The new year kicked off in a strong fashion for homebuilders in the Calgary region with housing starts soaring in January compared to January 2021.
Canada Mortgage and Housing Corporation reported Monday that total starts in the Calgary census metropolitan area of 1,122 were up 75 per cent from a year ago.
The federal agency, in a report, said single-detached starts rose by 33 per cent year-over-year to 344 units while the ‘all other’ category, which includes condos, saw a hike of 103 per cent to 778 units.
Nationally, the CMHC said the trend in housing starts was 244,963 units in January, up from 238,747 units in December 2020. This trend measure is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts, it explained.
“The national trend in housing starts increased in January,” said Bob Dugan, CMHC’s chief economist. “Both single- and multi-family SAAR starts rebounded strongly in January from declines in December, driving the overall trend higher. Single-family starts were particularly strong in Montréal, reaching their highest level since February 2008.”