Population growth continues to push housing demand in the Calgary region.
A report released Tuesday described the city’s new housing market as “red hot.”
It said there were 9,294 housing starts in the first half of this year, an increase of 67 per cent over the first six months of 2013, and more than year-end totals for 2009, 2010 and 2011.
The average forecast is calling for 16,400 starts in the Calgary CMA for 2014, which would represent an increase over 2013 (12,600) and the 10-year average of 12,000.
Calgary prices have increased between three per cent and six per cent depending on the housing index from the end of 2013. The metropolitan area has appreciated at an average annual rate of approximately seven per cent to nine per cent over the past decade, notwithstanding the highly fluctuating market values in-between.