Multi-family properties led Calgary’s commercial real estate investment market with $286.6 million in sales in the first quarter, says a new Avison Young report.

Multi-family posted the largest deal of the quarter: Fiera Real Estate’s $119.9-million acquisition of the deVille apartments in Quarry Park.

According to Avison Young, the total dollar volume of investment sales in the Greater Calgary Area reached $1.13 billion in the first quarter, marking a 33% increase from the first quarter of 2023. But the first-quarter 2025 total of $1.13 billion was down year-over-year.

Multi-family’s performance has stood out amid this growth, with its total 2024 dollar volume up 81% year-over-year.

Retail followed closely with $287.6 million in sales, supported by consumer demand and investor interest in grocery-anchored and neighbourhood centres. Office transactions totalled $196.7 million, industrial brought in $174.7 million, residential land reached $118.9 million, and ICI land saw $60.8 million in sales.

Despite continued economic uncertainty and elevated construction costs, investors remained focused on long-term gains in the multi-family and retail sectors.