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By Canadian Press

Alberta housing starts rebound to 2015 levels as oil prices surge

Jun 21, 2022 | 12:19 PM

CALGARY – Housing starts in Alberta are at a seven-year high as surging oil prices fuel a fresh building boom in the province.

Statistics Canada says housing starts in Alberta, seasonally adjusted at an annual rate, climbed 15.2 per cent to 46,456 units in May.

That’s the most new home construction the province has seen since March of 2015.

New home construction in Alberta cities boomed from 2010 to 2014, a period when the province’s commodity-driven economy was roaring.

But the oil price crash that began in late 2014 plunged the province into recession and slowed construction.

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In addition to housing starts, there are other indications that Alberta’s economy is once again firing on all cylinders. Statistics Canada says Alberta led the country in interprovincial migration in the fourth quarter of 2021 for the first time since 2015.

This report by The Canadian Press was first published June 21, 2022.

The Canadian Press