Calgary Multifamily Market Report

Supply driving reorientation. Calgary’s population has grown by 15 per cent since 2020, causing rental rates to surge by 50 per cent. In turn, builders looked to capitalize – which was aided by favourable CMHC financing, land availability, lower development costs, streamlined approvals and government incentives – pushing the construction pipeline to its highest on record in 2023. With these projects now delivering, multifamily performance is recalibrating; however, the sector’s long-term outlook is optimistic, despite some lingering economic risks. Given the metro’s lower cost of living, population growth is expected outpace the national rate in 2025 as Canadians continue to relocate from more expensive cities. The construction pipeline is also peaking – and with tariffs likely to push costs up – these supply pressures could further abate. Over the longer term, this will help the market absorb the elevated levels of deliveries coming online.