Downtown Calgary is showing strong signs of revitalization as a new city report reveals a $1.8-billion increase in assessed property values since 2022.

The increase is driven by record investments and the success of the City’s Downtown Development Incentive Program (DIP), according to the report.

Under the DIP, 11 projects have been approved to date, resulting in nearly 1,500 new multi-family rental units—300 of which are below-market housing. These projects are part of a broader office-to-residential conversion effort aimed at repurposing underused commercial space and revitalizing the urban core. Seven additional conversions are expected to be completed in 2025.

The strategic investment approach is yielding high returns, says the city. For every $1 of public funding provided, the program has generated $3.50 in private investment. To date, about 1.75 million square feet of vacant office space has been approved for conversion, with another 1 msf anticipated in 2025. These efforts are expected to house approximately 2,400 new downtown residents.

The surge in development and property value comes as Calgary’s downtown continues to rebound from years of economic downturn and the pandemic. Supported by all levels of government, including a recent $52.5-million boost from the federal Housing Accelerator Fund, the DIP has garnered international recognition and is seen as a model for urban regeneration.

City officials say this momentum is crucial to reaching the Downtown Strategy’s goal of creating a vibrant, mixed-use downtown by 2031, with further investments already in the pipeline.

Pictured: Downtown Calgary.

Photo: Shutterstock

Be there on May 28 | Toronto: Canadian CRE leaders will be at Connect Canada on May 28th to discuss where the CRE market is headed for the second half of 2025 and beyond. Get the experts’ insights into the challenges and opportunities facing the industry and learn from the leaders who are driving Canadian CRE forward. www.ConnectCanada2025.com | May 28, 2025 | Malaparte. Toronto.