Calgary’s apartment investment sales market may be cooling slightly, but a deal last year sent a strong signal that high-quality assets can still find buyers despite broader downtrends.
Ferrovia Capital, a Montreal-based investment firm that has been quite active in large-scale multifamily acquisitions across Western Canada, purchased Trailside at Skyview Ranch, a 224-unit apartment complex built in 2015. The transaction, arranged by Avison Young, ranked as one of 2025’s largest apartment deals in Calgary.
A CoStar analysis described Calgary as Canada’s fastest-growing major metropolitan area, posting population growth of about 14.3% over the past three years. But developers and landlords are currently working through a surge in apartment supply, which has caused rent growth to decline by 3% over the past 12 months.
Vacancy is up, CoStar data shows, as is inventory and the number of units under construction.
Still, “Calgary continues to attract new residents due to its comparatively affordable housing, employment opportunities, particularly in energy and related sectors, and a more resilient economic outlook than larger urban centres such as Vancouver, Toronto, and Montreal,” the analysis said.
A panel of real estate professionals voted the Trailside at Skyview Ranch deal as the 2026 CoStar Impact Award winner for sale of the year in Calgary.
About the project: At the time the transaction closed, Trailside at Skyview Ranch had an annual net operating income of $3.7 million.
What the judges said: “The size and scale of this sale make it the most notable transaction,” said Michelle Pink, principal and regional leader for global tax services and software provider Ryan.
“Trailside at Skyview Ranch was selected as the top sale of the year because it delivered significant market impact during a cooling real estate cycle, proving that high-quality multifamily assets continue to draw strong investment,” said Christa Sanders, economic development officer for the city of Airdrie, Alberta.
They made it happen: Amit Grover, principal, Avison Young; Jandip Deol, principal, Avison Young; Brandon Imada, vice president, Avison Young; Tracy Olmos, associate, Avison Young; Brannon Guenette, client services coordinator, Avison Young; Haig Basmadjian, vice president of investment, Avison Young; Mason Thompson, vice president of investment, Avison Young.