Calgary sees record housing development in 2023, but demand is outstripping supply

New home construction reached an all-time high in Calgary last year, but demand continues to outstrip supply and pressure the city’s housing market.

According to the City of Calgary, 15,393 homes were built in the city in 2023; 11 per cent more than the previous year.

The construction of multi-residential homes increased by 49 per cent while the development of secondary suites jumped by 43 per cent over 2022.

“I think it illustrates an interest in the development community of providing many different housing options for Calgarians,” Ulrik Seward, the City of Calgary’s chief building official, told Global News.

“I think that’s very helpful because it provides different housing types at different price points.”

The city also attributes the record jump in development to the 16,505 residential building permits it issued in 2023, which is the most issued in the past 10 years.

Last year alone, the city said it received applications for 414 land use amendments and outline plans, 7,601 development permits and 21,317 building permits.

“We are in a housing crisis and it’s critical that the construction industry is able to build as many homes as possible for Calgarians,” Seward said.

However, the city estimates 65 people are moving to Calgary every single day with expectations that the city’s population will grow by 110,000 people over the next four years.

“The demand is outpacing the supply,” said Debra Hamilton, the city’s acting general manager of planning and development.

Calgarians continue to feel the pressure of that demand on the market, especially rentals, which have seen rents increase 12.8 per cent year-over-year, according to Rentals.ca

The average asking price for a one-bedroom apartment in Calgary is now $1,799, while