IN­SIDE:

Buy­ers drawn by se­lec­tion, af­ford­abil­ity

Calgary Herald - Calgary Herald New Condos - - Front Page - JOSH SKAPIN [email protected]­ALD.COM TWIT­TER. COM/ CALHERALDH­OMES FACE­BOOK. COM/ CALHERALDH­OMES

New con­struc­tion of multi-fam­ily de­vel­op­ment in cities and towns around Cal­gary is off to a strong start, with shov­els in the ground on more projects than the same time last year, says Canada Mort­gage and Hous­ing Corp.

New con­struc­tion of mul­ti­fam­ily de­vel­op­ment in cities and towns sur­round­ing Cal­gary is off to a stronger start in 2014 than a year ear­lier, says a federal agency.

Shov­els turned in 85 mul­ti­fam­ily units in Air­drie, Cochrane and Ch­ester­mere in Jan­uary. This in­cludes apart­ments, du­plexes and town­homes. Last month’s ac­tiv­ity marks an 18 per cent in­crease on the 72 con­struc­tion starts in these ar­eas dur­ing the same time in 2013, says Canada Mort­gage and Hous­ing Corp.

“Multi-fam­ily con­struc­tion can come in swings,” notes Richard Cho, CMHC’s se­nior mar­ket an­a­lyst.

With that said, there’s been a rise in home con­struc­tion across the Cal­gary area, he adds.

“The smaller cen­tres of­fer some­thing dif­fer­ent com­pared to the city of Cal­gary and there are a num­ber of rea­sons in­di­vid­u­als or house­holds may choose to move out to some of these smaller ar­eas.”

A key fac­tor is of­ten af­ford­abil­ity. Home prices in ar­eas out­side of Cal­gary are on aver­age lower than within city lim­its, says Cho.

“You may get more house for your dol­lar,” he adds. “We’re also see­ing se­lec­tion within the city com­ing down. With that, some buy­ers may be look­ing else­where for their next home.”

Dra­matic growth came in Air­drie, where 79 projects broke ground last month com­pared to 10 a year ear­lier. Multi-fam­ily de­vel­op­ment is un­der­way in a num­ber of Air­drie’s new com­mu­ni­ties, in­clud­ing Cooper’s Cross­ing, Wil­liamstown, Wind­song and Ravenswood. Air­drie also out-paced Cochrane and Ch­ester­mere in sin­gle­fam­ily con­struc­tion starts with 56 last month af­ter 53 were in the ground dur­ing the same time in 2013.

Ch­ester­mere fin­ished with four multi-fam­ily con­struc­tion starts last month af­ter 54 broke ground in the first month of 2013. West of the city, Cochrane had two starts com­pared to eight a year ago.

Within Cal­gary’s city lim­its, there were 790 multi-fam­ily con­struc­tion starts in Jan­uary. Dur­ing the same month last year, there were 206.

Wil An­drushak/For the Cal­gary Herald

Con­struc­tion be­gan on 85 multi-fam­ily res­i­dences in Air­drie, Cochrane and Ch­ester­mere last month.

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