Why Multifamily Homes Are Calgary’s Future
Calgary is undergoing a housing transformation—and multifamily development is at the heart of it. For newcomers and homebuyers alike, this emerging trend represents smart living, strong investment opportunities, and a thriving urban lifestyle. Here’s why multifamily housing is shaping Calgary’s future—and what the latest data tells us.
1. Surging Population and Housing Starts
Calgary’s population continues to climb—growing by 5.7% year-over-year in Q1 2025, one of the highest rates among major Canadian economic regions. In addition, the city led all Canadian municipalities in housing starts during Q1 2025, reaching 4,995 units, up 14.7% from Q1 2024. Multifamily units, particularly, are driving this growth—apartment starts increased 22.6%, and purpose-built rental units comprised 64.2% of total apartment starts, a sharp rise from 37.7% the previous year.
2. Record Rental Unit Completions
In 2024, Calgary added a staggering 10,059 new rental units, nearly three times the total seen in 2023. This surge signals growing investor confidence and robust rental demand—making multifamily projects even more attractive.
3. Extremely Tight Rental Market
Vacancy rates in Calgary reached near-record lows, dipping to just 1.4% in 2022—a key driver behind annual rent growth of 18%. Despite recent increases in supply, conditions remain in the tenants’ favour, as demand continues to outpace available homes—particularly in inner-city neighbourhoods.
4. Municipal Support for Density and Middle Housing
The City of Calgary is actively supporting infill and multifamily through its housing strategy. In 2024, the city advanced over 25,000 new market housing units to the building permit stage—well above the historical average of 14,000. Permits for secondary suites also soared by 17.2%, and townhouse units increased by an impressive 33.8% year-over-year. These types of "missing-middle" homes—duplexes, triplexes, rowhouses—are increasingly encouraged by both citizens and policy-makers.
With population growth accelerating, housing starts leading the nation, and policy encouraging thoughtful density, multifamily developments offer both opportunity and impact.