Calgary Building Permits Set Record

Jan 16, 2007: Calgary building permits issued in 2006 for residential & commercial projects totalled $4.76-Billion, smashing the previous year's record and more than doubling Calgary's 2002 total. Calgary's surge in construction outpaced all other cities in the country, beating permits in Toronto by more than $1-Billion.

Toronto OK'd $3.7-Billion in permits last year, followed by Edmonton at $2.3-Billion and Vancouver at $2.03-Billion.

Calgary issued residential permits for just under 16,000 units worth $2.38-Billion, with another $2.38-Billion for commercial development. This does not include the new Encana office project, estimated to be worth $1-Billion.

Calgary Mayor Dave Bronconnier said the city of Calgary grew by more than 36,000 people in 2006, and there were 45 homes a day being built. The city's development and building department hired 60 new staff last June, including 20 new building inspectors.

Kevin Clark, past-president of the Calgary Real Estate Board, said the city's numbers "are consistent with all of our numbers. It was a very strong year". Clark went on to say "It's reasonable to assume that as long as the Calgary and Alberta economies stay strong the Calgary housing market with follow along likewise".

Calgary listings dropped in late December 2006, and while the seasonal surge in new listings that occurs every January has been observed, strong sales numbers continue to keep the Calgary listing inventory below the 2 month supply threshold.

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