Housing

Current Housing Trends

Olds saw a record number of housing starts in 2024, with building permits being issued for 130 new dwellings. Furthermore, there was a significant increase in the variety of housing types being developed in Olds – a need identified in the 2023 Housing Needs Assessment – with permits being issued for several detached houses, duplexes, rental apartments, mixed-use buildings, secondary suites, and multi-plexes.
While 2024 was as a successful year for new housing development, rental vacancy rates are still less than one percent and housing costs are unattainable for many. The Town hopes to continue this momentum by attracting more residential investment in the years to come through development incentives and promoting Olds as an attractive place to invest in.

Permit Processing Successes

Throughout 2024, changes in the Town’s permitting processes contributed to significant improvements in approval times. Currently, it takes fewer than two business days, on average, for applicants to receive a development permit for most new developments. As a result of our improved efficiency, some developers have been encouraged to apply for permits up to a year sooner than originally planned because they know they can get shovels in the ground sooner in Olds than would be possible elsewhere.

Housing Assessment Results

Funded by the 2023 operating budget and completed by McElhanney Engineering, the purpose of the Housing Needs Assessment was to help the Town understand the local housing situation and provide objective data and analysis to prospective housing developers. This report was presented to Council at its meeting on October 10, 2023.

This project will be brought to Council on a bi-annual basis for funding to update and analyze our housing situation, and this report is an essential first step in the process. Future iterations of this report will seek to gather more specific data for the Town of Olds, as the Town is currently mixed into the Mountain View County region with Statistics Canada. While this is not bad or inaccurate, having Town-specific data will be a worthwhile investment. 

The report confirms many issues that were suspected, including:

• There is a housing shortage across virtually all sectors, including rental units, seniors, students, and starter homes. 
• Housing inventory is highly concentrated in the single detached realm and new builds are predominantly 'higher end' homes. 
• There are a significant number of older homes, which could mean a reduction on housing stock as these are demolished or abandoned. 
• Community engagement was undertaken, and there was an overwhelming consensus that housing affordability and shortages are primary issues.

This report has been shared with key stakeholders locally and in the development community.

View the most recent Housing Assessment Results here.

Develop or Legalize a Secondary Suite

The Town of Olds defines secondary suites as an additional dwelling unit subordinate to the principal dwelling unit on a parcel designated for a single-detached dwelling. The suites are independent units with their own kitchen, bathroom, and a private entrance and must comply with the Alberta Fire Code, Alberta Building Code and the Town's Land Use Bylaw.