Greater Calgary multifamily overview
Fall 2025
Multi-residential trends to watch
01. Institutional confidence and zoning redefine rental supply
Calgary’s multifamily sector is drawing heightened interest from institutional investors, with major REITs and private developers expanding their holdings and pursuing large-scale rental projects. Zoning reforms implemented in August 2024 have unlocked rapid growth in middle-density housing as development permits for new developments and conversions have risen and have made it easier for more density to enter the market. These policy shifts are diversifying housing types and positioning Calgary as a leader in adaptive reuse and urban infill.
02. Inner city rising in popularity and development
Market growth is clustering around key urban and transit-oriented hubs, led by the Beltline. Centers such as East Village, Bridgeland, Mission, and Killarney–Glengarry are attracting both renters and developers thanks to revitalization efforts, mixed-use amenities, and future transit connectivity via the Green Line. Meanwhile, the southeast and southwest districts maintain some of the city’s tightest conditions, supporting continued rent resilience despite rising overall vacancy.
03. Rents level off; however, a seller’s market persists
Signs of rental stabilization are showing as recent growth levels off and rents align with market norms. Despite this plateau, the buyer pool remains strong, and pricing is holding steady, keeping conditions firmly in seller’s market territory. However, new CMHC underwriting changes, including adjustments to insurance premiums, have made financing more challenging, placing greater emphasis on ensuring deal pricing matches true project costs. While transactions are still financeable, buyers and sellers alike must navigate these tighter lending requirements.Apartment vacancy rate
Average rental costs
Total rent declined
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