Calgary Retail Market Report

Demographic tailwinds attract developers and retailers. Calgary has been one of Canada’s fastest-growing cities, with its population rising by 15 per cent over the past three years. Economic diversification, a healthy energy sector and a lower cost of living have fuelled this robust growth. Meanwhile, growing opportunities in higher-paying jobs such as engineering, finance, technology and energy have also led to disposable incomes that sit above the levels seen in other major Canadian cities. Retail sales in Alberta jumped 6.0 per cent in 2024 – well above the countrywide rate of 4.0 per cent – which drove a 30 per cent increase in net absorption. These demand dynamics have also stoked builder interest, as Calgary holds one of the largest retail development pipelines in the country. While supply growth, trade headwinds and tighter immigration will likely soften retail property performance in 2025, the metro’s economy and population growth are expected to outpace the national average. Once more certainty returns, Calgary should remain attractive to global retailers looking to expand.