Canada Mortgage and Housing Council (CMHC) has released their monthly report on new home construction in the Edmonton area. Here is the long and the short of it:
Overall Edmonton Residential Construction
- 612 starts in October 2008, a 48% decline over last October
- Year to date starts have fallen 54%
New Construction: Edmonton Single Family Homes
- There were 223 new starts in October 2008, a 60% drop from last year.
- Year to date starts have fallen 68% to 2195 (6871 last year)
- 416 homes were completed in October, down 32% from last October
- Units under construction – 2536 – down 61% from last October
- For the second month in a row, absorptions outpaced completions
- Completed inventory is still very high, 58% higher than last October (we recently made an error reporting that new home inventories had dropped, it is completions that have dropped)
- Median sale price is $495,500, up 9.1% since September 08 (keep in mind most of these homes were priced before construction began)
New Construction: Edmonton Condos
- Multiple dwelling starts for October: 389, down 38% from last October
- From last October: semi-detached down 46%, row houses down 69%, apartments down 19%
- Multiple dwelling starts were the highest since April 08 (the majority were apartment style w/in Edmonton)
- Multi-family starts are down 40% for the year so far
- There are 9680 currently under construction, down only 3% from last year
- There wer 479 completions in October (357 last year)
- Inventory stands at 524 (up 55% from last October) included 243 semi’s, 113 row, 168 apartments
Preliminary monthly MLS numbers coming shortly.
