Housing Boom: Alberta sets a new record

The Voice of Canada News:

Alberta’s plan to build more homes delivers another record as July sees more than 4,350 new homes under construction – making it the busiest month in the province’s history.

Alberta’s government is building the homes Albertans need. New data from the Canadian Mortgage and Housing Corporation (CMHC) shows that Alberta is firmly on track to set a historic record this year, with January – July already seeing almost 26,000 new homes under construction. This unprecedented growth represents an increase of almost 50 per cent over last year.

As the province grows, Albertans need more diverse housing options to meet their unique needs and budgets. Whether it’s hardworking professionals looking to live closer to work, students looking to live closer to their schools, young families looking for a place to raise their children, or seniors looking to retire comfortably in their communities, Alberta is committed to providing a range of housing options.

“This unprecedented growth shows the province is leading the country in having the fewest roadblocks and fastest permit approval times for housing. While construction slowed down in other large provinces, Alberta’s housing sector is booming. We will continue to support our partners to make sure we go from permits issued to shovels in the ground, and finally to new homes ready for Albertans.” –Jason Nixon, Minister of Seniors, Community and Social Services

A recent report by ATB Financial also shows that over 33 per cent more residential building permits have been issued in the second quarter of 2024 compared to 2023. The report also found that in the case of Alberta, more homes are being built at lower price points – outlining that the province is on track to maintain this historic increase in new homes.  

Alberta’s government continues to support builders and encourage new residential housing construction by reducing red tape, incentivizing housing construction and supporting innovative strategies to build homes faster than ever.

“July 2024 has set a new benchmark for housing starts across Alberta, marking the most active month ever recorded. With a year-to-date surge of 49 per cent and a robust increase in rental construction, we are on track to surpass historic records and respond to the continued demand for housing options for all Albertans provincewide.”Saheb Dullet, director of Policy and Government Relations, BILD Alberta Association

Quick facts

• Housing starts for January – July 2024 compared with January – June 2023
  • Provincewide: 25,862 compared with 17,378 (up 49 per cent)
  • Edmonton: 10,056 compared with 6,554 (up 54 per cent)
  • Calgary: 13,649 compared with 9,727 (up 40 per cent)
• In addition, as of June 30, 2024, Alberta’s government has committed:
  • $182.4 million to 1,235 units of affordable housing. Construction on these projects is not yet underway.
  • $66.8 million to 451 units of affordable housing that are currently under construction.
  • $52.1 million to 250 units of affordable housing that have been completed since December 2023.
• Together with its partners, Alberta’s government is supporting $9 billion in investments into affordable housing to support 25,000 additional low-income households by 2031.