Calgary Multifamily Market Report

Apartments in high demand. Following a record year in 2023, Calgary’s population growth in the first half of 2024 continued to be one of the highest among major Canadian metros. Calgary has welcomed a considerable number of new residents from other provinces, which accounted for 28 per cent of the population gains last year. Earlier this year, the provincial government launched the third phase of the Alberta Is Calling campaign, which offers a $5,000 bonus to eligible skilled tradespeople moving to Alberta by the end of 2024. This is on top of already strong migration patterns amid a healthy energy sector, a diversifying economy and a lower cost of living. These factors combined will help maintain a steady inflow of interprovincial migration, supporting the metro’s near-term population growth. Demand for apartments will likely show little sign of slowing this year as a result, continuing to put downward pressure on the vacancy rate.