New home construction at an all-time high; demand remains high

Last year was a good year for residential construction in Calgary. In 2023, the development industry reached a record high, delivering 15,393 homes, an 11 percent increase over 2022. Similarly, multi-family homes increased by 49 percent and second suites by 43 percent, reflecting a response to changing households. the needs of Calgarians.

This housing growth is the result of the City of Calgary issuing 16,505 residential building permits in 2023, the highest number in 10 years. It also resulted in $4.31 billion in the highest cost of residential construction for building permits issued during that time period.

Approved by Calgary City Council in September 2023 Home is here – City of Calgary Housing Strategy. “Calgary needs more homes. We expect to welcome another 110,000 new Calgarians over the next four years, and already one in five homes are unaffordable,” says Tim Ward, Housing Solutions Manager. “The 2023 numbers show how hard the development industry is working to build homes in Calgary, and we look forward to taking action in 2024 to continue that momentum.”

The construction industry is an integral part of our society and economy. Last year, the city accepted 414 land parcel amendments and plans, 7,601 building permits and 21,317 building permit applications. The activity contributed $5.96 billion in residential and non-residential construction value to Calgary's economy in 2023, a four per cent year-over-year increase. This level of investment will provide homes and jobs, boosting significant economic activity in our city.

“Overall, 2023 was a strong year for construction in Calgary, and we expect 2024 to be another record year,” he said. Debra Hamilton, Acting General Manager, Planning and Development Services. “It's great to see investor confidence in Calgary. However, demand will outstrip supply as we expect to continue to welcome around 65 people a day to our town.”

Many large residential projects will be completed in 2023. The following projects are the five largest completed in Calgary last year, representing $391.2 million invested in housing for Calgarians.

1. Arris Towers, a 42-story, multi-residential building providing 500 units in the East Village, costing $131.1 million.

2. Oliver Tower, a 32-story apartment complex with 403 units, located in the Beltline community, costing $95.6 million.

3. Dalhousie Mixed-Use Housing, a 15-story, 269-unit building in Dalhousie, costing $78.8 million.

4. Minto Era Condominiums, a $43 million, 13-story, multi-residential building providing 186 units in the Crescent Heights community.

5. Riverwalk Senior Living, a 12-story, 141-unit residential complex at Cliff Bungalow, costing $42.7 million.

Further information on building permit application values ​​is available by ward and community calgary.ca. Data building permit values also available in the open data directory.