Calgary home starts to return to 2008 levels

A new report is bullish on Calgary’s new homes market, predicting builders will start 14,750 new homes by the end of 2014, reports the Calgary Sun.

The prediction from the Fortress Real Developments report pales slightly from TD Economics’ expectations, but is higher than the Conference Board of Canada, Canada Mortgage and Housing Corp. (CMHC) and the City of Calgary.

TD Economics is forecasting 16,000 starts this year, the Conference Board of Canada expects 13,444 starts and the City of Calgary predicts 12,800.

 “The Calgary new housing market has fully recovered from a slump that plagued the market from 2009 to 2011, which resulted in an average level of new housing starts of just under 8,300 units. The 12 years prior to the slump, the CMA averaged almost 13,000 starts per year, which included 2006’s peak total of 17,046 starts,” said Ben Myers, senior vice-president of market research and analytics at Fortress Real Developments.

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