Multi-fam­ily hous­ing starts in­crease

Du­plexes, apart­ments, town­homes up from last year

Calgary Herald - Calgary Herald New Condos - - New Condos - JOSH SKAPIN

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.

Cal­gary Herald/Files

Within city lim­its, Cal­gary’s multi-fam­ily con­struc­tion reached 790 in Jan­uary, a climb from 426 a year ear­lier.

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