Calgary condo starts could create new records

A new report from consulting firm Altus Group predicts that condo building could push overall housing starts to record levels this year.

The firm says that new starts could reach 17,800 in the Calgary census metropolitan area by the end of this year, beating the previous high of 2006.

Altus says that condos are particularly hot right now with the level of starts in the first half of this year running at four times the level of the same period in 2013. With employment staying strong and consumer confidence relatively high the report says that demand is still high.

There is a cautionary note though; Altus predicts a slowdown in housing starts next year, although rates are still expected to be higher than 2013.