Calgary experienced robust activity in its building and development sector throughout the third quarter of 2023. The residential construction values demonstrated a year-over-year increase compared to 2022, largely propelled by a 30% rise in multi-residential buildings and an 80% surge in secondary suites.
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Highlighting the significance of offering diverse housing options to Calgarians, Ulrik Seward, Manager of Business and Building Safety Approvals with Development, Building, and Business Services, stated, "On Sept. 16, Council approved Home is Here: The City of Calgary’s Housing Strategy, to address the housing crisis. The continued growth in values for multi-residential building and secondary suite construction reflects the demand for varied housing choices. We remain committed to collaborating with the development industry to facilitate the creation of more affordable homes for everyone."
Based on City of Calgary newsroom, From July to September of 2023, Calgary builders and developers submitted 1,565 single/semi-detached residential, 281 multi-family residential and 543 commercial building permit applications. Proposals to redesignate land increased by 80 per cent over the same period last year, with 119 applications submitted. Also, 128 applications to subdivide land were submitted, an increase of 45 per cent during that time.
In new communities, applications for secondary suites are up by 114 per cent over the same period last year, with 762 building permits applied for. In established communities 351 secondary suite building permit applications were received, an increase of 33 per cent compared to Q3 2022.
“The growth in applications for secondary suites across Calgary are for both new builds and existing homes. This has helped us reach over 11,000 safe, registered secondary suites,” says Seward. “This will help us continue to increase the number of available safe and affordable housing options for renters and owners.”
The largest increase in applications for multi-residential building permit applications was seen in the townhouse and rowhouse categories. There has been a year-over-year increase of 35 per cent for townhouse applications and a 58 per cent increase in rowhouse applications.
From July to September 2023, the City of Calgary received a total of 5,219 residential building permit applications, encompassing single/semi-detached, multi-family residential, and residential improvements and renovation projects. Additionally, there were 1,027 non-residential building permit applications. Notably, there was a 25% year-over-year increase in building permit applications compared to the previous year. Concurrently, construction values during the same period saw a 4% uptick, rising from $1.41 billion to $1.46 billion.
Ulrik Seward commented on this growth, stating, “The increase in building permit applications is a testament to our commitment to partnering with the development industry to build a great City. Over the past several years, we have been continuously improving our processes and offering new ways to make it easier for development to take place in Calgary.”
News source - https://newsroom.calgary.ca/residential-construction-values-see-continued-increase-in-q3-2023/
Disclaimer: The content above is a compilation from diverse reliable online sources, including blogs and news articles. The Dolphy content team does not ensure the factual accuracy of the information. The provided information may be outdated, and it should not be considered as advice or a recommendation. It is advisable to consult with a licensed real estate agent or broker for accurate advice and recommendations.
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