Calgary Retail Market Report

Market dynamics differ across geography. Calgary’s population surged by roughly 6.0 per cent in 2024 – the strongest in Canada. Most of that growth landed in new and expanding suburban communities in the Northeast, Northwest and Southwest. These areas offer greenfield master-planned communities, where developers can quickly add housing to absorb newcomers. This dynamic creates more affordable living conditions that attract younger families who prioritize space, schools and access to community amenities. As a result, suburban growth has triggered retail property investment, especially in grocery- anchored and mixed-use centres, reinforcing the live-work-shop ecosystem. In contrast, Downtown Calgary’s residential population has grown but from a small base. It is not absorbing anywhere near the volume of suburban subdivisions. At the same time, the metro’s office sector is still recovering from structural economic shifts, further hindering downtown foot traffic and property performance.