Alberta's new homes more likely to sit empty: ATB Financial
Unsold and unrented homes have jumped by 30% in Edmonton, 5% in Calgary
Not so long ago, houses in Alberta suburbs couldn't be built quickly enough to keep up with demand — but a report says the number of new houses that aren't sold or rented has jumped by nearly one-third in Edmonton and by a smaller degree in Calgary.
An ATB Financial report released Wednesday says Edmonton has seen the number of so-called "unabsorbed" new houses skyrocket by more than 30 per cent in the past year.
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Calgary's has fared better but the number is still rising, with a five per cent increase.
Calgary continues to have a demand for new houses because of its higher paying, head-office jobs, the report says.
Currently there are 403 unabsorbed houses in Calgary, a number that's falling, compared to Edmonton's growing number of 949, according to ATB Financial.
Some ATB economists believe the current economic conditions in the province will cause the number of completed but so-called "unabsorbed" homes to grow.