Alberta Sets Housing Construction Record, Sees Drop in Rental Prices
Alberta has set a new record for housing starts, with 46,632 homes under construction in 2024, according to the Canada Mortgage and Housing Corporation (CMHC). As housing construction surged to meet the demands of a rapidly growing population, the province led the country in housing starts per capita. Major urban centers like Calgary and Edmonton saw housing starts increase by 24 and 39 percent, respectively, while smaller cities such as Lethbridge and Red Deer experienced even higher growth rates.
The increase in housing inventory has helped address challenges in the cost of living by contributing to an overall decline in rental prices. Calgary experienced the largest year-over-year drop in rental prices in the country, with apartment rents decreasing by 7.2 percent. Edmonton and several smaller Alberta communities also reported significant rent reductions.
Jason Nixon, Alberta’s Minister of Seniors, Community and Social Services, credited the housing boom to government initiatives aimed at accelerating construction. “Alberta had a remarkable year for housing, which goes to show that our plan to build more homes faster is working,” Nixon said. He said the government remains commitment to further housing growth in 2025.
In addition to market housing, the province has invested heavily in affordable housing. Over the past year, Alberta committed $216 million to the Affordable Housing Partnership Program and increased rent assistance funding by $7.3 million. These programs are part of a broader $9 billion investment aimed at supporting 25,000 additional households by 2031.