As Calgary’s multifamily sector continues to maintain its “safe harbour” status with investors, Yoni Naidich, Vice President of Financing at Peakhill Capital, breaks down the emerging opportunities driving these trends and what they signal for the future ahead of the Calgary Real Estate Forum.
Key Insights
- The high price point of single-family and apartment assets is shifting demand toward rental housing, creating a strategic opportunity for investors and developers to capitalize on a deepening pool of renters.
- Calgary’s multifamily sector continues to maintain its “safe harbour” status with investors, as strong population growth and declining vacancy rates are forecast to support long-term rent appreciation.
- Recent zoning easements have opened the door for higher-density development in desirable areas that were previously unfeasible.
The Shift Toward Cash-Flowing Multifamily Assets
What began as a pandemic-fueled housing boom has evolved into steady, strong demand in one of Canada’s fastest-growing cities. Now in 2025, Calgary’s rental market is entering a new phase of opportunity, which presents a strategic entry point for investors to capitalize on current market conditions.
In 2021, construction delays, combined with low interest rates, limited the housing supply. As Canadians and new residents sought out affordability, Calgary quickly became a hot spot. Single-family and apartment prices faced significant upward pressure as supply struggled to keep up with the influx of new demand. As a result, a growing share of buyers have been priced out of the market, and demand is shifting decisively toward multifamily assets. Even as broader market momentum eases, the appetite for higher-density housing remains strong, reinforcing the strategic value of investing in apartment supply amid ongoing affordability pressures.
Chart 1: Pricing Trends in Single-Family and Apartment Assets
Source: CREA1, Peakhill Capital
Economic Uncertainty Fuels Demand for Stable Multifamily Investments
Calgary’s multifamily investment appeal is further reinforced by the broader economic uncertainty stemming from the ongoing U.S. trade war. As Avison Young noted in their Spring 2025 Multifamily Report, “When there is uncertainty, people naturally look for a safe harbour. In the world of commercial real estate, that safe harbour has become multifamily assets.” 2
Although rents have softened slightly due to a surge of new supply over a short period, strong population growth is expected to sustain long-term rent appreciation, with vacancy rates projected to tighten to 4.8% by 2027.3 In the long run, tightening market conditions are expected to support average-rent appreciation, bolstering investor returns.
Chart 2: Forecasted Vacancy Rates and Housing Starts
Source: The City of Calgary3, The City of Calgary4, Peakhill Capital
Market Outlook
Calgary’s accelerating population growth continues to anchor its investment appeal. In 2009, the City of Calgary projected it would reach 2 million residents in the 2050s. Today, that milestone is expected as early as 2034, highlighting the pace of expansion. Analysts even anticipate Calgary will soon become Canada’s second-largest city.5
In tandem, recent zoning easements have opened the door for higher-density development in desirable areas that were previously unfeasible. Combined with CMHC’s MLI Select program, which supports financing for accessible, affordable, and energy-efficient projects, developers and investors are well-positioned to benefit from strong absorption, stable pricing, and a deepening pool of renters. Altogether, Calgary offers a clear path for investors seeking growth supported by demographic momentum and favourable policy changes.
Chart 3: Calgary’s Forecasted Population Growth
Source: CBC5, Canadian Policy Research Networks6, Peakhill Capital
Peakhill’s Multifamily Experience in Calgary, AB
Since inception, Peakhill has closed over $425 million in deal transactions across Calgary. Our comprehensive conventional and CMHC financing programs support multifamily projects across all stages of development, from acquisition and construction to takeout financing.
As part of our value-added services, we encourage clients to leverage our in-house market expertise, which provides invaluable insights when making critical decisions about initiating a potential project. Considering the many factors involved in a successful multifamily project, it is beneficial for owners and developers to collaborate with market experts who can interpret the constantly evolving criteria for debt placement.
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Let’s continue the conversation
Footnotes
- CREA. 2025. MLS Home Price Index. ↩︎
- Storeys. 2025. “The Entire Country is Looking at Us”: Inside Alberta’s Hot Multifamily Market. ↩︎
- The City of Calgary. 2025. Housing Trends: Rental Market Vacancy Rate. ↩︎
- The City of Calgary. 2025. Calgary & Region Economic Outlook 2025-2030. ↩︎
- CBC. 2025. Calgary is racing to 2 million people. Will next council prepare for it? ↩︎
- Canadian Policy Research Networks. 2006. Demographic Trends and Implications for the City of Calgary. ↩︎
This article is for information and discussion purposes only. The contents of this article are not to be construed as investment, legal, business, or tax advice. Peakhill does not provide tax advice. Please consult with a qualified tax professional or financial advisor to understand how any investment decision may impact your individual tax situation. If any information related to the contents of this article, or regarding Peakhill’s corporate strategy and organization, is provided at any time, orally or otherwise, such information is provided as a convenience only without representation or warranty as to its accuracy or completeness and should not be relied upon without independent investigation and verification. All investments carry risks, and past performance is not indicative of future results.
