Housing starts trending down in Calgary, Edmonton due to soft economy

Low oil prices and an economic downturn are hurting housing construction in Calgary and Edmonton.

The Canada Mortgage and Housing Corp. says housing starts in Calgary are down 29 per cent so far this year compared with the same time last year.

Analyst Richard Cho says the data reflects a combination of factors, including a weak job market, fewer people moving to Calgary and more listings in the resale market.

The Calgary numbers are in stark contrast to last year when housing starts were at record highs.

CMHC says housing starts in Edmonton are up 35 per cent thanks mainly to lots of multi-family unit construction early in the year. But starts were down 12 per cent last month and analysts are forecasting the negative trend to continue for both cities in 2016.

Top Stories

Top Stories

Most Watched Today