Calgary Set To Lead Canada’s Real Estate Market In 2026, PwC/ULI Report Says

Calgary is poised to be Canada’s strongest real estate market in 2026, according to PwC Canada’s Emerging Trends in Real Estate 2026 (with the Urban Land Institute). Executives cited policy agility, rapid supply delivery, and robust population growth as key drivers of the city’s momentum. PwC

Why Calgary stands out

Top prospects for 2026: Calgary ranks first among Canadian cities in the new outlook. PwC
Supply + population tailwinds: Recent years have seen elevated homebuilding and record in-migration supporting demand and absorption. CMHC data show strong national starts through 2025, with regional strength benefiting markets like Calgary. Canada Mortgage and Housing Corporation+1
Business sentiment: Industry leaders expect the most resilient deal flow where policy and approvals are moving fastest. PwC

The big pivot: condos → purpose-built rental

PwC/ULI highlight a “condo reset” in Toronto and Vancouver that is steering capital toward rental housing, including student housing. The winners in 2026 will be operators who partner widely, adopt tech, and structure creative financing to get projects built. PwC

Modular & prefabricated homes: real growth if financing adapts

The report anticipates more prefabricated/modular construction in 2026—if financing and procurement catch up. Recent policy moves support this direction:

Ottawa launched Build Canada Homes, a federal delivery agency with C$13B in initial capital to accelerate homebuilding. Reuters
CMHC and provinces are running programs to scale factory-built solutions, though CMHC stresses modular is “no silver bullet.” Canada Mortgage and Housing Corporation+1

Capital stack is shifting

With traditional bank debt tight, private capital—REITs, private debt funds, and alt lenders—is filling gaps, especially in student housing, medical offices, and storage as cities densify and demographics age. PwC

What this means for 2026

For investors:

Calgary screens as a top pick on growth and execution.
In gateway markets, look to rental, student, and medical office where demand is durable. PwC

For developers:

Prioritize rental pro formas and creative financing (public-private partnerships, private debt).
Explore modular to compress timelines where local approvals and funding align. Reuters+1

For policymakers:

Calgary’s combo of policy agility + supply delivery is a useful playbook.
Enabling rental incentives and factory-built capacity can keep pipelines moving. PwC

Fast facts

Report authors: PwC Canada + Urban Land Institute, Emerging Trends in Real Estate 2026. ULI Knowledge Finder
Media summary: Coverage notes Calgary’s lead and a national pivot to rental; outlook also flags modular growth pending financing evolution. Yahoo Finance

Bottom line

2026 looks like a transition year: Calgary leads on fundamentals, while the national story shifts toward purpose-built rental, modular adoption, and private capital stepping in where banks won’t. If you’re allocating capital or planning projects, align your playbook with those three themes. PwC

References

PwC Canada – Emerging Trends in Real Estate 2026 (Canada media release): Calgary ranked strongest; pivot to rental. PwC
PwC Canada – Emerging Trends in Real Estate landing page. PwC
ULI/PwC – Emerging Trends in Real Estate 2026 (PDF). ULI Knowledge Finder
Reuters – Canada launches Build Canada Homes with C$13B to speed construction. Reuters
CMHC – “Highly prefabricated multi-housing initiative” (prefab call). Canada Mortgage and Housing Corporation
CMHC – “Key Lessons on Modular Housing… ‘no silver bullet’.” Canada Mortgage and Housing Corporation
CMHC – Housing starts (Sept 2025 news release). Canada Mortgage and Housing Corporation
Reuters – Housing starts surged in April 2025 (context on 2025 building pace). Reuters
Yahoo Finance/Financial Post – Coverage: “Calgary to be Canada’s top real estate market amid transitionary 2026.” Yahoo Finance

Note: This post summarizes independent reporting and the PwC/ULI outlook. Always consult the primary report and your local market data before making investment decisions.

Source: Calgary to be Canada’s top real estate market in 2026 | Financial Post

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