Total Calgary housing starts were up 100% in December 2011 compared to the previous December according to the Preliminary Housing Start Data released by CMHC today.
Broken out, SFH starts increased from 333 to 465 year-over-year, a +40% jump. All other starts (multi-family) increased +230% in December, from 153 to 505.
Even with this December surge, the SFH year-end total still fell below 2010’s. In 2011, SFH housing starts fell -12% (from 5,782 to 5,084)
However, the the multi-family sector increased +21% (from 3,480 to 4,208) This means total housing construction in Calgary remained flat y/y with a total of 9,292 compared to the 9,262 recorded in 2010. (+0.3%)
How did CREB do with their prediction last January? Well, they were too optimistic for SFH starts with a forecast of a 7% increase for a total 0f 6000.
The multi-family segment exceeded expectations though, since CREB only forecast an 11% increase to 4000 starts.
You can download and read the entire CMHC Housing Start report here