July 21 2009

New Homes Construction On A Rise In Edmonton!

by racheal

According to the Edmonton Home Builders Association, home builder companies are experiencing a rise in new homes being built in Edmonton, Canadian a province of Alberta. Builders have seen a 50 per cent increase in the number of people visiting show homes in the past three months. This translating into home sales, which equals a demand for new homes to be built.

The association vice president, Sandra Young said Thursday; "Some of it's pent-up demand, right, because it hasn't been any sales for almost six months, or very very low numbers in sales for six months ... some of it is people realizing that now is a good time to buy, because pricing is good," said Young. Young also explained that prices have dropped more than 20 per cent since the height of the boom two years ago when builders flooded the market with inventory, but now that supply has been sold off, and builders are again constructing.

"We're just a much leaner and meaner machine, so to speak, and we've got house prices out there today that are 22 per cent lower than they were in November of 2007 plus the carrying costs, and when I say carrying costs that's the mortgage rates," executive vice president Jim Sirup of Jayman MasterBuilt Inc. This is a huge turn around for Jayman MasterBuilt Inc since the downturn in new home construction in Edmonton when they had to lay off about 50 people.

Jayman MasterBuilt Inc, one of the largest new home builders, that are seeing a rise in sales with many other new home builders in Edmonton.


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