Stronger condo apartment starts are spurring Calgary total housing starts to a potential new record this year but some cooling is expected in 2015, says a new report by Altus Group.
The consulting firm’s housing forecast said total housing starts in the Calgary census metropolitan area are expected to reach 17,800 this year then drop to 15,900 in 2015.
The report said total housing starts in the Calgary region were 12,600 in 2013 and the annual average between 2003-2012 was 12,100.
The high was reached in 2006 with 17,046 starts.
Strong demand has led to accelerated new home price increases in Calgary and resale price increases remain above inflation.
Several factors have contributed to the boost in new condo construction.