I do wonder if we'll see a lot bigger year for multifamily starts in 2024. A lot of the big Edmonton developers all had large purpose built rental multifam project(s) commence in 2021/2022 and most of those projects are still not yet bringing in cash flow but are very close to completion (Hat 121, One12, Laurent/Eleanor, CNIB, Abbey Park, Mercury Block, West Garneau, Windsor Terrace, just to name a few) plus some real massive projects like Station Lands, The Parks, Falcon I that are mid construction.
Market forces including tightened lending I am sure have stopped many developers from breaking ground on something new, but I'm thinking a lot are simply waiting till their current projects are at the occupancy stage bringing in some healthy cash flow to derisk a little more than developers not being able to get any projects off the ground. Especially given that the vast majority is all purpose built rentals, which is a pretty different ballgame than condos with strong presale numbers. Abbey Lane selling Abbey Park before even hitting occupancy seems telling of that--it's a hard game having multiple PBR projects on the go without real deep pockets.