Jan. 12, 2016 | Barb Livingstone
Construction declines won't diminish market, says industry
Calgary's new housing market in 2016 will be characterized by a gradual slowdown, with highlights coming from first-time buyers, a resurgent luxury sector and continued multi-family growth, say industry insiders.
Canada Mortgage and Housing Corp. (CMHC) forecasts a 16 per cent decline in Calgary housing starts to 10,000 units, following a 23.9 per cent decline Calgary in 2015.
For single-family homes, that means only 4,000 starts this year — the lowest since 1988 – from 4,138 in 2015.
Multi-family starts are predicted to fall to 6,000 units from 8,895 last year.
Despite the slowdown, Canadian Home Builder's Association-Calgary president Wendy Jabusch believes Calgary's housing market will continue to remain healthy, especially as net-migration numbers to the city continue to be positive. The Conference Board of Canada forecasts levels will total 11,747 in 2016, compared with 14,951 in 2015.