Alberta leads the nation in new housing starts

Key Takeaways:

• Alberta set historic records for housing starts in 2024, with 46,632 new homes under construction, marking a 32% increase from 2023. This growth was driven by targeted government policies, making Alberta the national leader in housing starts per capita.
• The increase in housing supply contributed to a decline in rental prices, with Calgary experiencing a 7.2% drop, the largest in Canada. Smaller communities like Lloydminster and Fort McMurray also ranked among the most affordable rental markets nationwide.
• Alberta’s government facilitated this boom by cutting red tape, launching initiatives like the “Stop Housing Delays” portal, and investing $216 million in affordable housing. Collaborative efforts with industry stakeholders further streamlined the construction process to meet growing demand.

The Whole Story:

Alberta is building homes faster than ever, with the province setting historic records for housing construction.

Year-end data from the Canada Mortgage and Housing Corporation (CMHC) shows that last year was a record-breaking one for homebuilding in the province. Alberta led the country in housing starts per capita in 2024, with the province seeing a historic jump in the number of new homes under construction.

“Alberta had a remarkable year for housing, which goes to show that our plan to build more homes faster is working,” Jason Nixon, Minister of Seniors, Community and Social Services. “I am looking forward to building on the successes of this past year as we look forward to 2025.”

Officials noted that they believe it is helping improve affordability. According to the latest National Rent Report from Rentals.ca and Urbanation, Alberta was the province that experienced the largest year-over-year decline in asking rents in 2024. Calgary saw the biggest drop in rental prices in the entire country, with Calgary’s apartment rents decreasing by 7.2%. Outside of the larger cities, Alberta communities made up six out of the top ten most affordable small- and mid-size rental markets in Canada, including Lloydminster and Fort McMurray.

Alberta says it continues to support builders and encourage new residential housing construction by cutting red tape, incentivizing housing construction and supporting innovative strategies that speed up the home building process.

Over the past year, some of the province’s work on this has included launching the Stop Housing Delays online portal, making provincial land available for housing, exempting designated affordable housing from property taxes, supporting home ownership through alternative financing options and taking action to ensure Alberta receives federal funding for housing.

Looking ahead, Alberta’s government says it will continue to empower its housing partners.

“2024 was a milestone year for residential construction, highlighted by record-breaking housing starts, including a significant increase in rental housing,” said Scott Fash chief executive officer, BILD Alberta Association. “This achievement demonstrates industry’s responsiveness to growing demand and the Government of Alberta’s dedication to working collaboratively with industry and stakeholders to reduce barriers and advance housing development. With continued collaboration and thoughtful policies to cut red tape, our industry is well-positioned to meet the evolving needs of Albertans and deliver more attainable housing options.”

Alberta is getting shovels in the ground faster and building the homes Albertans need. Year-end data from the Canada Mortgage and Housing Corporation (CMHC) reinforces that Alberta continues to show strong success in increasing the supply of homes, which helps stabilize housing costs and improves the housing outlook for Albertans across the province.

As the population continues to grow, Alberta’s government recognizes the need for more housing options. That’s why the province has been clearing the way for more homes to be built faster to help Albertans find housing that meets their needs and budgets – and it’s working. Last year was a record-breaking one for homebuilding in the province. Alberta led the country in housing starts per capita in 2024, with the province seeing a historic jump in the number of new homes under construction.

“Alberta had a remarkable year for housing, which goes to show that our plan to build more homes faster is working. I am looking forward to building on the successes of this past year as we look forward to 2025.”

Jason Nixon, Minister of Seniors, Community and Social Services
This homebuilding boom positively affects not only homebuyers, but renters as well. According to the latest National Rent Report from Rentals.ca and Urbanation, Alberta was the province that experienced the largest year-over-year decline in asking rents in 2024. Calgary saw the biggest drop in rental prices in the entire country, with Calgary’s apartment rents decreasing by 7.2 per cent. Outside of the larger cities, Alberta communities made up six out of the top ten most affordable small- and mid-size rental markets in Canada, including Lloydminster and Fort McMurray.

Alberta’s government says it supports builders and encourages new residential housing construction by cutting red tape, incentivizing housing construction and supporting innovative strategies that speed up the home building process. Over the past year, some of the province’s work on this has included launching the Stop Housing Delays online portal, making provincial land available for housing, exempting designated affordable housing from property taxes, supporting home ownership through alternative financing options and taking action to ensure Alberta receives its fair share of federal funding for housing and that the funding meets provincial priorities.

Looking ahead, Alberta’s government will continue to empower its housing partners to make sure the province continues to go from permits issued to shovels in the ground and finally to new homes ready for Albertans.

“2024 was a milestone year for residential construction, highlighted by record-breaking housing starts, including a significant increase in rental housing,” said Scott Fash chief executive officer, BILD Alberta Association. “This achievement demonstrates industry’s responsiveness to growing demand and the Government of Alberta’s dedication to working collaboratively with industry and stakeholders to reduce barriers and advance housing development. With continued collaboration and thoughtful policies to cut red tape, our industry is well-positioned to meet the evolving needs of Albertans and deliver more attainable housing options.”

By the numbers:

• In 2024, Alberta saw 46,632 new homes under construction, breaking historic records. It led the country in housing starts per capita for 2024. The first half of 2024 saw 9,903 apartment unit starts – the highest in any half-year in Alberta’s history, breaking the record set in 1977.
• Housing starts for 2024 compared with 2023 saw a 32% increase provincewide. In Edmonton starts went up 39%. In Calgary they went up 24%.
• According to a recent report by Rentals.ca, Alberta experienced the largest year-over-year decline in asking rents in 2024. Calgary saw the biggest drop in rental prices in the entire country, with Calgary’s apartment rents decreasing by 7.2 per cent. Alberta communities made up six out of Canada’s top ten most affordable small- and mid-size rental markets.
• In 2024, the province’s investments in affordable housing included funding increases for housing providers to fight inflation, and a $21 million increase to meet the evolving needs of housing operators. $216 million went toward the Affordable Housing Partnership Program to support the build of new affordable housing units.