Calgary’s homebuilding industry is on pace to register its busiest year since 2006 while at the same time meeting the challenges of a labour shortage in the city.
Despite the high level of activity, combined with a current labour shortage, the industry is responding well to the increased housing demand.
A recent Canada Mortgage and Housing Corp. report forecasts housing starts in the Calgary region to increase by 24 per cent this year to 15,600 which is the highest number of total starts since 2006 when there were 17,046. Homebuilders have been quite busy for the past three years. In 2012, there were 12,841 total starts followed by 12,584 total starts in 2013.
Absorptions, which are defined as when properties are completed and occupied, hit a recent high of 13,945 in 2003. There were 11,946 in 2013. Year-to-date until the end of July, the Calgary CMA had 7,723 absorptions, up from 6,606 for the same period last year.