“Across the board starts were quite strong, and we haven’t seen this construction for a long time,” says Michael Mak, senior market analyst for Calgary at Canada Mortgage and Housing Corp.
Calgary stood out among Canada’s largest cities. Starts in June were up 60 per cent year-over-year with 1,883 units getting under construction. That surpassed Toronto in second spot with a 36 per cent increase and Ottawa, which saw starts rise by 18 per cent .Article content While almost 80 per cent of all starts in Calgary were for ownership, a significant number were purpose-built rental. In all, 22 per cent of all starts in June were rental units.
“Interest for Calgary’s rental market is coming primarily from professionals in their 30s and 40s, and homeowners who have sold their houses during the last couple of months and are holding off on buying until prices come down,” Brown adds.Article content
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