Continuing its ongoing expansion into the residential sector, Cadillac Fairview is about to start work on its first rental housing project in Calgary as vacancy tightens and rents rise in Canada’s fastest-growing city.
The company said construction of the new rental complex at 61st Avenue, on a site adjacent to the Chinook LRT station and one block east of Cadillac Fairview's CF Chinook Centre, is slated to commence this month. Plans call for the project to contain 490 units in two towers, one 20 storeys and the other 19. The site is currently a surface parking lot for the Macleod Trail Co-Op Shopping Centre, currently occupied by a Scotiabank branch.
The project's two residential rental towers will be connected by a multilevel podium that will include coworking spaces, wellness amenities, lounges and outdoor public areas, Cadillac Fairview said. The project will also include four levels of underground parking and direct access to public transit.
The CF Chinook Centre is Alberta’s largest shopping mall, with 250 stores in more than 1.3 million square feet of space. The Chinook CTrain station is directly connected to the mall, and its position near Glenmore Trail and Macleod Trail places it at the heart of Calgary’s south-central retail corridor.
Calgary has emerged as Canada's fastest-growing major city, with an annual population growth rate of 5.8% in 2024, according to Statistics Canada. Calgary’s metropolitan population is now estimated to be over 1.66 million, and the city is projected to reach 2 million residents within the next decade.
"Construction activity remains elevated, with approximately 8,700 rental units currently under development. This sustained pipeline is expected to exert downward pressure on rents through late 2026," according to a CoStar Market Analytics multifamily report.
Cadillac Fairview's Calgary residential project follows similar rental developments by the company in Ottawa, downtown Montreal and Laval. Retail accounts for approximately 60% of Cadillac Fairview’s Canadian real estate portfolio, comprising major malls such as the CF Toronto Eaton Centre and the CF Pacific Centre in Vancouver. Office buildings account for roughly one quarter of the CF portfolio. The rest includes industrial sites and residential properties.
Cadillac Fairview began operations in 1959 and has grown into one of North America’s largest real estate owners and developers. The company manages 31 million square feet across 57 properties and is owned by the Ontario Teachers’ Pension Plan that oversees $28 billion in real estate assets.
Brian Salpeter, executive vice president of development at Cadillac Fairview said in a statement that "the launch of our new residential building marks a significant expansion of our presence in this dynamic city."
The initial occupancy at the project is expected to take place in summer 2028, the company said.