This year, the construction of all types of homes in Calgary is higher by 20%. This record is encouraging as it indicates the likelihood of a better regional economy.
According to Michael Mak, the senior analyst with Canada Housing and Mortgage Corporation, the rise in the house starts means there is an expectation for more people to come to Alberta. So, there is a likelihood of an increase in economic activity.
The people in Calgary have high optimism for newcomers. As a result, Canadian Visa Expert stated that immigrants should grab the opportunity of relocating to Calgary.
The Surge in Rental Market in Calgary and Why
From reports, the current rental market in Calgary is way hotter than in 2019 and 2020. Michael Mak stated that the rental apartment units have had a record high of almost half the total apartment units started this year.
The major factor responsible for the increase in housing starts is the great number of people moving into the city. The influx of newcomers in the city will ultimately lead to lower vacancy rates and higher prices, said Canadian Visa Expert. In the short-term, however, rental supply coming onto the housing market will help to remove a lot of pressure in the city.
Growth in Calgary’s Construction Starts
Frano Cavar further reiterated that the growth of housing starts by 20% is good news for the Calgary local economy. The director of government relations for the Calgary Construction Association stated that growth signifies the entry of more newcomers. Also, it reflects improved economic activity.