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Layoffs hit homebuilder Jayman MasterBuilt after housing-starts plunge
Homebuilder Jayman MasterBuilt has laid off 20 employees in Edmonton and 30 in Calgary this week. The job losses are mostly in construction with a few office jobs. "We just don't have the sales volume to handle the level of people right now," said president Jay Westman on Friday. "We have to keep in mind that we had a 100-per-cent growth in staff in the past three years, and this represents a 13-per-cent cutback." "Basically what we've had is a boom period from '05 to '07 where we had 14-18,000 housing starts in Calgary and Edmonton. With that has come an oversupply all of a sudden in the market." Single-detached houses started in Edmonton will drop by 57.7 per cent to 3,250 homes, compared to the 7,682 built last year, said the third-quarter housing-market outlook released by the Canada Mortgage and Housing Corp. Provincially, housing starts in Alberta will fall by nearly a third this year from 2007, said the report. Westman said after a 10-12-month oversupply of Multiple Listing Service listings is whittled down, he predicted housing starts will bounce back to a sustainable market of about 10,000 starts, he said. Employees let go received packages and placement assistance depending on tenure, Westman said. bmah@thejournal.canwest.com http://www.canada.com/edmontonjournal/news/story.html |
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