts are for rental apartments.
“One of the key differences in St. Albert was the apartment starts, which really helped put the number up,” Butchart said. “That’s something that you didn’t see any of in the previous year.”
Housing start growth has been ongoing in St. Albert and the Edmonton Census Metropolitan Area (CMA) since July 2011. Prior to this turning point, housing starts were consistently down, she said.
The Edmonton CMA saw an increase of 719 units last June to 1,050 this year, representing a 46-per-cent increase. Year-to-date numbers have jumped to 5,468 from 4,051 last year.
Butchart said Edmonton’s strong economy impacts growth, adding lower unemployment numbers and increased migration numbers are also major contributors.
“I think if we look at our overall forecast for Edmonton for the year, we are going to end the year up compared to last year and we’re also going to continue to see more growth next year,” she said.
