Alberta on pace for record housing starts

By Al Beeber - Lethbridge Herald on August 17, 2024.

LETHBRIDGE HERALDabeeber@lethbridgeherald.com

Alberta is on pace to set a record for house construction this year.

The province said Friday that data from the Canadian Mortgage and Housing Corporation shows that 26,000 new homes under construction was seen between January and July, a growth of nearly 50 per cent over 2023.

The start of 4,350 new homes in July makes that month the busiest in Alberta’s history, says the province.

It says a report by ATB Financial shows that 33 per cent more building permits have been issued in the second quarter of this year compared to 2023 and that more housing is being built at lower price points.

“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,” said Minister of Seniors, Community and Social Services Jason Nixon in a press release.

The province says it’s continuing to support builders and encourage new residential housing construction by reducing red tape supporting innovative strategies to build houses quicker and incentivizing construction.

The province says from January through July there were 25,862 new housing starts, compared to 17,378 in 2023.

Edmonton had 10,056 up from 6,554 last year while Calgary had 13,649 housing starts compared to 9,727 in 2023.

As of June 30, the Alberta government had committed $182.4 million to 1,235 affordable housing units, the construction of which has not yet started. It has committed another $66.8 million to 451 units that are being built and $52.1 million to 250 units that have been finished since last December.

Along with partners, the province is also supporting $9 billion in investments in affordable housing to support 25,000 more low-income households by 2031, it says.