HOUSING STARTS ON SOLID FOUNDATION
September busiest month in years for Calgary area
September marked the busiest month for construction starts on single-family homes in the Calgary area in more than two years.
Shovels turned for 465 singlefamily homes in the Calgary census metropolitan area last month, says Canada Mortgage and Housing Corp. The last time there were more starts in a month, 541 took root in November 2014.
The Calgary census metropolitan area includes work in neighbouring cities and towns, such as Airdrie, Cochrane and Chestermere.
The following are eight things about single-family home construction in the area last month.
1. Last month’s tally on singlefamily construction starts was an increase of 16 per cent from September 2016 and a 16.5 per cent climb month over month. The other months with more than 400 starts in 2017 were April and June.
2. For the eighth month in a row, northwest Calgary has led all ends of the city in new construction of single-family homes. The quadrant had 133 starts last month, trailed by the second-most active area, northeast Calgary, adding 75.
3. One of the sharpest year-overyear increases came from southwest Calgary. It had 44 starts last month, eclipsing its September 2016 total of 16. The city’s southwest also posted an upswing in single-family homes under construction with 243 last month up from 153 a year ago.
4. The total number of singlefamily homes under construction in the Calgary area was also on the rise last month. There were 2,649 on the books, up from 2,154 in September 2016. Northwest Calgary carried the pace with 730 singlefamily homes under construction last month, passing northeast Calgary’s 394.
5. New inventory of singlefamily homes in the Calgary area last month edged the same time in 2016, but eased from a month earlier. There were 414 completed, but absorbed single-family homes in the last month, down from 434 in August 2017, but up from 353 a year ago, says CMHC.
6. For new single-family inventory, northwest Calgary more than doubled the next most active end of the city. The quadrant led the Calgary area with 121 single-family homes ready for possession last month, followed by 51 in the city’s northeast.
7. Outside of Calgary limits, Airdrie saw strong growth in single-family supply, increasing to 42 from 22 year over year. At the same time, Cochrane’s inched up to 30 from 27.
8. Quick-possession single-family homes in the Calgary area last month averaged about $31,000 less than the same month in 2016. Last month’s average was $749,243 and it was $780,743 a year ago, says CMHC. Southwest Calgary posted the highest average at $1,433,685 and the most affordable area was