Single-detached starts in Calgary for January increased 31 per cent compared to January 2012 said the Canada Mortgage and Housing Corporation (CMHC) in its Housing Now report.
“New single-detached construction in Calgary remains robust as new inventories and active listings in the competing resale market have declined and rental vacancies remain relatively low,” stated the report.
The CMHC said there were 385 single-detached units completed in Calgary in January with nearly 88 per cent of those absorbed upon completion for the most part representing units that were pre-sold.
The median absorbed price for single-detached units — which the CMHC said is less influenced by extreme values when compared to the average — was $453,790 in January, a six per cent decrease from $480,616 at the same time last year.
While single-detached starts saw a year-over-year increase, starts in general saw a nine per cent decrease compared to January 2012 attributed to fewer multi-family starts. The CMHC said of the 278 multi-family units started in January, 142 were row units, 90 were semi-detached and 46 were apartment units.
The inventory of complete and unoccupied multi-family units for ownership tenure was 409 units this January, down from 491 units in January 2012.