Around 2,000 homes are currently unsold, March figures show, the largest inventory ever and the number has quadrupled since 2014 as condo construction in particular has grown.
The impact of the oil downturn and subsequent recession could take a while to recover from with ATB Financial chief economist Todd Hirsch telling the Financial Post that “Things are moving in the right direction. That’s not to say all of that unoccupied inventory gets absorbed right away; it could still take a year.”
Meanwhile, housing starts are growing with 1,150 new units getting underway last month with CHMC believing that builders are betting on the spring season with fewer existing homes available.
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There are plenty of newly-built homes in Calgary but many are sitting vacant according to data from CMHC.