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Calgary residential construction values continue to climb

DCN-JOC News Services
Calgary residential construction values continue to climb

CALGARY, ALTA. – Residential construction numbers are on the rise in Calgary, Alta. with robust activity in the city’s building and development sector in the third quarter of 2023.

Values continued to increase year-over-year compared to 2022, according to a City of Calgary release, with much of the residential construction value driven by a boost in multi-residential buildings and secondary suites which were up 30 per cent and 80 per cent respectively.

Calgary builders and developers submitted 1,565 single/semi-detached residential, 281 multi-family residential and 543 commercial building permit applications from July to September, the release stated. Proposals to redesignate land increased by 80 per cent over the same period last year, with 119 applications submitted. Approximately 128 applications to subdivide land were submitted, an increase of 45 per cent during that time.

In new communities, applications for secondary suites were up by 114 per cent over the same period last year with 762 building permits applied for, while in established communities 351 secondary suite building permit applications were received, an increase of 33 per cent compared to Q3 2022. The townhouse and rowhouse categories showed the largest increase in applications for multi-residential permit applications.

Overall, the City of Calgary received 5,219 residential building permit applications including single/semi-detached, multi-family residential, residential improvements and renovation projects from July to September and 1,027 non-residential building permit applications. Year-over-year, building permit applications were 25 per cent higher than 2022, and during that same period construction values increased by four per cent from $1.41 billion to $1.46 billion.

During the third quarter of 2023, the top 10 construction projects listed below were completed:

  • YYC4 Project Maverick, a 2.6-million-square-foot Amazon warehouse in East Shepard Industrial, valued at $400 million.
  • Arris Towers, a 42-storey, multi-residential building providing 500 units in East Village, valued at $131.1 million.
  • North Calgary High School in Coventry Hills, valued at $52.6 million.
  • Vivo For Healthier Generations Expansion in Country Hills Village, valued at $42.2 million.
  • Shawnessy Station, a six-storey multi-residential building located in Shawnessy, valued at $38.9 million.
  • Alt Hotel at University District is a 15-storey hotel with 155 units in University District, valued at $33.2 million.
  • Saddletowne Circle Multi-Family is a four-storey building with 175 units located in Saddle Ridge, valued at $30.6 million.
  • Northland Residential Village – South Building and Parkade, which is six-storeys with 113 units, is in Brentwood and valued at $27.1 million.
  • West District – Block 3 is a five-storey residential building with 78 units in West Springs, valued at $17.9 million.
  • Nolan Hill Apartments Phase Two Building Four, which is four-storeys with 86 units in Nolan Hill and valued at $16 million.

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