Calgary’s multi-family investment market is showing strong momentum in 2025, with year-to-date sales volume already approaching the full-year total for 2024, says a new Avison Young report.

Thus far in 2025, investment sales dollar volume has reached approximately $700 million and could surpass the roughly $750 million full-year 2024 investment total.

“Calgary’s multi-family market has firmly established itself as one of the country’s most attractive investment environments,” said Mason Thompson, associate vice-president of multi-family investment sales in Avison Young’s Calgary office.

Institutional investors and private developers continue to expand their holdings as zoning reforms introduced in 2024 spur new rental and conversion projects across key urban and transit-oriented areas such as the Beltline, East Village, and Bridgeland. The policy changes have encouraged middle-density growth and diversified Calgary’s housing stock.

“Demand is still there for Calgary product,” said Haig Basmadjian, who also serves as an associate vice-president of multi-family investment sales in Avison Young’s Calgary office.

While average sale prices have edged downward, the market is entering a period of stabilization following two years of rapid rent increases and rising valuations, said Avison Young. Recent adjustments to Canada Mortgage and Housing Corporation financing and insurance premiums are prompting investors to refine underwriting and pricing, but transactions remain active.

Rental rates have levelled off near $2,000 across all unit types after several years of sharp increases, as new supply continues to enter the market at a pace similar to 2023. But despite the plateau, conditions are firmly in seller’s market territory, says the report.

Vacancy has climbed to 5.5%, up from the 2023 low of 1.4%, but remains supported by steady demand from interprovincial migration and ongoing affordability challenges, according to the company. Developers are increasingly adopting mixed-delivery models that combine market and below-market units to access funding incentives.

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