Calgary Multifamily Market Report

Supply pressures causing a softening in fundamentals. Calgary’s population growth accelerated to 6.0 per cent in 2024, capping off a total increase of nearly 20 per cent since 2019. This record-setting growth was fuelled by historic immigration, a diversifying economy and a lower cost of living. Recent employment growth has been strong as a result, and Calgary’s multifamily vacancy rate neared an all-time low of 1.4 per cent in 2022, driving annual rent growth to 18 per cent. Many investors and developers looked to capitalize on this robust demand. Apartment starts have surged since 2020, pushing deliveries to an all-time high last year. This influx of supply has brought some balance back into Calgary’s multifamily sector. Looking ahead, while deliveries are expected to stay elevated – likely causing a further softening in fundamentals – these supply-side pressures are abating, as the under-construction pipeline began trending down last year.