- What Calgary’s population is expected to grow 9% over the next three years
- Why Lower costs and job opportunities are drawing people to the city
- What next The activity is spurring more commercial real estate projects
Calgary’s population is growing faster than that of any other major city in the country, spurring on an economic boom, according to a new report from Avison Young.
According to the brokerage, lower business taxes, lower costs of goods and employment opportunities are propelling the city’s economy. Calgary’s population – which the city pegged at 1.4m as of last April – is expected to rise 9% over the next three years.
“Calgary is benefitting from a population boom with annual growth rates projected to lead all other major cities in Canada,” the brokerage said. “Interprovincial migration and permanent residency have been the biggest contributors to this population increase.”
With interest rates declining and population increasing, more commercial real estate projects are getting underway. These include the city’s new BMO Centre and Arts Commons, AY said.
At the same time, office-to-residential conversions are taking place, and the municipal government is working to repurpose existing buildings into affordable housing.
Meanwhile, Edmonton’s population – at 1.1m as of 2023 – is expected to grow more than 4%.
