Construction starts of single-family homes in Calgary and area soared 29 per cent in October compared to the same month last year, says a federal agency.
Construction starts in the Calgary census metropolitan area climbed to 569 homes in October, up from 440 starts, says Canada Mortgage and Housing Corp. The census metropolitan area includes both Calgary and surrounding communities.
Employment growth, heightened net migration and fewer active listings in the competing resale market have continued to support the construction of single-family homes, says market analyst Felicia Mutheardy of CMHC. Net migration refers to the inflow minus the outflow of people.
Construction starts for single-family homes within Calgary itself also increased in October. Soil turned for 371 single-family homes, up nine per cent from 338 during the same month last year.
Outside the city, Airdrie, Chestermere and Cochrane all saw a rise in construction starts last month compared to the same time last year.
“A variety of factors may have contributed to the increase in production, such as lot availability and more subdivisions opening, along with a relative price advantage in these areas in comparison to new single-detached units within the city limits,” says Mutheardy.
The biggest increase came in Cochrane, where construction started on 62 homes, up from nine starts a year earlier. Meanwhile, construction starts in Chestermere increased to 32 homes in October — up 100 per cent from 16 during the same time a year ago — while those in Airdrie rose to 77 homes, up 32 per cent from 58.
Construction starts of single-family homes in Calgary and area also increased from Jan. 1 to the end of October, rising to 5,392 starts — up 9.5 per cent from 4,922 during the same period last year.
EDMONTON NOT FAR BEHIND
In terms of urban centres, Edmonton and area was second only to Calgary and area for construction starts of single-family homes in Alberta during October, a federal agency says.
There were 540 construction starts in the Edmonton census metropolitan area, which includes activity in surrounding towns, says Canada Mortgage and Housing Corp.
During the same month last year, Edmonton and area had 478 starts.