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By rdnewsNOW Staff

29,902 PROJECTS

Alberta seeing record setting housing starts for 2024

Sep 19, 2024 | 11:10 AM

Data from the Canada Mortgage and Housing Corporation (CMHC) shows that this has been a record setting year for home construction in Alberta, with 29,902 new projects under construction from January to August.

Officials say this is a 44 per cent increase over last year’s numbers. With the province’s population growing by 200,000 people in the last fiscal year, the Alberta government acknowledges the need for homes is increasing.

“I’m excited to see that we continue to increase our housing supply and build the homes Albertans need, at a record pace. We know these homes are needed and we know they are needed now,” says Jason Nixon, Minister of Seniors, Community and Social Services. “These numbers show that our province is leading the country, and we will continue to support our partners to make sure we go from permits issued to shovels in the ground, and have more homes ready for Albertans as quickly as possible.”

Alberta government representatives say it is encouraging new residential housing construction by reducing red tape, incentivizing projects, and supporting innovative strategies to build homes faster than in the past.

“August 2024 marked a significant milestone for housing starts in Alberta. With a province-wide year-to-date increase of 44 percent and strong growth in rental construction, Alberta continues to be on pace for one of the most productive years on record. Continued collaborative efforts between industry and all levels of government will be essential to addressing the rising demand for diverse, attainable housing options for all Albertans,” says Scott Fash, CEO of BILD Alberta Association.

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As of June 30, the province has committed $182.4 million to 1,235 units of affordable housing (construction not yet underway); $66.8 million to 451 units of affordable housing that are currently under construction; and $52.1 million towards 250 affordable units that have been completed since December 2023.

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