Multi-family Starts To Hit 10,500 By Year End

The Calgary area’s multi- family sector is at its highest level of production since the late 1970s, with more than 11,000 units under construction at the end of October. 

The high level of units under construction includes more than 8,500 condominium apartments, most of them inside Calgary city limits and may raise fears of overbuilding, but numbers from CMHC say otherwise.

Migration to Alberta and Calgary was at record levels in 2012, 2013 and 2014, and the makeup of the migration supports the high level of construction in the multi-family sector.

Jobs are the main reason for the western migration.

As more multi-family homes are completed and inventory rises, CMHC says production will moderate in the Calgary region, with the agency predicting 8,000 multi starts in 2015 and 6,500 in 2016.

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