The construction of new homes in the Calgary area has increased significantly when compared to last year. According to a Canada Mortgage and Housing Corporation new report, home starts are up 64% for the first four months of 2014 when compared to the numbers reported during the same time period in 2013.
A lot of the housing starts were up in April due to high activity in the multi-family sector. With the high net migration, declining inventories in the housing market and strong job growth, this construction is more than needed and wanted right now.
Inside the city of Calgary, there were 459 starts for single-family homes while the year-to-date starts were sitting at 1,520. In the multi-family housing sector, there were a total of 779 unit starts and 3,131 starts from the beginning of January until April 30.
In the Calgary Metropolitan Area, there was an increase of 49% in April with 1,592 starts. In April 2013, there were only 1,067 starts reported. In the multi-family category, there was a rise of 84% with 962 starts this April compared to 522 starts in April 2013.
During the initial four months of 2014, there were 5,857 new home starts overall in the metropolitan area. During the same time in 2013, there were only 3,572 starts reported. Of the 2014 housing starts, 2,090 were single-family homes and 3,767 were multifamily units. In the multi--family sector there was a 135% increase this year when compared to the 1,600 starts reported last year.
Housing starts are one of the best ways to monitor the real estate situation in any city. This fast-paced activity only supports the fact that Calgary is growing and nothing is going to get in its way anytime soon!