Calgary Housing Starts Up 100% in December 2011

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

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