Greater Calgary multifamily overview
Spring 2025
Multi-residential trends to watch
01. Population and rent growth
After a prolonged surge in rental rates since 2019, Calgary's rent prices have begun to soften. The market is also experiencing a slowdown in transaction activity, signaling a cooling period in the multifamily sector. With interest rate cuts stabilizing, prospective buyers are holding off in anticipation of more favorable rates and further rent reductions. Meanwhile, sellers remain cautious, opting to delay decisions amid ongoing political uncertainties.
02. Stable demand amid a growing population
Housing demand in Calgary is steady, and even though there are some challenges, the market is doing well in supporting the city's population growth. Property values remain steady, and lenders are still optimistic and ambitious. In the long term, sustained rental rate growth is expected to drive both supply and demand in the multifamily sector, supported by an increasing number of purpose-built rental developments entering the market.
03. Rising purpose-built rentals; seller expectations still high
The supply of purpose-built rental properties in Calgary is increasing, and with it has come the softening of rents as newly delivered product actively pursues absorption. Seller expectations remain high as many owners gauge value based on returns. Purchasers, by contrast, have become more cautious in underwriting and forecasting asset performance, and therefore the gap between bid and ask may start to widen.Apartment vacancy rate
Average rental costs
Total rent declined
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