2023 was a historic year for Calgary home builders

Key Takeaways:

• In 2023, a record high 15,393 homes were delivered in Calgary, an 11% increase over 2022.
• Last year the city issued 16,505 residential building permits, the highest amount in 10 years.
• Despite these gains, officials say the demand is outpacing the supply. Approximately 65 people move to the city each day.

The Whole Story:

Calgary’s development industry delivered a record high of 15,393 homes in 2023, an increase of 11% over 2022. Similarly, multi-residential homes increased by 49% and secondary suites increased by 43%. 

Officials stated that 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 $4.31 billion 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,” said Tim Ward, manager of housing solutions, Calgary. “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.”

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 $5.96 billion in residential and non-residential construction value in 2023, a year-over-year increase of 4%. 

“Overall, 2023 was a strong year for construction in Calgary, and we anticipate that 2024 will be another record-breaking year,” said 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.”

Here are the five largest completed in Calgary last year, demonstrating a $391.2 million investment in housing: 

• Arris Towers, a 42-storey, multi-residential building providing 500 units in East Village, valued at $131.1M. 

• Oliver Tower, a 32-storey residential complex featuring 403 housing units, located in the community of Beltline, valued at $95.6M. 

• Dalhousie Mixed Use Residential, a 15-storey building featuring 269 units in Dalhousie, valued at $78.8M.

• Minto Era Condominiums, a 13-storey, multi-residential building providing 186 units in the community of Crescent Heights, valued at $43 million.

• Riverwalk Senior Living, a 12-storey, 141-unit residential building in Cliff Bungalow, valued at $42.7 million.