Multi-family housing starts increase
Duplexes, apartments, townhomes up from last year
Multi-family housing starts in the Calgary area last month more than doubled activity from a year earlier, says Canada Mortgage and Housing Corp.
In the Calgary census metropolitan area last month, 877 multifamily units broke ground. This is a 215 per cent upturn from the 278 starts during the same span in 2013. Census metropolitan area includes surrounding cities and towns, such as Airdrie, Cochrane and Chestermere.
“Multi-family starts in January reported a pronounced increased over the same month a year earlier,” says CMHC senior market analyst Richard Cho.
“It is not unusual to see large swings in monthly multi-family starts, as the type and size of projects that start construction may differ.”
Multi-family housing includes duplexes, townhomes and apartments, all of which saw an improvement from January 2013.
“Apartment starts in particular recorded the strongest year-over-year gain,” says Cho.
Last month, shovels turned on 497 apartment units, up from 46 a year ago.
Townhomes improved to 232 last month from 142 in January 2013, for a 63 per cent jump. For duplexes, it was a 64 per cent difference with 148 last month and 90 a month into 2013.
“Supply in both the resale and new home market has come down,” says Cho. “This, combined with continued demand for housing, has supported the increase in new multi-family construction.”
Within city limits, Calgary’s multi-family construction reached 790 in January, a climb from 426 a year ago.
Calgary and its surrounding area led all urban centres in multi-family construction last month. The next busiest urban centre was the Edmonton census metropolitan area with 388 and the city of Edmonton with 344.
Total multi-family construc- tion in Alberta was up last month from the same time in 2013 with 1,468 units in the ground.
During the same month in 2013, there were 794.
Within city limits, Calgary’s multi-family construction reached 790 in January, a climb from 426 a year earlier.