With the Stampede’s Centennial quickly approaching, all eyes are on Calgary. But, for real estate and development experts, the most interesting part of the city isn’t the cowboy hats; it’s the increasing number of projects going into construction.
According to the Calgary-area spring Housing Market Outlook from the Canada Mortgage and Housing Corp, it is expected that builders will start 11,600 new homes this year.
This is the highest number since 2008.
The report anticipates that next year there will be 11,400 starts, including 5,5000 multis and 5,900 singles.
“Both single-detached and multi- family builders are expected to produce more units in 2012, with the apartment segment seeing the largest gains in new construction. Improved job creation, rising incomes, increased net migration and low mortgage rates will support housing demand in 2012 and in the following year,” said Richard Cho, the CMHC’s senior market analyst for Calgary, to the Calgary Sun.
The Calgary Sun article also noted that Calgary builders share the CMHC’s positive outlook. Vice-president of development for Bucci Developments Mike Bucci noted that, “We’re definitely doing better than in the last couple of years. It’s not near 2007 levels; in fact, it’s significantly far away from that.”
In short, things are looking good for the Calgary development market!