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homebuilding boom

Alberta is in a “homebuilding boom”

Monday, January 20, 2025

The province of Alberta is setting new records for housing construction in Canada, according to year-end data from the Canada Mortgage and Housing Corporation (CMHC). Last year, Alberta led the country in housing starts per capita, seeing a historic jump in the number of new homes under construction.

“Alberta had a remarkable year for housing, which goes to show that our plan to build more homes faster is working,” sad Jason Nixon, Minister of Seniors, Community and Social Services. “I am looking forward to building on the successes of this past year as we look forward to 2025.”

According to a government statement, this homebuilding boom positively affects not only homebuyers, but renters as well. In 2024, Alberta experienced the largest year-over-year decline in asking rents while Calgary saw the biggest drop in rental prices, with apartment rents decreasing by 7.2 per cent. Outside of the larger cities, Alberta communities made up six out of the top ten most affordable small- and mid-size rental markets in Canada, including Lloydminster and Fort McMurray.

Alberta’s government says it will continue to support builders and encourage new  housing development by cutting red tape, incentivizing housing construction and supporting innovative strategies that speed up the home building process.

Over the past year, some of the province’s work to initiate the homebuilding boom  included launching the Stop Housing Delays online portal, making provincial land available for housing; exempting designated affordable housing from property taxes; supporting home ownership through alternative financing options; and taking action to ensure Alberta receives its fair share of federal funding for housing.

“2024 was a milestone year for residential construction, highlighted by record-breaking housing starts, including a significant increase in rental housing,” said Scott Fash chief executive officer, BILD Alberta Association. This achievement demonstrates industry’s responsiveness to growing demand and the Government of Alberta’s dedication to working collaboratively with industry and stakeholders to reduce barriers and advance housing development. With continued collaboration and thoughtful policies to cut red tape, our industry is well-positioned to meet the evolving needs of Albertans and deliver more attainable housing options.”

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