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Market Report

Calgary Multifamily Market Report

3Q 2023

Sizable Rental Needs Persist,
Further Solidifying Sector Fundamentals

Demand forces showing no signs of slowing. Calgary saw its apartment vacancy rate tighten at a rapid pace in 2022. This was driven by a sharp increase in population, and housing demand spilled over from the single-family market due to fast-rising homeownership costs. In the first half of 2023, these demand tailwinds continued to persist. Alberta welcomed over 100,000 new residents within this period, resulting in a 4.5 per cent year-over-year increase in the second quarter — the second-highest growth rate in Canada. This was a result of Calgary’s more affordable nature, as well as robust employment opportunities. The strong inflow of immigration and domestic in-migration is expected to keep rental needs strong for the remainder of 2023. Additionally, as mortgage rates continue to climb following the Bank of Canada’s recent rate hikes, housing demand will likely keep shifting to the multifamily sector.
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