THREAT · Builders & Developers · Housing starts
CMHC’s July 2026 housing starts release (August 18) shows Calgary starts down 20% year over year, with the city’s six-month trend slipping 6% to 21,682 units. Edmonton moved the other way, with its trend rising 10% to 19,461 units, leaving Alberta’s overall trend flat at 45,079. Nationally, the seasonally adjusted annual rate fell 5% to 229,074 units and actual urban starts were down 19% from July 2025, while approved-but-unstarted permits climbed 3% to 141,480 units.
CMHC deputy chief economist Tania Bourassa-Ochoa said starts are “likely to remain subdued over coming months, reflecting challenges in bringing new projects to market.” For Alberta operators the takeaway is a province splitting in two: Calgary is digesting the record 2025 pipeline while Edmonton continues to absorb migration-driven demand.
What it means: If your land and marketing plans still assume a single Alberta market, it’s time to split them. Calgary builders face a growing completions-versus-absorption gap that rewards sharper positioning and lead nurturing; Edmonton builders have a window to lean into launches while demand is still running ahead of supply.
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