Housing Investment Trends – Alberta in Focus

CIBC’s latest housing market report highlights a sharp divergence across Canada. While Ontario and B.C. continue to struggle with rising inventory, Alberta remains one of the strongest markets for new construction.

• Housing starts: Alberta is stabilizing at an historically elevated pace of ~60,000 units annually, a level well above long-term averages.

• Regional contrast: In Toronto and Vancouver, the condo sector remains in retreat, while purpose-built rental is surging. By comparison, Alberta’s housing supply expansion is more balanced and supported by population inflows.

• Investment climate: The federal government is considering reviving the Multi-Unit Residential Building (MURB) tax program, a move that could accelerate purpose-built rental development nationwide.

Strong housing starts, a growing rental market, and population growth continue to reinforce Calgary’s position as a relative outperformer in Canada’s housing landscape. While other provinces face inventory overhangs, Calgary’s construction pipeline is helping meet real demand.

Source: CIBC Capital Markets, “The Housing Market — Where Are We?” September 2025

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