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Market Report

Calgary Multifamily Market Report

3Q 2022

Affordability, Diversification and the Return of Oil
Bode Well for the Calgary Apartment Market

Local economy outpacing national growth pace. Calgary employment is anticipated to grow by 5.0 per cent in 2022, well above the national level of 3.8 per cent. Gains are driven by the recent elevation in energy prices that is likely to boost industry operations in the province, as foreign countries become more reliant on Canadian resources. Hiring in the energy sector will allow employment to grow at a rate above the pre-pandemic five-year average, with the metro expected to add just over 41,000 new jobs in 2022. While many of these positions are in the energy sector, Calgary's economy is also diversifying away from oil and gas, and it is starting to attract large technology companies. Amazon will be opening a new AWS computer hub in the city, and IBM just announced it will be opening a client innovation hub. With job openings in low- to mid-paying sectors like oil and gas, coupled with higher-paying tech jobs being created, Calgary is expecting its population to grow by 1.7 per cent this year, or 22,220 people. This increase in population bodes well for the multifamily sector, as housing will be in high demand. With a broad range of income opportunities, the outlook is positive across the quality spectrum.

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