Chart A: Housing Starts by Dwelling Type Sept 2019
Sept 2018
Aug 2019
YTD 2019
YTD 2018
Single-family
383
280
337
2,523
2,996
Semi-detached
102
94
124
830
962
Row
149
162
119
1,313
1,075
Apartment
931
298
471
3,341
3,886
1,565
834
1,051
8,007
TOTAL
8,919 SOURCE: CMHC
multi-family units, with more planned for next spring. It’s still a buyers’ market out there, he says, so making a deal before summer of 2020 would be best for anyone considering purchasing a new home. “2019 has been a slightly better year for us,” Wenzel adds, “where we saw consumer confidence improve was in the spring after the provincial election.” Like many, he believes Calgary still has a ways to go to reach a full economic recovery with some lingering uncertainty in the oil and gas sector. The positive, he says, is that people are still moving to Alberta. As for impacts at the federal level, Wenzel feels a change in
government has the potential to make a positive difference, depending on policy implementation. Shane Wenzel He says CMHC’s New Home Buyer Incentive Program hasn’t had much impact as of yet and, in fact, many of the folks he’s spoken too are leery of having the federal government involved in the equity of their home. “Our industry has seen bad policy at that level and the mortgage stress test was the best example of that. It needs to be repealed and re-thought based on regional housing markets. What’s concerning, and on the
horizon is the threat of forcing “net zero” in the new code, he says, “It’s expensive and the savings are nominal as compared to the cost. The smart approach, if reducing carbon footprints and energy use is the goal, would be to implement a renovation tax credit for older homes and making them more energy efficient. That would stimulate the economy and create jobs across the country.” Jim Zang is a professional writer/ editor who has lived in Calgary his entire life. He has been reporting on the local housing industry since the early 1990s and is the former editor and associate publisher of a variety of housing industry and lifestyle publications in Calgary and region.
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