Hot properties: Calgary's multi-family is a commercial real estate hotspot
Multi-family residential real estate is among Canada's hottest commercial real estate sectors, which should come as no surprise in Calgary and other major cities where housing supply has been in short supply in recent years.
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Yet a new report further cements this thesis, illustrating that residential real estate is front and centre for developers and investors, especially in Calgary where high migration from other provinces has driven housing demand.
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'If you look at Calgary, population continues to increase rapidly because, simply, people want to live there,' says Kingsley Ma, regional vice-president for Re/Max in Vancouver.
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Although the Re/Max Canada's 2025 Commercial Real Estate Report points to economic uncertainty driven by trade strife with the United States dampening commercial real estate investment in Canada, residential real estate — new homes for rent and ownership — continue to stand out.
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The main driver is Canada remains deeply underhoused even with international migration pared back from peaks in previous years.
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As the report notes, Calgary's multi-family purpose-built rental market has still seen very high investment with 3,000 starts in the first quarter of this year (ending March 31), of which nearly 65 per cent were rental units.
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Transactions among existing purpose-built rental assets also remained highly active with several high-value sales, including Boardwalk REIT (Real Estate Investment Trust) a 295-unit high-rise for $80 million.
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The report adds that vacancy remains attractive at 4.8 per cent, according to a Canada Mortgage and Housing Corp. report from earlier this year. As well, rents are increasing, up nine per cent year over year to $1,900 a month in Q1 for a two-bedroom.
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The past few years of high demand have pushed the industry to look to creative solutions for housing, including office conversions downtown to rental, Kingsley says.
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'The result of all this activity is that you are bound to face more competition.'
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In particular, individual investors seeking to purchase condominium apartments and other dwellings to rent out in Calgary are facing more competition from new purpose-built projects, which can add several hundred new rent units to the market.
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