Housing construction activity still solid in Alberta
Starts in Alberta averaged 36,926 units over the first nine months of the year
By Siddhartha Bhattacharya, ATB Economics 24 October 2022 less than a minute
Momentum in Alberta’s residential sector continues to stay upbeat.
At 40,701 units (seasonally adjusted at an annual rate or SAAR) in September, housing starts in Alberta grew by 6,649 units (+19.5%) from the previous month and stood 14,438 units (+55.0%) above last September.
Both single and multi-family starts were up in the month with the latter responsible for over 80% of the monthly gain.
Driven by the sharp increase, starts in Alberta averaged 36,926 units over the first nine months of the year. This represents an increase of 6,466 units (+21.2%) from 2021 and 10,358 units (+39.0%) from the pre-pandemic 2019 levels.
Things remain less optimistic elsewhere in the country. Despite a strong 10.8% monthly increase in September, year-to-date housing starts were down by 16,022 units (-5.7%) relative to 2021 levels nationally.
As interest rates continue to rise, we expect new construction in Alberta to taper.
Answer to the previous trivia question: The New York Yankees have lost the World Series 13 times out of 40 appearances.
Today’s trivia question: How many private dwellings are there in Alberta?