November Starts Fall Year Over Year

Nearly 12,000 multi-family homes under construction

Not as many nails got ham- mered by new home builders in the Calgary region last month compared to November last year.

Builders started 1,078 new homes in November 2014, down from 1,693 in November 2013, according to the monthly report from Canada Mortgage and Housing Corp. (CMHC).

The decrease in construction came in both the single- and multi-family sectors, with single-family starts at 541 homes, down from 595 last year and multi-family starts down from 1,098 units last year to 537 in November.

However, year over year, starts to the end of November this year, 16,291, are 4,603 units higher than to the end of November last year.

A different story exists in the multi-family sector, where 10,224 starts were recorded to the end of November, meaning builders should exceed CMHC’s prediction of 10,500 multi starts this year.

It’s a huge number, given the history of multi starts in the Calgary region, but a bigger number is units under construction.

As of the end of November, there were 11,884 multi-family homes under construction in the region, including 1,188 semi-detached homes, 2,111 row/townhomes and 8,585 apartments.

Inside Calgary city limits, units under construction included 1,010 semi-detached homes, 1,563 row/townhomes and 8,117 apartment condos.

In November, CMHC predicted 8,000 multi-family starts in 2015 — the agency doesn’t break out multi starts by type because the apartment sector is too volatile — but CMHC is reviewing its projections for 2015 and beyond.

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