Row house construction is surging in Calgary, as builders and buyers look for more affordable options amid a triple whammy of construction costs, interest rates and purchase prices all rising simultaneously in the city.
Apartment construction accounted for the largest chunk of new homes being built, with 3,506 units out of the total of 8,106 housing starts in the first half of the year.The CMHC noted more than half of those units are purpose-built rental apartments, which is the first time Calgary has seen a majority of apartment-style units being built for rent rather than for purchase.
The cost of building is up in all major cities, according to data from Statistics Canada, and Calgary's increase has been second only to Toronto's.The cost of building grew rapidly during the pandemic and, while the rate of increase has slowed in Calgary, it remains far more expensive to build now than it was just a few years ago.