The housing market in Calgary is booming, and a new report showed it just hit its fourth straight record for new housing starts.
The Canada Mortgage and Housing Corporation (CMHC) released its Spring 2026 Housing Supply Report, and it showed that Calgary set a new record in 2025 and, for the first time, surpassed Toronto in housing starts.
The report says that this milestone reflects strong developer and investor expectations for long-term demand, despite a softening in population growth. Policies and financing incentives aimed at speeding up multi-unit construction also contributed to the surge.
Rental housing led the way in new supply, with rental apartment starts being a whopping 75 per cent higher than the previous year. Meanwhile, condominium apartment starts dropped by 11 per cent, suggesting that developers are currently favouring rental projects over units intended for ownership.
Medium-density housing also played a major role in the city’s construction boom. According to the report, about two-thirds of all housing fell into “missing middle” housing formats such as townhomes and row-style housing.
CMHC
Despite the strong pace of construction, the report notes that housing completion did not keep up with new starts in 2025. Apartments saw the biggest gap, with starts up by 28.8 per cent, and units under construction up 29.2 per cent, while completion fell 10 per cent compared to last year.
If construction activity remains elevated, CMHC says that pressure could continue to build and potentially slow project timelines in the years ahead.
You can view the full report online.