August saw jump in developers digging in on apartment projects
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Builders of apartments in the Calgary area had more than three times the number of construction starts last month than the same time a year ago.
Shovels turned for 453 apartments in the Calgary census metropolitan area in August, jumping 67 per cent year over year, says Canada Mortgage and Housing Corp.
The census metropolitan area includes work in nearby cities and towns, such as Airdrie, Cochrane, and Chestermere.
Year to date, apartment starts in the Calgary area have climbed 25 per cent, breaking ground for 3,588 units compared to 2,699 over the same period in 2017.
Setting the pace last month where developments on the city’s northeast end. The quadrant led all ends of Calgary with 300 apartment starts, followed by the city’s Fish Creek area with 83, and northwest Calgary with 61.
Year to date, the city’s northwest quadrant leads the Calgary area in apartment starts with 1,082, says CMHC.
Here are six things about new construction of multi-family homes in the Calgary area in August.
Apartment inventory inches back
The number of new apartments that were available for immediate possession eased in August. CMHC says 1,006 were on the books last month, down from 1,028 in August 2017. Carrying the pace of activity were communities in northeast Calgary and the city’s North Hill area, with 246 and 181, respectively. One month earlier, northeast Calgary had the third highest tally — trailing North Hill and downtown Calgary — with 141.
*Beltline, downtown lead apartment activity
While communities in northeast Calgary led the way in apartment starts, when it came to units under construction, the bulk of the activity was closer to the core. The city’s Beltline district paced all end of Calgary in apartments under construction last month with 1,491, says CMHC. Downtown Calgary followed with 1,458. A year earlier, the apartments under construction count for the Beltline and downtown Calgary were 1,295 and 1,070, respectively.
Townhome starts slip
Builders broke ground for 104 townhomes in the Calgary area in August, says CMHC. This was down from 135 during the same month in 2017. Year to date, townhome starts in the area have declined 15 per cent to 913 from 1,075.
Like the apartment segment, new construction of townhomes last month was led by communities in northeast Calgary. The quadrant finished August with 227, followed by 212 in the northwest.
Townhome supply rises
People in the market for a new townhome that was available for immediate possession saw more choice last month than in August 2017. There were 201 such homes constructed but unabsorbed last month, up from 141 year over year. Northwest Calgary and the city’s Fish Creek area led the Calgary area in new townhome inventory with 48 and 44, respectively.
New duplex construction stable
Shovels turned for 136 duplexes in the Calgary area in August, two starts back of the same month last year, says CMHC. Year to date, ground broke for 868 duplexes, which is down from 872 during the same period last year. Northwest Calgary led the city in duplex starts last month with 232, followed by 114 on the city’s northeast end.
Duplex inventory grows
The supply of new duplexes that were ready for possession in August soared 45 per cent from the same time in 2017, says CMHC. There were 271 constructed but unabsorbed duplexes, up from 145. Communities in northwest and southwest Calgary paced the city’s new duplex inventory last month with 75 and 61, respectively.
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