Calgary multi-residential investment dollar volume soared 93% year-over-year in the first half of 2024, says a new Barclay Street Real Estate report.

The sector hit a record mid-year high investment total of $525.4 million as 32 transactions closed during the first half. Five deals totalled $25 million or more, while three were valued greater than $50 million.

Multi-residential was the only asset class that showed a notable investment rise during the first half. Commercial condominium sales experienced a relatively modest year-over-year gain of $20.2 million while all other property investment sectors were down from a year earlier.

But total investment dollar volume was the third-highest that Barclay Street has on record dating back to 2013.

“Confidence in Calgary’s future and plentiful opportunities to participate in future growth, coupled with the Bank of Canada interest-rate reductions, created near-record demand for commercial assets at mid-year,” said David Wallach, Calgary-based Barclay Street’s owner, in the report.

First-half total investment volume only lagged the mid-year 2023 level of $2.18 billion and the $2.5 billion posted in 2022, when the $1.2-billion sale of the Bow office tower skewed the figure.

Strong population growth continues to fuel investments in apartments and boost rents that bolster buyer appetite, according to the report.

And, sales of multi-residential buildings with 100 or more units are on the rise. In the first half of 2024, five such structures traded, with three containing about 300 suites or more.

The five buildings sold accounted for more than half of the nine rental-apartment buildings sold altogether in 2023, when two 300-plus properties traded.

Calgary’s multi-residential sales are on track to match or exceed the total of such properties sold in 2023, when about 60 assets changed ownership.