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Market Report

Calgary Multifamily Market Report

1Q 2024

Population Surge Propels Rental
Demand as Supply Struggles to Keep Pace

Booming population quickly tightening rental market. Calgary’s lower cost of living, emerging tech sector and robust job market supported by its oil industry have led to historic population gains in recent years. The metro’s apartment vacancy rate dropped to 1.4 per cent in 2023 as a result, marking the first time since 2014 that it has dipped below the national average. Calgary’s rapidly tightening market, combined with a lack of rent control policies, gave rise to a 17.7 per cent rent increase, the highest growth rate among major Canadian metros in 2023. Areas around the city centre, including North Hill, Downtown and Beltline, attracted significant leasing demand, resulting in substantial occupancy gains and an over 20 per cent increase in the average effective rent. These urban submarkets will likely see increasing leasing activity with the completion of office-converted apartment buildings in the coming years.
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