2024 sees record amount of new purpose-built residential rental units added to the market in Calgary
New purpose-built rentals compared to vacancy rate
- A record number of new purpose-built rental projects were delivered in 2024, helping alleviate the pressing demand for housing in Calgary. In total 5,500 new units completed in 2024, far surpassing the previous year (3,216) and the previous record in 2022 (3,606).
- New supply has affected the vacancy rate, reversing a three-year trend of declining vacancy. The vacancy rate has risen sharply to 4.6%, mainly due to the large increase in supply. With many of these new rental units being on the higher end of pricing, they have taken longer to lease.
- Despite the increase in vacancy, market fundamentals in Alberta remain sound, with population growth and housing starts continuing to lead the country. Additionally, the energy sector continues to be one of the main drivers for Alberta and Canada’s growth this year.
January 13, 2025