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?