Alberta shattered housing construction records in 2024, leading the nation in per capita housing starts as more Canadians sought improved affordability prospects.
The record number of home builds had an immediate effect in lowering rent.
“As the population continues to grow, Alberta’s government recognizes the need for more housing options. That’s why the province has been clearing the way for more homes to be built faster to help Albertans find housing that meets their needs and budgets – and it’s working,” reads a press release from the Alberta government.
Calgary saw the largest annual decrease in rental prices nationwide, tied with Toronto’s 7.2% decline.
Similarly, Alberta was the province that saw rent decelerate the most nationwide, according to Rentals.ca’s Jan. 2025 Rent Report. The province saw rent growth slow from 15.6% in 2023 to 1.6% in 2024, with average rents reaching $1,718 in Dec.
Alberta Premier Danielle Smith said the province was fast-tracking construction and cutting red tape so that more Albertans could find homes that fit their budgets and needs.
“Together, we’re turning permits into progress and building Alberta’s future,” said Smith.
Some of the initiatives implemented by the province include the “Stop Housing Delays” online portal, releasing provincial land for housing projects, and exempting designated affordable housing from property taxes.
Housing starts increased by 32% provincewide between 2023 and 2024, rising from 35,223 to 46,632. Alberta’s biggest cities also saw increases, with housing starts rising 39% in Edmonton and 24% in Calgary. The largest increases were seen in smaller cities like Red Deer and Lethbridge, which saw 84% and 194% increases in housing starts, respectively.
Between 2023 and 2024, housing starts rose 2% nationwide, according to Canada Mortgage and Housing Corporation. Housing starts saw a 16% decrease in Ontario.
During the first half of 2024, the province built more apartment units than any other half-year in Albertan history, breaking the previous record set in 1977.
A previous survey highlighted that almost three in ten Canadians, 28%, were seriously considering leaving their province due to the cost of housing. Alberta was the most common destination for desired relocation.
Rent increases slowing down in Alberta is the opposite of what happened last year, when Alberta had the fastest-growing rent in the province.
The Parliamentary Budget Officer previously reported that the Liberals’ reduced immigration targets would cut the housing gap in half by 2030.
Rents nationwide saw the first annual decrease since the pandemic in Nov. 2024. Associate Director of Communications for Rentals.ca, Giacomo Ladas, told True North that these decreases were attributable to housing starts reaching their highest levels in decades and immigration slowing down.
Aside from initiatives to cut red tape and incentivize housing construction, the Alberta government has also made significant investments in affordable housing. Since 2019, Alberta’s government has invested nearly $850 million in building 5,100 affordable housing units and almost 900 shelter spaces.
