Record-Breaking: Calgary and Calgary Metropolitan Area Achieve Third Consecutive Year of Record Housing Starts as 2024 Concludes

FOR IMMEDIATE RELEASE: CALGARY, AB — On Thursday, January 16, Canada Mortgage and Housing Corporation (CMHC) released its Housing Starts and Completions report for December 2024. This marks the third consecutive year of record housing starts in both the city of Calgary and the Calgary Metropolitan Region. In 2023, the CMHC reported that the city of Calgary recorded 16,679 housing starts. In 2024, the January 16 CMHC report showed a significant increase with 20,165 starts in the city of Calgary, surpassing the previous record by 21%. Additionally, the CMHC’s report for 2024 shows record housing completions in the city of Calgary, with 21,084 homes completed, as compared to the12,499 reported by the CMHC for 2023.

The Calgary Metropolitan Area (CMA), which also includes Airdrie, Chestermere, Cochrane, Foothills County, High River, Rockyview County, Okotoks, and Strathmore, also experienced record housing starts in 2024, reporting 24,369 starts as compared to 19,579 in 2023. The region also saw a similarly strong performance in housing completions, with 24,732 completions.

A key factor behind this success was the industry’s ability to deliver multi-residential/multi-family projects. Over the past four years, both multi-residential/multi-family starts and completions have reached record levels. In Calgary, rental completions in 2024 saw an impressive 160% increase, over 2023 with more than 10,000 dwelling completions.

The added supply is making a difference. The CMHC reports that vacancy rates for rental properties in Calgary and the Calgary Metropolitan Region have risen, which has helped improve affordability in the area. This trend is further reflected in the January 2025 Rentals.ca Rent Report, which notes:

“After posting the fastest rent growth among Canada’s largest markets in 2023 with a 14.0% annual increase, Calgary’s apartment rents declined the most last year with a 7.2% drop to an average of $1,921.”

“2024 was a milestone year for our industry, marked by record-breaking housing starts, including a notable increase in purpose-built rental housing. This achievement reflects the dedication and collective effort of all involved, including BILD’s members and the broader Calgary community. Our members have demonstrated remarkable responsiveness to the growing demand for housing across the Calgary region and have stepped up to the challenge,” said Brian Hahn , CEO of BILD Calgary Region (BILDCR).

“We also recognize and deeply appreciate the ongoing support of the municipalities in the Calgary region, including the City of Calgary, the City of Airdrie, Chestermere, Cochrane, Foothills County, High River, Rockyview County, Okotoks, and Strathmore. Their collaborative efforts, along with the Government of Alberta’s commitment to reducing barriers and advancing housing development, have and will continue to be essential in helping the land development and home building industry meet the needs of Albertans and deliver more attainable housing options.”

Hahn emphasizes the critical role of land availability and fully serviced lots in industry’s ability to continue delivering the housing supply needed in Calgary. While, as noted in the Rentals.ca report, rent prices in Calgary have begun to decrease, the timely approval of growth applications and related permits is essential to further improving affordability in both the city and the region.

“Land availability and the approval of growth applications are key to maintaining the momentum of housing starts and completions in Calgary. Developers fully cover all costs associated with on-site infrastructure and contribute 100% of their share of off-site infrastructure. Both new developments and redevelopment projects generate significant revenue for the City through increased property taxes, utility rates, franchise fees, and other charges. Modern infrastructure built to support growth is rigorously tested, inspected, and constructed to meet City standards, resulting in lower long-term maintenance costs compared to older infrastructure. This approach ensures that growth remains financially sustainable and supports the continued delivery of housing across the region.”

While BILD’s members have achieved record housing starts for three consecutive years, this success underscores the ongoing importance of collaboration between the City of Calgary and industry stakeholders. Recent improvements to the City of Calgary’s growth application process represent a positive step forward. By building upon these efforts and implementing further process enhancements, we can ensure the timely delivery of much-needed housing, while addressing broader challenges related to housing supply and affordability for residents in Calgary and area.

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