Calgary: A Rising Star in Real Estate Investment for 2025

Emerging Trends in Real Estate, an annual report by PwC and the Urban Land Institute, surveys real estate professionals globally to identify trends in investment, development, and markets. The 2025 report highlights Calgary as a rising star in real estate investment, ranking No. 1 for overall prospects due to its growing tech sector and strong population growth. Calgary’s CMA added nearly 96,000 people in the past year, with a third coming from interprovincial migration.
The report notes the greatest investment opportunities are in Calgary’s single-family and multi-family markets, with housing starts reaching a record 24,369 in 2024. Despite rising construction costs, the city’s relatively affordable housing continues to attract people, though increasing demand is expected to push rents up by 3.4% in 2025. Still, average rents remain lower than Toronto or Vancouver.
While Calgary’s office space vacancy rate hit 30.3% in 2024, the city is addressing this with a program to convert office buildings into residential and mixed-use spaces, offering funding to developers. The industrial market remains strong, with a 3.3% vacancy rate, and Calgary’s role as a distribution hub for Western Canada is expected to drive continued demand.
With another record year of housing starts expected in 2025, Calgary’s development initiatives should help ease housing pressures, especially for first-time buyers and renters.