New home construction elevate in the Calgary region in May with Alberta’s level at a five-year high.
It’s an indication that the housing market is increasing.
Canada Mortgage and Housing Corp. reported Monday that total starts in the Calgary census metro area extent 1,078 units during the month, which was a growth from 949 in May 2012.
Multi-family starts grew to 519 in May from 466 a year ago while the single-detached market saw starts rose to 559 from 483 last year.
In May, builders begun construction on 41,438 new homes in Alberta — the highest this year and the first time since early 2008 that the figure has inflated above the 40,000 mark.
The recent Labour Force Survey, released last week, points to a rise in the labour force, which has up by 59,400, or 2.6 percent, over the last 12 months.