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Calgary Real Estate Market (January 2012)

Housing starts in Calgary increase in January

Calgary, February 8, 2012 – According to preliminary figures released today by Canada Mortgage and Housing Corporation (CMHC), housing starts in the Calgary Census Metropolitan Area (CMA) totalled 786 units in January 2012, up from 518 units in the previous year. New construction in both the single-detached and multi-family markets contributed to the gain.

Across the CMA, a total of 336 single-detached units broke ground in January, up 15 per cent from the 293 units started in the previous year. “This represents the sixth consecutive month where starts have increased on a year-over-year basis,” said Richard Cho, CMHC’s Senior Market Analyst for Calgary. Within the City of Calgary, single-detached starts rose 36 per cent from 199 units in January 2011 to 271 units in January 2012.

Multi-family starts, which include semi-detached units, rows and apartments, increased to 450 units in January 2012 from 225 units a year earlier. “As was the case in the last several months, apartment construction continues to be elevated, averaging more than 340 starts per month since August 2011,” said Cho. All of the 238 apartment units that were started in January took place within the City of Calgary. Multi-family starts inside city limits reached 426 units in January, up 91 per cent from the previous year.

Source: Canada Mortgage and Housing Corporation

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