More starts through March
Housing starts in Alberta were up by 4.4% in the first quarter of 2022 compared to the same period last year
By Siddhartha Bhattacharya, ATB Economics 21 April 2022 1 min read
New home construction fared better in Alberta than most other provinces during the first three months of 2022. Alberta’s housing starts (seasonally adjusted at an annual rate or SAAR) averaged 29,310 units in the first quarter.
This was up 4.4% compared to the first quarter of 2021 and was the highest number of housing starts in the first quarter since 2015.
The year-over-over increase was primarily due to Calgary (+3.8%) while also being supported by starts in Edmonton (+0.6%).
Meanwhile, national housing starts fell 18.3% compared to the same period in 2021. This was largely attributable to weaker starts in central Canada, which were only slightly tempered by gains in Alberta and Manitoba.
Note, however, that national housing starts during the first quarter of 2022 were still at their second highest level in at least 30 years.
We expect to see new construction cool somewhat later in the year due to higher borrowing costs.
Answer to the previous trivia question: At 3,106.75 carats, the Cullinan was the largest rough diamond of gem quality ever found.
Today’s trivia question: Considering the period from the first quarter of 1990 to the first quarter of 2022, when did housing starts in Alberta peak?