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Canada -  Calgary

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HVS In-Depth Canada Hotel Valuation Index:   2025 | 2024 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013

CALGARY is home to 1.6 million people and sits in the eastern foothills of Canada’s Rocky Mountains. Calgary holds the title of the fifth-largest city in Canada and is the largest city in the province of Alberta. The city’s economy is primarily driven by the oil and gas sector; however, financial services, the film industry, transportation and logistics, technology, manufacturing, retail, and tourism are also prominent sectors of the local economy.

Calgary is a gateway city for travellers who are bound for Banff and the Rocky Mountains. Known as the Stampede City, Calgary hosts the annual Calgary Stampede with an attendance of nearly 1.5 million people over the 10-day event each July.

Calgary is home to the corporate headquarters of more than 100 companies. The notable firms that are headquartered in Calgary include TC Energy Corporation, Suncor, Cenovus, Canadian Natural Resources, and Enbridge, as well as Canadian Pacific Railway.

The tourism and meetings sector remains a key area of focus for Calgary, supported by major infrastructure investments. The expanded BMO Centre, now offering more than one million square feet of space, has become the largest convention facility in Western Canada, significantly enhancing the city’s capacity to host large-scale events. Calgary International Airport (YYC) continues to be one of Canada’s busiest airports, having set a record 19 million passengers in 2024.

In addition, joint funding has been secured for Scotia Place, a new arena and events centre that will replace the aging Saddledome. Construction is underway, and the facility is scheduled to open in the fall of 2027, ahead of the 2027–28 NHL season.

Another notable large project in the city is the construction of the Calgary Green LRT. This $6.3-billion project is expected to be operational by 2031 and transport 55,000 people daily. The LRT will span 46 kilometres and 12 new stations, and feature 28 new light-rail vehicles.

In recent years, GDP growth in Calgary has outpaced that of the country, driven by strong employment gains and population growth of almost 6% in both 2023 and 2024. In 2025, the city’s GDP is expected to grow by 1.8%, nearly double that of the country, and GDP growth through 2028 is expected to average 2.6% annually. Between 2025 and 2028, 376 new rooms are expected to enter the market; however, occupancy levels should continue to climb as meeting demand ramps up from the new BMO Centre.

As demand, as well as interest in investing in the Calgary hotel market, has continued on an upward trajectory, the city’s per-room value has increased at a strong pace. Calgary is projected to exceed the national average value per room in 2028 at $240,700 per room, reflecting an HVI value of 2.44.

 

Change In Value For Market: ($CAD)

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Significant Value Increase: Greater than +10%
Moderate Value Increase: Between +3% and +10%
Stable Values: Between -3% and +3%
Moderate Value Decline: Between -3% and -10%
Significant Value Decline: More than -10%