2025 Canada conversion snapshot: what the data says
- ModuLoft
- Sep 30
- 1 min read
Downtown office vacancy has plateaued nationally, but remains elevated in key markets: Toronto ~18.5%, Calgary ~30.7%, Vancouver ~11.9% (Q2-2025). Sublet space is down 26% from its peak, and office construction is at a 20-year low—conditions that support adaptive reuse.
Calgary continues to set the pace with a $75/sq-ft grant and a growing pipeline. As of mid-2025, the city reports 21 conversion projects, ~2.68M sq ft coming out of office inventory, and ~2,628 homes planned; the most recent intake window closed after renewed funding and program updates.
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