Canada Mortgage and Housing Corporation (CMHC) released its July housing starts data on August 18, 2026. Calgary was named, together with Vancouver and Toronto, as a market where fewer new projects are being started.
Calgary CMA housing starts, January to July
Calgary CMA in July
- Actual starts were 1,504, down 20% from 1,889 in July 2025: 493 single-detached (−15%) and 1,011 other homes (−23%).
- Year to date, starts totalled 12,855, 23% fewer than the 16,601 in the first seven months of 2025.
- The six-month trend fell 6% to 21,682 units (seasonally adjusted annual rate).
- 24,547 homes were under construction, and 17,698 units had approved building permits but had not yet started.
“Fewer new projects are being started in many markets, notably in Vancouver, Calgary and Toronto,” said CMHC Deputy Chief Economist Tania Bourassa-Ochoa, adding that the large volume of homes already under construction will continue to support completions.
Why it matters
Calgary recorded record starts in 2024 and 2025, and that wave is what is now weighing on rents and condo prices. Fewer starts today mean less new supply in two or three years. For buyers, today’s choice will not last forever; for investors, a slower pipeline is the first step toward a more balanced rental market.
Calgary is slowing faster than Canada
Housing starts, January–July 2026 compared with 2025
Nationally, actual starts in centres with 10,000 people or more were 18,834 in July, down 19% from a year earlier, and 131,851 year to date, down just 4%. Calgary’s year-to-date decline of 23% is far steeper. CMHC’s Deputy Chief Economist said starts are likely to remain subdued in the coming months.
The pipeline is still full
Fewer starts do not mean fewer new homes right away. The 24,547 homes under construction in the Calgary area will keep finishing over the coming years, and 17,698 more have permits but have not started. Apartments take the longest to build, and CREB counts over 17,000 apartment-style units under construction in the city. That is why condo and rental supply stays high even as starts fall.
The national picture
Across Canada, the six-month trend in starts was almost flat in July at 247,377 units, and 373,091 homes were under construction in centres with 50,000 people or more. Completions rose 8.1% from June. CMHC said construction is evolving in line with its summer outlook: the pipeline remains large, completions are increasing, but fewer new projects are starting in many markets. Calgary was named alongside Vancouver and Toronto. For Calgary, the slowdown follows record starts in 2024 and 2025, so even a 23% drop leaves a lot of construction under way.
Single-detached versus multi-unit
Single-detached starts fell 15% in July, less than the 23% drop in other homes. Developers are pulling back most where the market is weakest: rental and condo apartments, where prices and rents have been falling. Detached resale supply in Calgary is also tighter than for condos, which supports building single-family homes.
What it means
- Renters: today’s high choice and incentives will continue while the current pipeline finishes, but fewer starts point to a tighter rental market later.
- Condo buyers: buying while supply is high can make sense if you plan to hold for several years.
- Buyers of new homes: builders with finished or nearly finished units have an incentive to sell; ask about price, upgrades and closing-cost help.
- Investors: slower starts are the first sign of the next cycle, but the turn will take time. Watch completions and rental vacancy rates as well as starts before deciding when to buy.
- Sellers of new-ish homes: builders are still finishing large projects, so expect buyers to compare your home with new inventory for a while yet.
