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Busier Year Ahead for Edmonton Homebuilders

EDMONTON - Edmonton homebuilders will start a growing number of units in the next two years as the industry rebounds from the recession, Canada Mortgage and Housing Corp. predicted in a report released Wednesday.

Housing starts will rise almost 2,300 from 2009 to 8,600 this year and hit 10,400 in 2011, the federal Crown corporation said in its housing market outlook.

Apartment vacancy rates will fall from 4.0 per cent this year to 3.3 per cent in 2011 while the average rent for a two bedroom unit will edge up from $1,000 to $1,030.

Across Alberta, growing population and incomes will boost housing demand. Housing starts are forecasted to reach 28,100 units in 2010, with continued gains through 2012 when starts will

reach 33,000 units. But demand will fall to 29,000 units in 2014, CMHC said.

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