Apartment to be most affected, says forecast

Calgary construction is expected to slow down this year and next, according to a new forecast from real estate consultant Altus Group.

Detailed in the group's winter forecast, starts in Calgary are predicted to drop from 13,000 in 2015 to 9,200 in 2016 and 9,000 the following year as a result of the province's struggling energy sector.

Renovations outpacing new home construction

Canadians spent more on improving homes in 2014 than they did on building new ones, according to a new report by real estate consultant Altus Group.

Spending in Canada reached an estimated $67.8 billion in 2014, reported Altus. In comparison, Canadians spent just $48 billion on new home construction during the same year.

While the number represents a 3.2 per cent increase over 2013, it pales in comparison to the 8.7 per cent annual averages that were seen from 2000 to 2007. Over the last seven years, renovation spending has levelled off to an average increase around three per cent.

Casting light on Calgary's current rental crunch, a new report shows there were fewer purpose-built apartments built in Calgary than in any other major city in Canada between 2006 and 2011.

As shown in the report released by the Altus Group, there were only 800 purpose-built rental apartments built in Calgary between 2006 and 2011. The number places Calgary last amongst the markets surveyed for rental apartment construction.