On January 16, 2025, CMHC reported that Calgary started 24,369 homes in 2024, 24% more than in 2023. It was one of only three of Canada’s six largest cities where starts rose.
Calgary housing starts by type, 2024
Calgary by type
- Apartments: 11,505, up 27%.
- Single-detached: 7,100, up 21%.
- Row: 3,512, up 17%.
- Semi-detached: 2,252, up 35%.
The national picture
Starts in centres of 10,000 people or more rose 2% to 227,697, the third-highest year on record. The six largest cities fell 3% combined, as weak pre-sales of condos cut multi-unit starts in Vancouver, Toronto and Ottawa. Calgary, Edmonton and Montréal grew, mostly in multi-unit homes and driven by high rental starts.
What it means
This construction is why CREB expects supply to be the main theme of 2025. New rentals and new homes compete with resale listings, especially condos and townhomes. For buyers, that should mean more choice as projects finish over the next few years.
Compared with 2023
CMHC’s tables show Calgary had 19,579 starts in 2023, so 2024 added 4,790 more homes. Single-detached starts rose from 5,875 to 7,100, while all other types combined rose from 13,704 to 17,269. In December alone, Calgary started 1,717 homes, up from 1,493 a year earlier; the gain came from multi-unit homes, since single-detached starts slipped from 538 to 514.
How Calgary compares
Among the six largest cities, only Calgary, Edmonton and Montréal grew. Edmonton rose 39% to 18,384, while Toronto fell 20% to 37,718 and Vancouver 15% to 28,112. Calgary’s total was below Toronto’s and Vancouver’s but well above Edmonton’s, and its growth came across every type, from semi-detached (up 35%) to row (up 17%).
Why it matters
CMHC Chief Economist Mathieu Laberge said the national increase “shows some signs of progress,” but that Canada “still needs significantly higher supply growth to restore affordability in urban centres.” CMHC has estimated Canada could build up to 400,000 new units a year with the resources currently devoted to residential construction.
What it means for buyers
CREB reported on January 2 that improved rental choice and significant gains in new home activity helped boost resale listings in the second half of 2024. As more of the homes started in 2024 are completed, buyers should see more choice, particularly in apartments, which made up nearly half of Calgary’s starts.
What it means for sellers
Sellers of resale condos and townhomes will compete with new projects as they are completed. CREB has already reported slower detached price growth in areas with the most competition from newer homes.
Practical takeaways
Watch completions in your area, not just starts, since a start is only the beginning of construction. Buyers should compare new and resale prices in the same district. Sellers of condos should price with nearby new buildings in mind.
The national picture in detail
Including an estimated 17,423 rural starts, Canada started 245,120 homes in 2024, also up 2%. CMHC said the increase is primarily explained by historically high rental construction and higher starts in Alberta, Québec and the Atlantic provinces. December itself was weaker: the seasonally adjusted annual rate of starts fell 13% to 231,468 units from 267,140 in November, and the six-month trend was flat at 242,637.
What counts as a start
CMHC counts a housing start when construction begins on a building, so each start is a home that should reach the market in the months or years ahead. Apartment buildings take the longest to complete, which means many of Calgary’s 11,505 apartment starts from 2024 will be finished in 2025 and 2026. Single-detached homes are usually completed much sooner, so their effect on supply arrives faster.
CMHC will release January starts data on February 17.
