CALGARY, ALTA. – Calgary’s home construction market is breaking records and maintaining demand.
In 2023, Calgary’s development industry delivered a record 15,393 homes, an increase of 11 per cent over 2022. Multi-residential homes increased by 49 per cent and secondary suites increased by 43 per cent, a City of Calgary release said.
“Overall, 2023 was a strong year for construction in Calgary, and we anticipate that 2024 will be another record-breaking year. It is great to see investor confidence in Calgary. However, the demand is outpacing the supply, as we expect to continue welcoming approximately 65 people per day to our city,” said City of Calgary acting general manager with planning and development services Debra Hamilton in a statement.
The increase in Calgary home construction is the result of 16,505 residential building permits being issued by the city in 2023, the release said. It is the highest number issued in the past 10 years and led to the highest residential construction value of $4.31 billion for issued building permits over the same time period.
In 2023, the City of Calgary accepted applications for 414 land use amendments and outline plans, 7,601 development permits and 21,317 building permits, with $5.96 billion in residential and non-residential construction value in 2023, a year-over-year increase of four per cent.
Large residential projects completed in 2023 included Arris Towers, a 42-storey, multi-residential building providing 500 units in East Village, valued at $131.1 million; Oliver Tower, a 32-storey residential complex featuring 403 housing units, located in the community of Beltline, valued at $95.6 million; Dalhousie Mixed Use Residential, a 15-storey building featuring 269 units in Dalhousie, valued at $78.8 million; Minto Era Condominiums, a 13-storey, multi-residential building providing 186 units in the community of Crescent Heights, valued at $43 million; and Riverwalk Senior Living, a 12-storey, 141-unit residential building in Cliff Bungalow, valued at $42.7 million.
On a national level, housing starts in Canada were down 7 per cent in 2023.
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