Alberta setting records with increased housing construction
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The Alberta government say the province has set a record for how many homes it has under construction, making July 2024 the busiest month in the province’s history with 4,350 new homes on the way.
Data from the Canadian Mortgage and Housing Corporation (CMHC) also indicates the province is on track to set another record, as January to July has already seen close to 26,000 homes under construction, nearly a 50 per cent increase over last year.
“This unprecedented growth shows the province is leading the country in having the fewest roadblocks and fastest permit approval times for housing. While construction slowed down in other large provinces, Alberta’s housing sector is booming,” says Jason Nixon, Minister of Seniors, Community, and Social services. “We will continue to support our partners to make sure we go from permits issued to shovels in the ground, and finally to new homes ready for Albertans.”
A recent report by ATB Financial also shows that over 33 per cent more residential building permits have been issued in the second quarter of 2024 compared to 2023. The report also found that in the case of Alberta, more homes are being built at lower price points, suggesting the province is on track to maintain this historic increase in new homes.
