In the CMHC's latest report on housing starts, it was revealed that construction of single-family homes in Calgary and the surrounding area was down 13% in the first half of 2023, while construction of row houses was up 37%. This shift in demand is due to the triple whammy of construction costs, interest rates and purchase prices all rising. The CMHC noted that more than half of the units being built are purpose-built rental apartments, which is the first time Calgary has seen a majority of apartment-style units being built for rent rather than for purchase. The report also noted that increased construction costs remain a major challenge
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