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Toronto is still by far the most active market for new residential construction in Canada, but Calgary is rising quickly.
At the end of Q3 2014, the Alberta boomtown had a total of 31,164 homes under construction in its metropolitan area (CMA), up 5.86 per cent from the second quarter. The jump in construction was enough to overtake Montreal and land in the number two spot on BuzzBuzzHome’s Q3 report on Canada’s Top Ten Residential Construction Markets.
At 77.1 per cent, low-rise homes still make up the majority of homes under construction in Calgary, but there is a clear drive for density, with high-rise construction increasing by 9.7 per cent over the second quarter.
Moving east, Toronto saw a 1.2 per cent increase in total homes under construction in its metropolitan area. There was a slight decline in high-rise construction, but the total was propped up by an increase in low-rise construction.
The city that saw one of the most significant leaps in construction activity was Kitchener-Waterloo. The Ontario tech hub witnessed a 19.61 per cent increase in total homes under construction in the third quarter. Both the low-rise and high-rise segments saw big gains.
Another notable shakeup was Halifax dropping off the list while Quebec City moved in to fill the gap. The Quebec capital saw a 29.18 per cent increase in total homes under construction. However, with 0.38 homes under construction per 100 people, it is far from a new construction powerhouse.
Across the 10 busiest markets, there were 222,750 homes under construction at the end of the third quarter. That’s up from 213,683 homes at the end of the second quarter.
Have a look at the summary graph and table below and then download the full report here.
Those looking to dig into the data even further can follow the city links below to get city specific info on median list price, average price per square foot and scheduled completion data for all new construction homes:
Please note that data was gathered from BuzzBuzzHome’s Market Snapshot at the end of the third quarter 2014. Because the data is updated on the site in real time, not all numbers will match on the current Market Snapshot view.