Headquartered in Calgary, AB, Avenue Living takes pride in owning and managing over 4,100 multi-family suites in the province's largest city.
Significant tailwinds have bolstered demand for multi-family housing in Calgary. Strong population growth, driven primarily by interprovincial migration, relative housing affordability, and robust economic opportunities attracts Canadians to Alberta—Calgary in particular. Underpinned by these forces, Avenue Living continues to pursue strategic acquisition opportunities in the city while maintaining our commitment to investing in existing properties. We're focused on prioritizing resident satisfaction and providing quality homes for the workforce housing demographic. 
Promising Market Demographics:
Calgary, Canada’s fourth-largest city, has seen remarkable population expansion in recent years, outpacing the country’s other major CMAs. By the end of 2023, the Calgary CMA population neared 1.7 million, reflecting a 6.0% year-over-year increase, 14.0% growth over the past five years, and a 25.2% surge in the last decade—well above the Canadian CMA averages of 3.3%, 8.8%, and 15.8%, respectively.1 This trend is expected to continue, with Calgary’s population projected to grow by approximately 5.3% in 2024 and another 15.5% over the next five years, nearing two million people by 2029.2
This boost in population and intensifying housing demand comes amid ongoing residential construction challenges, underscoring the need for well-positioned owner-operators to invest in maintaining quality properties across the city’s existing aging purpose-built rental stock.
Further, Calgary is also one of the nation’s youngest cities, with a median age of 38.2, bringing innovation and energy to the community and priming it for long-term growth.
Industry & Employment
Historically, the energy sector has driven population growth and job opportunities in Calgary. However, in recent years, the city’s economy has become increasingly diversified, with migration trends occurring independently of oil and gas booms and supported by significant growth in emerging sectors such as technology.
While Calgary remains a hub for Canada’s oil and gas sector, its tech industry has seen remarkable growth. According to CBRE, Calgary’s tech job market expanded by 78% over the past five years, leading North America. Nearly 60,000 positions and over 26,000 jobs were added between 2018 and 2023.3 Emerging areas like fintech, life sciences, and clean technology are thriving, elevating Calgary’s ranking to 20th among North American tech talent markets. The city's tech sector has produced several unicorns—private companies valued at over $1 billion—highlighting their role in diversifying the local economy, creating jobs, and attracting investment.
Calgary also offers a diverse range of other opportunities, with major employers like WestJet, MNP, and Canadian Pacific Kansas City (CPKC) Railway, attracting a diverse pool of talent.
The city is home to several well-regarded educational institutions, including the University of Calgary, Mount Royal University, Alberta University of the Arts, and Southern Alberta Institute of Technology (SAIT). These institutions provide valuable educational opportunities for the city's residents and serve as major employers, often ranking among Alberta’s top 100 and employing thousands across the city.
Culture & Recreation
Calgary is Canada’s third most diverse major city, home to over 240 different ethnic origins, and there are 165 languages spoken here, lending to a rich and welcoming community.
The city is also known for its Western culture. Calgary hosts the “Greatest Outdoor Show on Earth” — the Calgary Stampede, which runs for 10 days every July. The festivities include live music, rodeos, carnival attractions and more, seeing an average attendance of 125,000 people a day from all over the world.
As the “Gateway to the Rockies,” the city is a central hub for outdoor enthusiasts, with globally acclaimed parks like Banff and Kananaskis being easily accessible. Tourists and locals alike can revel in having scenic hikes, lakes, and snow sports at their fingertips.
There are also plenty of opportunities to explore the outdoors within city limits. After Rouge National Urban Park in Toronto, Fish Creek Park is the second-largest urban park in Canada, where visitors can enjoy over 100 KM of pathways, picnic areas and opportunities to spot wildlife.
Overall, Calgary’s combination of economic opportunities, cultural attractions, outdoor recreation, and quality of life make it a desirable place to live and visit.
Sources:
(1) Source: Statistics Canada Table: 17-10-0148-01
(2) City of Calgary - Calgary and Region Population Outlook 2024-2029
(3) CBRE - Scoring Tech Talent 2024
This commentary and the information contained herein are for educational and informational purposes only and do not constitute an offer to sell, or a solicitation of an offer to buy, any securities or related financial instruments. This article may contain forward-looking statements. Readers should refer to information contained on our website at https://www.avenuelivingam.com/forward-looking-statements for additional information regarding forward-looking statements and certain risks associated with them.
