What cap rate should I expect on a Calgary fourplex?

Current screen: 2.1% - 2.8%. The middle half of this market's active multi-unit Realtor.ca listings that state their unit count. A fourplex is conventional financing — MLI Select starts at five units. Confirm NOI from the rent roll; street and condition move the print.

How tight is vacancy in Calgary?

CMHC purpose-built vacancy is 4.6% as of October 2024. Small multifamily can run tighter or looser than the metro survey.

What strategies fit Calgary?

Multifamily, CMHC/MLI Select, BRRRR, Buy and hold. Rent rules: Low.

Does AssetAvenue cover Canadian income property in Calgary?

Yes. This desk underwrites Calgary, AB income property at the qualifying rate, with CMHC and Bank of Canada context where we have it.

Calgary fourplex and multiplex cap rates

Fourplex and multiplex · Calgary, AB · cap rates 2.1% - 2.8% · vacancy 4.6%

Market88

Calgary screens well for current yield, population growth, and landlord policy, with cyclical exposure still worth stress testing.

Sources: CMHC Rental Market Survey (October 2024) · Statistics Canada CMA population · Realtor.ca — 163 active listings · Bank of Canada posted rates. Figures are computed estimates — verify before acting.

MultifamilyCMHC/MLI SelectBRRRRBuy and hold

Open the map Open Calgary deals Calgary planning applications MLI Select requirements Fourplex vs 5-unit

Average rent: $1,744; CMHC purpose-built · October 2024
Cap rate range: 2.1% - 2.8%; Live listings · 25–75th %ile
Price per door: $475k - $650k; Live listings · 25–75th %ile
CMA population: 1,836,012; +2.9% YoY · StatCan 2025
Vacancy rate: 4.6%; CMHC RMS · October 2024
Rent rules: Low; Low regulation risk

Market screen

AssetAvenue analysis

Calgary cap rates screen 5.6% - 7.2%, $190k - $310k per door, with average rent near $2,050 a door. The desk underwrites vacancy at 3.5% - 5% and operating expenses at 32% - 43% of gross rent.

Location100

Scores

Location score

100/100

Composite of demand, vacancy risk, regulation, affordability pressure, and zoning.

First-time investor score

96/100

Debt coverage and cash-on-cash at the market's benchmark leverage, plus landlord-regulation and market risk.

Developer score

44/100

Zoning, affordability pressure, and investor demand.

What to verify on a deal here

Rent: in-place leases against the $1,700 - $2,550 benchmark.
Financing: a lender term sheet at the contract rate, re-tested at the qualifying rate.
Operating: expenses against the 32% - 43% ratio, with local insurance and tax quotes.
Closing: provincial transfer tax, legal, lender, and diligence costs.

Market data

Bedroom rents from CMHC RMS (October 2024). Neighbourhood scores and rents are editorial estimates.

Rent by bedroom type

CMHC purpose-built avg · October 2024

Neighbourhood scores

Editorial market score by area

Neighbourhood rents

Editorial estimate · average rent per unit

Neighbourhood intelligence

The desk's read of each area. Rents are editorial estimates, not survey data.

Beltline

Market89

$2,175 avg rent · high demand

Best fit: Multifamily

Central multi-residential

Renfrew

Market84

$2,050 avg rent · high demand

Best fit: Suites and infill

Inner-city redevelopment

Forest Lawn

Market73

$1,750 avg rent · medium demand

Best fit: Value-add

Selective land assembly

Provincial investor rules

Province: Alberta
Rent regulation: Low

Transfer costs: No provincial land transfer tax; registration fees still apply

Zoning and open data: Municipal land-use bylaw, district rules, parking, amenity, and discretionary-use context.

Investor watchouts

Energy-market cyclicality
Insurance and utility quotes
Vacancy and turnover sensitivity

Underwriting benchmarks

Rent range: $1,584 – $1,977; CMHC RMS · October 2024
Cap rate range: 2.1% - 2.8%; Live listings · 25–75th %ile
Price per door: $475k - $650k; Live listings · 25–75th %ile
Vacancy assumption: 4.6%; CMHC October 2024
Expense ratio: 32% - 43%
Rent rules: Low
CMHC 1BR rent: $1,584; October 2024
CMHC 2BR rent: $1,876; October 2024

Financing sensitivity: Stronger yields give more room, but insurance and utilities still need quotes. Data sourcing: hover any icon above for methodology. Rent and vacancy from CMHC RMS. Cap rate and price-per-door bands come from the multi-unit listings, with a stated door count, among 163 live Realtor.ca listings. Remaining benchmarks are editorial estimates. Always confirm with property-level diligence.

Signals affecting Calgary

All news

CMHC Starts and Completions · May 22, 2026

Calgary leads the country in per-capita apartment completions

Underwrite Calgary with a vacancy buffer above trailing actuals and assume flat real rents for 24 months. If the deal still works, it works.

Watchful

Opportunities in Calgary

163 active listings on Realtor.ca · 6 screened in AssetAvenue

All Calgary deals

822, 826, 830, 834 Wolf Willow Boulevard SE · Multi-family, Calgary

1 / 12

CMHC / MLI SelectLive

Score55Cap4.7%

822, 826, 830, 834 Wolf Willow Boulevard SE · Multi-family

822, 826, 830, 834 Wolf Willow Boulevard SE

Price

$3,399,888

Units (est.)

~14

Cap rate

4.7%

DSCR

1.00x

Rents are estimates — the income score carries a haircut until the rent roll is verified

AssetAvenue Score55/100

0.0% cash-on-cash · $242,849/door · CMHC/MLI Select fit

Zoning Verify zoningCMHC fit 50/100Closing reserve $36,399Rent rules Low

Why 55: Rents are estimates — the income score carries a haircut until the rent roll is verified

514 20 Avenue SW · Multi-family

514 20 Avenue SW

Price

$895,000

Units (est.)

Cap rate

6.0%

DSCR

1.20x

Rents are estimates — the income score carries a haircut until the rent roll is verified

AssetAvenue Score54/100

3.4% cash-on-cash · $223,750/door

Zoning Verify zoningCMHC fit 20/100Closing reserve $11,895Rent rules Low

Why 54: Rents are estimates — the income score carries a haircut until the rent roll is verified