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According to a provincial government release, Alberta is getting shovels in the ground faster and building the homes Albertans need. Year-end data from the Canada Mortgage and Housing Corporation (CMHC) reinforces that Alberta continues to show strong success in increasing the supply of homes, which helps stabilize housing costs and improves the housing outlook for Albertans across the province. Last year was reported to be a record-breaking one for homebuilding in the province. Alberta led the country in housing starts per capita in 2024, with the province seeing a historic jump in the number of new homes under construction.
This homebuilding boom positively affects not only homebuyers, but renters as well. According to the latest National Rent Report from Rentals.ca and Urbanation, Alberta was the province that experienced the largest year-over-year decline in asking rents in 2024. Calgary saw the biggest drop in rental prices in the entire country, with Calgary’s apartment rents decreasing by 7.2 percent. Outside of the larger cities, Alberta communities made up six out of the top 10 most affordable small- and mid-size rental markets in Canada, including Lloydminster and Fort McMurray.
Alberta’s government continues to support builders and encourage new residential housing construction by cutting red tape, incentivizing housing construction and supporting innovative strategies that speed up the home building process. Over the past year, some of the province’s work on this has included launching the Stop Housing Delays online portal, making provincial land available for housing, exempting designated affordable housing from property taxes, supporting home ownership through alternative financing options and taking action to ensure Alberta receives its fair share of federal funding for housing and that the funding meets provincial priorities.
Quick Facts
- In 2024, Alberta saw 46,632 new homes under construction, breaking historic records.
- Alberta led the country in housing starts per capita for 2024.
- The first half of 2024 saw 9,903 apartment unit starts – the highest in any half-year in Alberta’s history, breaking the record set in 1977.
- Housing starts for 2024 compared with 2023:
- Provincewide: 46,632 compared with 35,223 (up 32 percent)
- Edmonton: 18,384 compared with 13,184 (up 39 percent)
- Calgary: 24,396 compared with 19,579 (up 24 percent)
- Lethbridge: 715 compared with 243 (up 194 percent)
- Red Deer: 354 compared with 189 (up 84 percent)
- According to a recent report by Rentals.ca, Alberta experienced the largest year-over-year decline in asking rents in 2024.
- Calgary saw the biggest drop in rental prices in the entire country, with Calgary’s apartment rents decreasing by 7.2 percent.
- Alberta communities made up six out of Canada’s top ten most affordable small- and mid-size rental markets.
- Over the past year, Alberta’s government has taken action to make housing more attainable for all Albertans, including:
- Launching the Stop Housing Delays online portal to help speed up the home building process.
- Making provincial land available for housing through the Real Property Governance Initiative.
- Exempting designated affordable housing from property taxes.
- Supporting home ownership through alternative financing options.
- Reviewing housing programs to make sure they are meeting the needs of Albertans.
- Working with partners in polytechnic institutions and industry to use innovative technologies in the housing sector.
- Encouraging recruitment and hiring of more skilled trades workers to meet the demand of the industry.
- Ensuring that Alberta is receiving its fair share of federal funding for housing, and that funding is meeting Alberta’s provincial priorities.
- Together with its partners, including municipal and federal governments and nonprofit and private organizations, Alberta is supporting $9 billion in investments into affordable housing to support 25,000 additional households by 2031.
- Since 2019, Alberta’s government has invested almost $850 million to build more than 5,100 affordable housing units and close to 900 shelter spaces. This includes projects we have committed to, that are in progress and that are complete.
- In 2024, the province’s investments in affordable housing included:
- Funding increases for housing providers to fight inflation, and a $21 million increase to meet the evolving needs of housing operators.
- $216 million toward the Affordable Housing Partnership Program to support the build of new affordable housing units.
- $7.3 million increase to the rent assistance program to ensure Albertans are supported now.
- $6.1 million in funding to support 831 households through the Housing Benefit for Survivors of Gender-Based Violence program, in partnership with the federal government, which helps Albertans escaping abusive situations pay their housing expenses, such as rent, utilities and mortgage payments.