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Market Report

Calgary Multifamily Market Report

2025 Investment Forecast

Ongoing Demand Drivers Likely to Absorb
Influx of New Supply Over the Long Run

Apartment sector seeing some balance return to the market. Calgary multifamily properties have benefitted from historic population growth, as the metro’s lower cost of living drove both international and interprovincial migration. Compared with the start of 2019, Calgary’s population jumped by roughly 240,000 residents as of the fourth quarter of 2024. At the same time, while lower land costs, less red tape and quicker development timelines caused purpose-built rental completions to reach all-time highs – pushing vacancy up – total apartment inventory has only expanded by 15,000 units. Looking ahead, while vacancy is expected to climb further, new supply is likely to be absorbed over the longer-term. Population growth is expected to remain above the national average in 2025, largely because of affordability advantages. A stable oil sector outlook, along with economic diversification into renewable energy as well as technology, finance, health care and film, is also likely to support above-average employment gains, further aiding the metro’s longterm multifamily outlook. Additionally, the under construction pipeline began to level off in 2024, which is set to mitigate supply-side pressures over the coming years.

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