Canada’s housing starts were up 10 per cent in May, according to new data from CMHC, with Alberta on pace for a record-setting year. Nationwide, multi-unit urban starts increased by 13 per cent to 203,141 units while single-detached urban starts increased by 2 per cent to 42,970 units.
In Montreal, total housing starts were up a whopping 104 per cent driven by an increase in multi-unit starts. Similarly, Toronto saw a 47 per cent increase led by multi-unit construction, while Vancouver starts saw a decline of 32 per cent since April.
Alberta leading the way
In Alberta, a historic 4,113 housing starts were reported, making it the busiest month for the province on record. Total housing starts have reached 17,673 to date from January to May 2024, representing an increase of more than 50 per cent from the same period last year. With residential building permits currently up by 40 per cent, Alberta is expected to remain on pace to set a new record for homes under construction in 2024.
“This unprecedented growth shows the province is leading the country in having the fastest permit approval times and the fewest roadblocks to building homes,” said Jason Nixon, Minister of Seniors, Community and Social Services. “We will continue to support our housing partners and make sure we go from permits issued to shovels in the ground, and finally to new homes ready for Albertans.”
As part of this growth, Alberta’s two largest cities are seeing a substantial number of new homes under construction. Edmonton has seen 1,830 new housing starts in May 2024 – an increase of more than 110 per cent – while Calgary has remained consistent with last year’s output of roughly 2,000 starts.
“Alberta’s significant increase in housing starts underscores industry’s commitment and successful collaboration with the Government of Alberta, driving a notable surge in residential construction,” said Saheb Dullet, director of policy and government relations, BILD Alberta Association. “Streamlined processes and reduced barriers enable builders to meet demand more efficiently, ensuring expanded housing options for all Albertans.”
Click here for the Canada Mortgage and Housing Corporation’s May Housing Start Report.
