Edmonton, Alta — Alberta is on track to set a record this year for the most homes its ever built. In July, the provinces built a total of 4,350 new homes.
According to data from the Canadian Mortgage and Housing Corporation (CMHC), the province has already seen close to 26,000 new homes begin construction between January and July of this year. This marks a 50 per cent increase compared to last year.
“This unprecedented growth shows the province is leading the country in having the fewest roadblocks and fastest permit approval times for housing,” explains Jason Nixon, minister of seniors, community, and social services. “While construction slowed down in other large provinces, Alberta’s housing sector is booming. 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.”
Alberta also saw its number of residential building permits increase by 33 per cent in the second quarter of 2024 compared to 2023.
A report done by ATB Financial also found that Alberta is seeing more homes built at lower price points, outlining that the province is on track to maintain this historic increase in new homes.
The CMHC also highlights that the annual rate of housing starts for all areas in Canada increased 16 per cent to 279,509 units in July. Additionally, the six-month trend in housing starts increased 3.2 per cent from 247,840 units in June to 255,783 units in July.