Latest Alberta Residential Market Statistics Show Some Stability
Despite some of the signs lately that Alberta’s residential market is on the downturn, recent statistics collected for investment into housing construction suggest that it’s not as in bad of shape as many of us may think.
The total amount of capital invested into all types of new residential home construction increased by 1.2 percent in September 2015 over the previous month to a total of $958 million. Also see Alberta Housing Starts Showing Resiliency for more good news!
To be modest, however, we should note that comparing it to the same time last year when new construction investment was at an all-time high in Alberta, the total amount has decreased by approximately 11.6 percent.
But wait; there are more good things to be optimistic about when it comes to our provincial’s residential sector!
Throughout 2015, various housing types saw drops in investment rates. But in some categories, like the apartment sector for example, there was actually an increase in investment by 27 percent across Alberta.
On the other hand, investments into row-type and double housing have fallen by seven and two percent respectively, while single-detached housing has dropped substantially by 27 percent.
According to Statistics Canada, year-to-date investment into new residential construction on a provincial basis looks like this:
Saskatchewan – decrease of 32.8 percent
Manitoba – decrease of 20.6 percent
B.C. – increase of 15.7 percent
Ontario – increase of 17.6 percent
Alberta is up there with Saskatchewan and Manitoba as having the greatest amount of investment lost year-to-date and comparable to the previous year. Across Canada, the average amount of capital invested into new residential construction grew by only 4.8 percent.
To find out more about what’s been going on in Calgary’s residential real estate market, be sure to check out our Calgary Real Estate Market Updates for month-to-month articles today!
More Economic Articles
With new provincial / federal governments and everything else happening on the international stage, much has been changing for the Canadian economy. See our latest Calgary, Alberta & Western Canadian Economic Updates here today!