Gap to restore pre-pandemic housing affordability by 2036 in Calgary narrowing: CMHC
According to the report, Calgary must build between 23,000 and 24,000 total new housing starts annually over the next 10 years to close the gap.
The Canada Mortgage and Housing Corporation (CMHC) has reported that Calgary is one of the few major Canadian cities where the supply gap to restore pre-pandemic housing affordability levels has narrowed, due to years of record construction. According to CMHC's latest supply gap estimate report, Calgary needs between 4,000 and 5,000 additional units annually by 2036 to restore affordability, with current trends indicating the city is on pace to build around 19,000 total new homes this year.
However, housing advocates are concerned that Calgary won't be able to keep pace with the construction required, as total housing starts have declined more than 20 percent, with slowing construction attributed to rising vacancy rates, growing inventories, higher construction costs, and broader economic uncertainty. The recent repeal of citywide rezoning, which took effect in August 2024, has been criticized for reversing the conditions that increase housing supply.
Brief written by urgent.news from Global News's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
