Calgary Multifamily Market Report

Market adjusting to evolving supply-demand dynamics. Calgary’s purpose-built rental market enters 2026 with healthy underlying demand but clear supply-driven softness. This reflects the city’s rapid population growth and one of the country’s largest construction cycles amid the metro’s lower costs and evolving job prospects. Continued in-migration is supporting stable absorption in older, more affordable buildings, yet the pace and concentration of deliveries is keeping overall vacancy elevated. Larger projects are taking longer to stabilize, pushing vacancy into the high-5 per cent range, well above the long-term norm, while higher-quality units introduced at significant rent premiums face some pressure. In contrast, legacy properties continue to perform well, with comparatively tight vacancy and steady renter demand.