Key Takeaways:

• Housing Market Surge: Alberta has seen a remarkable 54% increase in new home constructions in the first half of 2024, with Edmonton and Calgary experiencing rises of 67% and 38% in housing starts, respectively.
• Strategic Policy Initiatives: Alberta’s government and municipal bodies are implementing measures to support affordable housing and streamline development processes, aligning with broader goals of affordability and sustainability.
• Supporting the Housing Crisis: Quickly’s Early Payment Platform (EPP) is providing crucial financial flexibility to suppliers and trades, helping to address the Alberta housing crisis by ensuring timely payments and enhancing cash flow for large-scale projects.

As Alberta witnesses a historic surge in housing starts—marking a 54% increase in new home constructions in the first half of 2024—the province is making substantial strides to meet the growing demand for housing. This boom reflects a positive shift towards addressing the housing shortage, but it also introduces new challenges for developers, contractors, and suppliers who must navigate the complexities of scaling operations to meet unprecedented demands.

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The Current Landscape

Alberta’s proactive approach in reducing red tape and lowering development costs has led to a record number of housing starts. Cities like Edmonton and Calgary have experienced construction increases of 67% and 38%, respectively, compared to last year. This surge highlights both the government's commitment to expanding housing options and the industry’s dedication to building attainable homes for all Albertans.

However, the rapid growth brings challenges that could hinder progress. Builders are under immense pressure to deliver projects on time and within budget while managing cash flow, maintaining vendor relationships, and ensuring resource availability.

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Navigating Policy and Economic Challenges

Alberta’s commitment to addressing housing affordability extends beyond immediate construction needs. The provincial government is actively implementing initiatives to support first-time homebuyers and increase funding for affordable housing projects. Additionally, efforts to streamline development processes are aimed at reducing costs and enhancing the creation of attainable housing options.

Recent policy changes, including updates to zoning laws and building codes, are designed to promote sustainable development and improve housing affordability. These efforts are crucial in ensuring that new housing projects align with broader goals of affordability and sustainability.

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Community Impact and Economic Growth

The surge in housing construction has far-reaching economic implications. Beyond meeting housing demands, increased development is creating jobs, stimulating local businesses, and contributing to overall community growth. By improving cash flow and operational efficiency, the housing sector is better positioned to support the local economy and foster community development through their projects.

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Driving Innovation in Housing

At a recent Tech Thursday event sponsored by Neo Financial focusing on advancements in the financial sector, Quickly’s role in driving innovation within the housing industry was highlighted. My Co-Founder Ammar Memon emphasized the critical role of financial technologies in addressing housing challenges. With the Canada Mortgage and Housing Corporation (CMHC) estimating that 3.5 million homes need to be built by 2030 to restore affordability, Quickly’s solutions are integral to this mission, addressing the housing crisis across Alberta and beyond.

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How Quickly Is Helping

At Quickly, we recognize the challenges associated with scaling up in a booming housing market. Our Early Payment Platform (EPP) is making a significant impact by providing your suppliers and trades with the financial flexibility they need to keep pace with the rapid construction momentum. Here’s how Quickly is supporting the housing sector:

• Improved Cash Flow for Suppliers: With Quickly’s EPP, suppliers receive payments earlier, enhancing their cash flow and allowing them to meet the demands of large-scale projects without financial strain. This reliability in the supply chain reduces the risk of delays and disruptions, ensuring smoother project execution.
• Enhanced Vendor Relationships: By offering early payment options, builders are strengthening relationships with their vendors. This fosters a collaborative environment where everyone involved benefits from improved financial stability and trust, essential for the successful completion of projects.
• Supporting the Housing Crisis: Quickly’s automated early payment technology helps address the Alberta housing crisis by ensuring timely payments and financial flexibility for suppliers and trades. This support is crucial for maintaining the momentum of housing construction and meeting the province’s growing demand for new home

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Conclusion

Alberta’s housing boom presents both opportunities and challenges. By partnering with Quickly, developers, contractors, and suppliers are navigating these challenges with confidence, ensuring that the province’s housing needs are met efficiently and effectively. As we continue to innovate and expand our services, we are excited to play a key role in shaping the future of housing in Alberta and across Canada.

If you’re interested in learning more about how Quickly can support your business during this crucial time, visit our website or contact us today.

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Get in Touch

Are you interested in learning how an Early Payment Program could benefit your company? Contact us at Quickly to discover how you can also achieve improved cash flow and operational efficiency.

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Kyle Friedman‍

Kyle is a seasoned entrepreneur with over a decade of experience leading innovative ventures. As co-founder and CEO of Quickly Technologies Inc., he's revolutionizing access to earned revenue for businesses, driving growth and efficiency.

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