HOUSING DATA

BILD Alberta is proud to present our second annual Year in Review: Market Housing and Rental Report. This report provides an overview of housing activity across the province, recapping 2024 trends in housing starts, rental activity, pricing, inventory, and population growth.

KEY HIGHLIGHTS

• Alberta led the nation in housing starts during a remarkable year in 2024.
• The province set an all-time record for housing starts in Census Metropolitan Areas with populations of 10,000 or more.
• The Edmonton region broke its 2015 record for housing starts, driven by growing demand in the Capital Region.
  The Calgary region set a new housing start record for the third consecutive year as demand remained strong.
• Mid-sized municipalities saw significant growth in housing starts compared to 2023 with Lethbridge: Up 194% and Red Deer: Up 87%.
• Despite record-level housing starts, inventory is beginning to grow but remains below the ten-year average.
• Alberta set a new record for rental housing construction, with starts increasing by 43%.
• Rental rates in Calgary and Edmonton are now declining as supply catches up to demand.
• Purpose-built rentals continue to account for roughly one-third of all housing starts, fueled by elevated demand.
• Despite high construction activity, housing prices remain near record highs due to inventory and vacancy levels below the ten-year average.
• Alberta’s growing population, driven by interprovincial and international migration, has been a major factor in surging housing demand.

"2024 was a milestone year for residential construction, highlighted by record-breaking housing starts, including a significant increase in rental housing. 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.”

- Scott Fash Chief Executive Officer, BILD Alberta Association

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