Alberta's new homes more likely to sit empty: ATB Financial

Not so long ago, houses in Albertasuburbs 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-thirdin Edmonton and by a smaller degree in Calgary.

An ATB Financial report released Wednesday says Edmonton has seen thenumber 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 housesbecause 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 ofcompleted but so-called "unabsorbed" homes to grow.