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Canada  + Alberta & Prairies + Ontario + Pacific Canada + Quebec  + Apartments  | 
Canadian housing starts fell 9% in April, says a new Canada Mortgage and Housing Corporation report.

Multi-Unit Projects to Drive Calgary Housing Starts to New High

Calgary apartment-construction projects will drive the market’s housing starts to a new high in 2024, says the Canada Mortgage and Housing Corporation.

Purpose-built rental apartments and condominium developments will lead the way, says the federal housing agency in its 2024 Housing Market Outlook.

The outlook comes after a record 9,304 apartments were started in 2023.

“Developers are projected to initiate further construction on multi-unit homes due to low vacancy rates and increasing demand for these types of dwellings,” stated CMHC in its 2024 Housing Market Outlook.

CMHC expects purpose-built rentals again to account for more than half of all apartments started. Calgary’s residential market has benefited from the city’s strong population growth through international and inter-provincial migration; larger populations of young adults and core working-age populations; and, rising employment, local wage and household income increases.

But CMHC warned that its outlook could change if inflation persists, interest-rate cuts occur later than expected and actual oil and gas prices significantly contradict estimates.

Despite forecasting more apartment starts, CMHC expects rental supply to tighten as population growth continues and fewer tenants move into home ownership.


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About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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