Decline in resale fuels construction

A drop in both resale and new spec homes in Calgary has fuelled a climb in housing construction this year, says a federal agency.

Through the first four months of 2013, the Calgary census metropolitan area saw a nine per cent increase in construction of single-family homes compared to the same period in 2012, says Canada Mortgage and Housing Corp.

The area includes surrounding communities such as Airdrie, Cochrane and Chestermere. Spec homes are built in advance for buyers who want to take immediate possession, rather than wait for their dwellings to be constructed.