In the city of Calgary, residents are strapping on their cowboy boots as the 2025 Calgary Stampede officially kicks off! Attendance this year is expected to exceed the record number set in 2024. In the multifamily market, a similar momentum is taking place.
Calgary experienced an influx of new rental supply in 2024, three times the amount delivered in 2023, because of stalled projects during the pandemic.1 Still, population growth has remained strong, surging by 6% in 2024 alone.2 Much of this growth has come from young professionals and families relocating from other provinces, drawn by Calgary’s comparatively affordable rents and expanding job market. But it’s not just residents taking notice.
Calgary is standing out to investors for its strong fundamentals and attractive returns. With cap rates in the 5% range, it’s a market where positive cash flow is still achievable, even in today’s high-rate environment.3 As such, the combination of strong rental demand, lower acquisition costs, and sustainable operating income is turning Calgary into one of Canada’s most attractive places to deploy capital.
Chart 1: Calgary Forecasted for Continued Rent Growth
Source: CoStar, Peakhill Capital
“As someone based in Calgary, I’ve seen how the city’s rapid growth is creating exciting opportunities within the multifamily market. With strong rental demand and profitable margins, new multifamily projects are well-positioned for success. It’s a market where borrowers can build with confidence, knowing there’s real momentum and long-term value.”
At Peakhill Capital, we have continued to support West Coast developers by expanding our local team and offering competitive financing solutions.
Interested in learning more about our financing options? Connect with one of our originators!
