Starts and Completions are strong indicators of BILDCR Membership’s ability to mobilize and deliver on demand.
FOR IMMEDIATE RELEASE: CALGARY, AB — On Monday, December 16, Canada Mortgage and Housing Corporation (CMHC) published its Housing Starts and Completions report for November 2024. Both the city of Calgary and the Calgary Metropolitan Area continue to see strong housing start and completion activity this year. In 2023, the city of Calgary recorded 16,679 housing starts. From January 1 to November 30, 2024, the city of Calgary has recorded 18,829 housing starts, surpassing the prior record-breaking year with a month still to go in the year. Housing completions are also up, with 19,277 year to date (YTD) completions recorded to the end of November, which is a 22% increase from the 2023 YTD data.
A record pace is also reflected across the Calgary Metropolitan Area (CMA), which includes Airdrie, Chestermere, Cochrane, Foothills County, High River, Rockyview County, Okotoks, and Strathmore. CMHC data shows a 25% YTD increase in starts and a 61% YTD increase in completions in the CMA.
While 2024 has been a record year thus far across the board for the industry, it was notably strong on the multi-family side. In the city of Calgary, there has been a 166% increase in YTD rental completions and a 3% increase in YTD rental starts. This has also been reflected in CMHC data showcasing a 40% increase in YTD condo starts and a 49% increase in YTD condo completions in the city of Calgary.
The CMHC also reports vacancy rates for rental properties in Calgary and the Calgary Metropolitan Region have increased.
“Over the past few years, multi-family housing in Calgary has gained popularity primarily due to the need for more affordable options driven by significant population growth and rising interest rates. In response to these rapid changes, both the private and public sectors have made concerted efforts to deliver a high volume of housing as quickly as possible. The key advantage of multi-family developments is their ability to offer a more attainable option, paired with low-maintenance and amenity rich living,” said Sameer Remtulla, Chair of the BILD Calgary Region Purpose Built Rental Committee & Vice President, Real Estate & Project Development, Deveraux Developments.
Remtulla notes, “While challenges such as rising construction costs, schedule delays, and supply chain constraints persist, the business case for multi-family housing remains positive, attracting investment to Alberta. These investments will ensure continued job growth in Calgary, allowing the industry to deliver more multi-family units to the market faster than other regions in Canada. This increase in supply and consumer choice will help stabilize rental prices, restore affordability and stability moving forward.”
“BILD’s members continue to respond to the strong demand for housing across the Calgary region and have truly stepped up to the challenge,” said Brian Hahn, CEO of BILD Calgary Region (BILDCR). “BILD and its members also gratefully acknowledge the enabling work and support of the various Calgary region municipalities, including The City of Calgary, The City of Airdrie, Chestermere, Cochrane, Foothills County, High River, Rockyview County, Okotoks and Strathmore.”
In speaking to Calgary’s City Council on Monday, November 18 at the public hearing for mid-cycle adjustments to 2023-2026 service plans and budgets, Hahn underscored the importance of The City confirming growth infrastructure projects were moving forward.
“Growth plays a significant role in Calgary’s finances. For new community development, developers cover all costs for on-site infrastructure and 100 percent of their share of off-site infrastructure. Both new development and redevelopment generate revenue for the City through increased property taxes, utility rates, franchise fees, and other charges. Modern infrastructure installed to support growth is rigorously tested, inspected, and built to City standards, resulting in lower maintenance costs compared to older assets. This reinforces the financial sustainability of growth.”
Hahn also noted, “It is encouraging to see The City of Calgary move forward with the approval of growth applications as part of the updates to the City of Calgary service plan and budgets.” This is a crucial step in unlocking needed land supply, as this strong performance in housing starts and completions has created demand for new fully serviced lot supply.
While BILD’s members have achieved record housing starts for four consecutive years, this success underscores the importance of continued collaboration between The City of Calgary and industry stakeholders. Recent improvements to the City’s growth application process are a positive step, and by building on these efforts through further process improvements, we can ensure the timely delivery of much-needed housing while addressing broader housing supply and affordability challenges for Calgarians.
In November, BILD expressed its support for increased capital and operating expenditures to execute The City’s accelerated water loss program. Details of the program can be found on The City’s Managing Water Loss website. BILD was also pleased to see the city moving forward with its independent, arms-length review of its water network. Siegfried Kiefer’s appointment as the chair of the independent review panel on December 12, 2024, marks a positive step forward.
“Aligning the renewal of infrastructure lifecycle replacement with the needs of growth infrastructure offers an opportunity to generate a ‘rising tide lifts all boats’ effect. How the City of Calgary addresses challenges such as the Bearpaw South Watermain failure, which was discussed at the December 11, 2024, Infrastructure and Planning Committee meeting, plays a key role in ensuring that infrastructure assets are managed proactively before they reach the end of their useful life. Maintaining infrastructure reliability is essential to supporting a consistent housing supply in both new and established communities.”
As the City of Calgary has noted, by maximizing the use of existing infrastructure and minimizing the need for new infrastructure, we can keep capital costs down and drive housing supply forward cost-effectively.
The record number of housing starts and completion in 2023, coupled with additional record performance in 2024, demonstrates BILD members’ commitment to alleviating pressures on rental and homeownership prices in the Calgary region.
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BILD Calgary Region is the trusted voice of the building and land development industry that represents about 600 organizations including builders, developers, professional renovators, suppliers, skilled trades, and consultant members. For more information on BILD Calgary Region, visit BILDCR.com
