Calgary New Home Starts Up for the First Time Since 2014
New home starts for both single-family and multi-family properties improved in the Calgary census metropolitan area last month (July 2016). Search Calgary Homes for Sale now.
It was the first time that construction starts for new homes had increased on a year-over-year basis since August of 2014 – at 327 single-family and 764 multi-family properties – up from 310 and 460 from the July of 2015.
However, housing starts for both of these sectors remained below the long-term averages. Between 2012 and 2016:
- Single-family starts in July averaged at 497
- Multi-family starts in July averaged at 605
This shows that overall new home construction is still quite low for the city, reflecting on the current economic condition of Calgary and Alberta as a whole.
July also marked the second consecutive month where new home construction starts for single-family homes increased.
Northwest Calgary led the entire city in new construction starts for single-family homes in July at 69. Next up was the southeast with 58 of its own.
Meanwhile, the largest growth was in the northeast where the quadrant had 44 single-family starts this month, up from just 13 on a year-over-year basis. On a year-to-date basis, 298 single-family home starts began in the quadrant, increasing from 108 over the same time frame in 2015.
Airdrie was another area of the Calgary region to play a part in driving new home construction starts slightly upwards for the single-family sector. The city had groundbreaking for 60 of these homes, up nearly double by 29 starts over July of 2015.
When it comes to multi-family starts, new condominium towers in and nearby the downtown area led the way. On a year-over-year basis there were 637 starts in July of 2016, up from 273 in 2015.
Leading the race for last months’ apartment starts were downtown Calgary and the beltline district, with a respective 289 and 332 units each.
And last but not least, there were an additional 47 townhome and 80 duplex starts in the entirety of the Calgary census metropolitan.
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