The Market in Calgary: Why Calgary's Population Boom Makes it the Perfect Time to Buy or Sell a Business
In 2023 Calgary has seen a large influx in population growth. This growth is not just from foreign immigration, but mainly inter-provincially with the most popular migrants coming from Vancouver and Toronto. In 2023 Calgary grew by 6%, or 96,000 new citizens; this outpaces all other cities in Canada. So why is Calgary the most popular destination in Canada and what does this mean in the Business Acquisition Industry?
Calgary is known as a major center for the energy industry, providing a stable foundation for the local economy. However, Calgary has diversified beyond energy, and now has an economy encompassing sectors like technology, healthcare, financial services, and manufacturing. Further, as of 2023, Calgary saw a record-high of 15,393 new homes built. This has created ample opportunities in new-home construction and residential targeted industries. The city's continued economic growth and development create ample opportunities for businesses to thrive.
So, what does this mean if you are looking to sell or purchase a business? Quite frankly, it means now is a great time to sell. There are many purchasers with their eyes on Alberta and Calgary and this includes a wide range of types of buyers. From individual and family buyers to private equity groups to strategic buyers who are looking to expand their current operations into a new market. About half of the buyers I work with are Albertans, with the other half coming out of country and out of province. This means many options for you as a seller and a much greater chance to find the right fit to continue your business and legacy.
For a purchaser it’s also great news. A growing market means more options available for purchase. A growing and diversified Calgary means many strong industries to choose from as well as many growth opportunities. Almost all of my current listings that are located in the Calgary greater area are either experiencing single month revenue highs, 5-10% revenue growth year over year and increased profitability as well. There are many long-standing Calgary businesses that are ready for a new owner to take them to new heights. Calgary is a very exciting place to be right now.
If you have been considering selling your business in the Calgary area and need help to navigate the process, reach out today!
Craig Panek Broker, Alberta Business Sales and Commercial Ventures