HOUSING DATA

The second installment of our 2024 Market Housing and Rental Report is now available. This report highlights housing activity across the province and recaps what we saw in Q1 + Q2 2024, including housing starts, rental trends, housing types under construction, pricing, inventory and population growth.

KEY HIGHLIGHTS

• With 21,510 year-to-date starts, Alberta has set a record for the first six months and is on pace to set a record level of housing starts for the year.
• Year-to-date, housing starts in Alberta are up 54% compared to 2023 and remain well above the ten-year average.
• The Calgary and Edmonton regions continue to lead the province in population growth and housing activity and are well above their ten-year averages.
• Momentum is slowly building in mid-sized municipalities with Red Deer, Grande Prairie and Medicine Hat posting housing starts above their ten-year averages.
• Housing starts rebounded in Lethbridge and are up 265% from 2023 and near ten-year averages.
• Despite an increase in mid-sized cities, the majority of housing starts remain in the Calgary and Edmonton regions with a total of 91% of all housing starts year-to-date.
• Purpose-built rentals are increasing in mid-sized municipalities and continue to account for 33% of all housing starts province wide.
• Housing inventory saw a modest increase but still remains below ten-year averages.
• Home prices continue to remain elevated above ten-year averages and most regions saw an increase compared to last year.
• Alberta’s population continues to surge with an overall 4.4% increase in 2023 led by a 6% increase in Calgary, 4.2% increase in Edmonton and 3% increase in Red Deer and Lethbridge. Other regions continue to experience modest growth compared to the previous five years.

Media Inquiries
Danielle Murray
Director of Communications, BILD Alberta Association
danielle.murray@BILDalberta.ca
(780) 862-9789