Calgary builders turned in their fourth consecutive year of home construction in 2025, according to the 2026 Spring Housing Supply report from Canada Mortgage and Housing Corporation (CMHC).
CMHC said the record came even as as population growth slowed.
“Policy and financing incentives designed to accelerate multi‑unit construction continued to contribute significantly to this momentum,” reads the report.
“These incentives supported a surge in apartment development across the Calgary Census Metropolitan Area (CMA), with increases most notable in the Northwest, Southeast, Beltline and Downtown zones, where land availability, infrastructure and zoning frameworks remain favourable.”
In what should temper rising rents, CMHC said rental housing was the dominant driver of new supply, “supported by favourable financing conditions and policies aimed at expanding affordable housing options.”
Rental apartment starts were 75% higher than in 2025, making up an increased share of total starts, in contrast to condominium apartment starts, which fell by 11%, “as they were less attractive to build,” said CMHC.
“Rental construction was strong across building types, promising a more varied mix of future supply compared to other centres, where construction is more concentrated,” added CMHC. “This diversity will give more options to households, particularly those seeking larger, more affordable homes.
Two thirds of new housing starts were in medium‑density formats best known as missing middle housing.
“Developers prioritized these dwelling types, especially in the Southeast and Northwest, and were supported by conversion policies, sustained interprovincial migration and lots of developable land.”
An area facing challenges is completing homes once construction has started.
“The widening gap between the two resulted in a growing number of units under construction and signalled emerging capacity pressure,” said CMHC. “Developers increasingly reported constraints related to construction labour. With starts remaining high, these pressures are likely to intensify, lengthening construction timelines and adding risk to future project delivery.”
In Edmonton, the CMHC report said “Housing starts climbed to a new record for the second consecutive year in 2025, driven by broad‑based multi‑unit development across the census metropolitan area (CMA).”
Apartment starts were most noticeable in the South, Core, West and North sub‑markets.
“Developers continued to view Edmonton as a market capable of absorbing future supply,” said CMHC. “Confidence in demand remained firm, supported by the region’s relative affordability and historically strong absorption rates.”
Ownership and rental starts were equal contributors to construction.
"Rental starts rose with help from federal and municipal programs aimed at boosting supply,” said CMHC. “The municipal Affordable Housing Investment Program has supported both new construction and redevelopment, while targetted rezonings in priority growth areas allowed higher‑density housing along key corridors.”
Condominium starts in the Alberta capital rose in 2025.
“Edmonton’s comparatively affordable ownership market sustained buyer demand, lowered viability thresholds and encouraged developers to move forward with new condominium projects,” said CMHC.
Missing middle home starts remained on an upward trend.
“Medium‑density housing also expanded in 2025, accounting for 60% of all starts, reflecting Edmonton’s evolving supply mix,’ added CMHC. “Historically shaped by single‑detached development, the region has increasingly shifted toward denser forms.”
"An ample supply of both greenfield and infill sites has supported the rise of missing middle formats. Both new medium‑density projects and conversions reached their highest levels, signalling strong developer alignment with the city’s long‑term land use direction.”
The completion rate is higher than in Calgary, said CMHC.
“Completions reached a record high in 2025 as a result of high start levels in recent years,” said the agency. “With many units still progressing through the construction pipeline, completions are expected to remain strong in the near term.”
“The resale market added further supply, as new listings increased considerably in 2025 across most housing types, though impacts varied, with condominium inventories moving above their historical averages, while single‑ and semi‑detached stocks remained below typical levels.”