New home construction at all time high; demand remains higher
Last year was a positive year for residential construction in Calgary. In 2023, the development industry delivered a record high of 15,393 homes, an increase of 11 per cent over 2022. Similarly, multi-residential homes increased by 49 per cent and secondary suites increased by 43 per cent, demonstrating a response to the changing household needs of Calgarians.
This increase in the number of homes is the result of 16,505 residential building permits being issued by The City of Calgary in 2023, the highest number issued in the past 10 years. It also led to the highest residential construction value of $4.31B for issued building permits over the same time period.
In September 2023, Calgary City Council approved Home is Here – The City of Calgary’s 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 households can’t afford their housing,” says Tim Ward, Manager of Housing Solutions. “The numbers from 2023 show how much work the development industry is doing in Calgary to get homes built and we look forward to taking action in 2024 to continue that momentum.”
The construction industry is an integral part of our community and economy. Last year The City accepted applications for 414 land use amendments and outline plans, 7,601 development permits and 21,317 building permits. This activity provided Calgary’s economy with $5.96B in residential and non-residential construction value in 2023, a year-over-year increase of four per cent. This level of investment results in homes and jobs, adding significant economic activity in our city.
“Overall, 2023 was a strong year for construction in Calgary, and we anticipate that 2024 will be another record-breaking year,” says Debra Hamilton, Acting General Manager with Planning and Development Services. “It is great to see investor confidence in Calgary. However, the demand is outpacing the supply, as we expect to continue welcoming approximately 65 people per day to our city.”
Many large residential projects were completed in 2023. The projects below are the five largest completed in Calgary last year, demonstrating a $391.2M investment in housing for Calgarians.
1. Arris Towers, a 42-storey, multi-residential building providing 500 units in East Village, valued at $131.1M.
2. Oliver Tower, a 32-storey residential complex featuring 403 housing units, located in the community of Beltline, valued at $95.6M.
3. Dalhousie Mixed Use Residential, a 15-storey building featuring 269 units in Dalhousie, valued at $78.8M.
4. Minto Era Condominiums, a 13-storey, multi-residential building providing 186 units in the community of Crescent Heights, valued at $43 million.
5. Riverwalk Senior Living, a 12-storey, 141-unit residential building in Cliff Bungalow, valued at $42.7 million.
More information on building permit application values is available by ward, and community, on calgary.ca. Data on building permit values is also available on the open data catalogue.