Housing Starts in Calgary Expected to Increase

Posted by Alan Zunec on Tuesday, August 16th, 2011 at 8:29am.

The Conference Board of Canada predicts that housing starts throughout the Calgary area will show improvement in both the short and long term. This past July, the metropolitan area showed 5,977 units started according to Friday’s report from the Metropolitan Monthly Monitors. Economist Jane McIntire advised that the short term predictions were based on data for residential permits. McIntire advised that building permit numbers are increasing in Calgary.

As far as the long term predictions, demographic requirements were considered. That means looking at employment, population growth and how the economy is shaping up. So far McIntire sees all three of those items on the increase, and showing stable growth. That growth indicates that housing starts will also see an upswing for the next few years.

That news was much welcomed by the homebuilding industry. So far in 2011, housing starts have been rather lackluster. As of the end of July, the Canada Mortgage and Housing Corporation figured that housing starts in Calgary have decreased by 27.6 percent when compared to the same time period, January to July’s end, of 2010. This year there were 4,188 starts, while 2010 saw 5,783 starts. Both single family and multi-units starts fell by roughly the same percentage points.

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