This Week in Calgary CRE

In 2025, the city recorded 23,360 housing starts, up nearly 16% year over year, driven largely by apartment construction and purpose-built rental supply. At the same time, residential building permit values declined, signaling a more selective development pipeline ahead. Calgary finished the year with 23,467 units under construction and more than 20,400 completions. Expanded residential supply supports long-term commercial real estate fundamentals by anchoring population gr

Did you know Calgary’s job growth remains well ahead of the national average. In 2025, employment in the Calgary Economic Region increased by 3.7% , adding 37,200 jobs — more than double Canada’s overall growth rate of 1.5%. Although hiring momentum has cooled from 2024, employment levels and labour income growth remain supportive. Sustained job growth underpins demand for office space, logistics facilities, and service-oriented retail tied to employment centres. Follow Cl

A recent Western Investor article highlights growing concern among business owners across British Columbia that street disorder — including vandalism, open drug use and repeat non-violent incidents — is increasingly affecting the day-to-day functioning of commercial properties. Retailers and employers report that persistent disorder is straining operations, increasing security requirements and complicating efforts to maintain welcoming business environments. Importantly, man

Calgary’s mortgage delinquency rate remains stable despite higher borrowing costs. While the Bank of Canada cut its policy rate by 75 basis points in 2025 and average five-year mortgage rates eased to 6.22% , mortgage delinquencies have risen in many major Canadian cities. Calgary stands apart. As of Q3 2025, Calgary’s mortgage delinquency rate held at 0.16% , reflecting relatively strong household balance sheets compared with Ontario and B.C. markets facing sharper renewal p

According to new population projections from Statistics Canada, Alberta could overtake British Columbia as the third most populous province in Canada as early as 2038. In nine out of ten scenarios, Alberta's population surpasses B.C.’s by 2050, with projected growth reaching 6.5 to 8.1 million. Demographers attribute this rise to two key factors: strong interprovincial migration and a younger age profile, which supports natural population growth. With more young families stay

More than a century after debuting the Fairmont Palliser, Fairmont Hotels & Resorts has announced a second Calgary hotel—this time near Stampede Park. Dubbed Fairmont Calgary, the new mixed-use tower will feature 225 hotel rooms, a spa, meeting spaces, and 100 residences. The project is a direct response to the transformation of Calgary’s Culture + Entertainment District and is being developed in partnership with Truman. While site details have not been confirmed, the propert

Calgary’s economy is expected to post 2.4% GDP growth in 2026—up from 2.1% last year and the strongest among major Canadian cities, according to the Conference Board of Canada. The report acknowledges headwinds like soft oil prices, fewer housing starts, and slowing migration, but points to steady job creation and major infrastructure projects like the $6.2B Green Line LRT as key momentum drivers. While job growth will slow from the 30,000 new roles added in 2025, Calgary’s u

Construction is officially underway on the first of three hotels planned for Calgary’s Stampede Park. The 13-storey, 320-room Autograph Collection by Marriott broke ground this month and is set to open in 2028. Backed by a $330 million investment from Truman, this project is a cornerstone of the evolving Culture + Entertainment District and a key complement to the expanded BMO Centre. Site preparation—including demolition and utility relocation—began in July 2025, with excava

Minto Apartment REIT, one of Canada’s largest rental housing landlords, is going private in a $2.3 billion all-cash transaction. Crestpoint Real Estate Investments, in partnership with longtime property manager Minto Group, will acquire the trust at $18.00 per unit, a 35% premium over recent trading levels. Minto’s portfolio includes 7,600 rental units across 28 properties, including four Calgary assets totaling 665 suites. While occupancy remains high (96%) and average rents

Edmonton was the first Canadian city to introduce a derelict residential tax, applying a significantly higher property tax rate to abandoned or severely neglected homes to push owners toward redevelopment or remediation. Now, the city is examining whether similar tools could apply to commercial properties that have sat vacant, deteriorated, or unused for extended periods. City administration has been directed to explore how derelict commercial buildings could be defined, regu

Saks Global, the retail conglomerate behind Saks Fifth Avenue, Bergdorf Goodman, and Neiman Marcus, filed for bankruptcy protection this week. Less than a year after the headline-making merger that aimed to create a North American giant. The $1.75B US financing package now in place will keep stores open for now, but the court's filing reveals staggering liabilities between $1 billion and $10 billion. The company cited supply chain disruptions and vendor confidence as key fact

When looking across small and mid-sized businesses, the distinction between goods and service firms is also a distinction in where they operate. Goods-producing businesses are largely concentrated in retail, manufacturing, and wholesale activities, while service-oriented firms are spread across professional and business services, construction, hospitality, and health-related fields. Firms that blend both models tend to show up most often in retail, construction, and manufactu

Deloitte’s Future of Real Estate in Canada report suggests a cautious but improving outlook for 2026, with capital slowly returning to the market and leasing decisions becoming more deliberate. Economists are forecasting stronger residential investment growth and a modest rebound in non-residential investment as borrowing conditions improve. At the same time, performance across asset classes remains uneven. Industrial, multi-family, and data-centre properties continue to lea

A European-backed data centre proposal could represent up to $12.8 billion in investment across Alberta, positioning the province as a major hub for AI-capable computing infrastructure. The project, led by Data District (Alcral AG) in partnership with Technologies New Energy PLC, begins with a €780 million first phase in Olds, north of Calgary, with long-term plans targeting 1 gigawatt of capacity across multiple facilities. Key drivers behind Alberta’s selection include: Abu

Alberta’s decision to designate Castle, Fortress and Nakiska as all-season resort areas signals a major step forward in the province’s recreation and tourism development strategy. These sites have long been winter anchors; this new framework opens the door to expanded year-round amenities, upgraded infrastructure and diversified outdoor experiences. For developers and investors clearer pathways for approvals creates long-term planning certainty and stronger conditions for p

PwC Canada highlights a major shift underway among private companies: demographic pressures, founder retirement timelines and evolving generational expectations are accelerating the need for structured succession planning. For many founders, succession has moved from a distant objective to an urgent strategic priority. Many founder-led companies still do not have documented succession plans in place, leaving them vulnerable during periods of volatility. At the same time, yo

Calgary’s rental market remained stable through 2025, even as the city delivered one of the largest increases in purpose-built rental supply in decades. Calgary’s rental market is entering a period of sustained balance, supported by strong development momentum and shifting renter preferences toward purpose-built product. • Vacancy held steady at 5% in 2025, signaling balanced supply and demand despite a sharp rise in completions. • Purpose-built rental supply grew by 11%, t

Calgary’s housing market is cooling from last year’s pace, with sales now aligning more closely to longer-term averages. At the same time, new outlooks from major forecasters, including the Conference Board of Canada, project local economic growth of just under 1.8% this year, with Calgary expected to lead major Canadian cities in GDP growth next year as conditions strengthen. Implications for commercial real estate: A stabilizing housing environment brings more predictable