CALGARY — The Calgary region’s homebuilding industry is forecast to see a rise in activity.
The Conference Board of Canada said Friday that short and long-term expectations for housing starts in the Calgary census metropolitan area were both positive.
A year ago, the board said the seasonally-adjusted annual rate of housing starts for the Calgary CMA was 9,541 units.
Now in August, the board has upped that number to 13,752 starts.
Short-term expectations are based on residential permits data.
Long-term expectations are based on demographic requirements.
According to Canada Mortgage and Housing Corp., year-to-date until the end of August, housing starts in the Calgary CMA are down 18.3 per cent compared with the same period a year ago. Total starts this year are down to 5,425 for the first eight months of the year.
The CMHC said single-detached starts of 3,350 are off by 23.3 per cent year-to-date while multiple-family starts of 2,075 have decreased by 8.7 per cent.
But in August there was a positive sign for the homebuilding industry.
Total starts were up 44.2 per cent from August 2010 with single-detached starts recording a 14.1 per cent hike and multi starts soaring by 74.6 per cent.
“This represents the first year-over-year increase in single-detached construction following 12 consecutive months of declines,” said Lai Sing Louie, the CMHC’s regional economist for the Prairies and Territories region.