Calgary Multifamily Market Report

Record construction reshaping market conditions. Calgary’s apartment market is entering a more balanced phase after one of the strongest periods of rental demand in the city’s history. Record population growth, limited supply, and rapidly rising rents between 2022 and 2024 encouraged an unprecedented wave of development, fundamentally reshaping the metro’s construction pipeline. As thousands of new units are delivered and population growth gradually normalizes, vacancy has risen from historic lows and rent growth has moderated. While these shifts represent a notable change from the past several years, they also point to a healthier long-term equilibrium after a period of exceptionally tight market conditions.