Housing Starts measures the number of new residential projects that have begun during a particular quarter in the City of Edmonton. A housing unit is considered as a housing start when construction on the basement foundation begins. One housing start can equal one single-family home or one multi-story apartment building.
This measure is an indicator and not a measure of the City's performance as the City has limited control over the construction sector.
Housing starts contributes to the regional economic growth through investment towards new housing and also consumption spending on housing related services. Additionally, this indicator is usefull in gauging the supply of future real estate.
Explanation of Performance
After extraordinary growth in the first quarter housing start figures slowed down for the third consectuvie quarter in 2015. Builders in The City of Edmonton broke ground on a total of 2,814 housing units in the fourth quarter of 2015—a 1% decrease quarter-over-quarter. The loss was driven by losses in single-family units which posted a 13% decrease from the third quarter of 2015.
For more information on local housing market statistics, see Canada Mortgage and Housing Corporation’s (CMHC) Housing Now - Edmonton report: https://www03.cmhc-schl.gc.ca/catalog/productDetail.cfm?lang=en&cat=70&itm=51&fr=1402432048961.
For more information on Edmonton’s housing market trends, see City of Edmonton’s Housing Statistics reports: http://www.edmonton.ca/business_economy/economic_data/housing-statistics.aspx.