Calgary is set to reclaim the title of having the fastest-growing economy among Canada’s large cities next year, but will also begin to see — and feel — the effect of fewer people moving in.

A report released Wednesday by the Conference Board of Canada projects Calgary’s economy will grow by just under 1.8 per cent this year — lagging slightly behind Regina — before rebounding with a more than 2.5 per cent jump in gross domestic product (GDP) next year, narrowly ahead of Edmonton.

It will be followed by more than a three per cent increase in the economy in 2027.

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However, after two years of the local economy being driven, in part, by stellar population increases — spurred by higher immigration and an influx of residents relocating from other provinces — that phenomenon is slowing this year.

And it’s expected to shrink further in 2026, part of a countrywide trend.

“All things considered, Calgary is doing fairly well by national standards and the data will definitely reflect that,” Robin Wiebe, the board’s lead economist of forecasting, said in an interview.

“Calgary’s population grew by almost 12 per cent in two years, and that’s red-hot population growth.”

The city saw growth of about six per cent in both 2023 and ’24 and the combined 12 per cent hike led Canada’s largest cities.

More than 80,000 people moved to Calgary in each of the past two years from other provinces and countries, but “much different prospects await,” the report states.

© Calgary Herald