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Demographic tailwind that supported apartment demand weakens

Multifamily sector likely to face headwinds outside Alberta with fewer adults under 34
Between 2021 and 2024 the population aged 20-34 grew rapidly across Canadian cities. Immigration changes and the rapid aging of the overall population are expected to reduce the importance of this age cohort in coming years. Olivier Gariépy (CoStar)
Between 2021 and 2024 the population aged 20-34 grew rapidly across Canadian cities. Immigration changes and the rapid aging of the overall population are expected to reduce the importance of this age cohort in coming years. Olivier Gariépy (CoStar)
CoStar Analytics
September 15, 2026 | 12:32 P.M.

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The demographic tailwind that has supported apartment demand across Canada in recent years is beginning to reverse.

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