Calgary fourplex and multiplex cap rates
Fourplex and multiplex · Calgary, AB · cap rates 1.2% - 3.3% · vacancy 4.6%
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 — 137 active listings · Bank of Canada posted rates. Figures are computed estimates — verify before acting.
- Average rent
- $1,744
- CMHC purpose-built · October 2024
- Cap rate range
- 1.2% - 3.3%
- Live listings · 10–90th %ile
- Price per door
- $420k - $1.09M
- Live listings · 10–90th %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
Positive market signal
AssetAvenue analysis
Medium confidence
Calgary screens as a positive market for disciplined Canadian real estate investors. The market should be judged by deal-level DSCR, rent evidence, transfer-cost reserve, and provincial operating rules, not by headline demand alone.
Screening signals
Location score
100/100Composite signal from demand, vacancy risk, regulation, affordability pressure, and zoning tailwind.
Rent growth confidence
HighHigh investor demand with medium vacancy risk.
Supply pipeline risk
MediumA higher supply pipeline can pressure rent growth and exit cap assumptions.
Zoning tailwind
LimitedBroad housing-policy support
Investor fit
First-time buyer/investor
Good fit (96/100)
Works if financing and operating costs verify.
Developer / advanced investor
Weak fit (44/100)
Only pursue if site-specific zoning evidence improves.
Evidence required
- Rent evidence: compare entered rents against $1,700 - $2,550 and current lease roll.
- Financing evidence: Stronger yields give more room, but insurance and utilities still need quotes.
- Operating evidence: underwrite expenses against 32% - 43% and local insurance/tax quotes.
- Policy evidence: Low rent-rule exposure. More flexible rent-setting environment, but vacancy and energy-market cyclicality should be stress tested.
Watchouts
- Rising quickly affordability pressure can limit exit buyers or force more conservative rent assumptions.
- Low landlord-regulation risk means rent lift should be priced only after lease review.
- Tightening vacancy trend should be monitored before waiving financing or inspection conditions.
- Closing cost estimates can be lower, but insurance, utility allocation, lender fees, and reserves still matter.
Allocation note: Calgary belongs in the workflow as a market screen, not a blanket buy signal. Advance individual deals only when the property-level memo preserves DSCR, reserve, and evidence discipline.
Market data
CMHC RMS data as of October 2024
Rent by bedroom type
CMHC purpose-built avg · October 2024
Neighbourhood scores
Market score by area
Neighbourhood rents
Average rent per unit by area
Neighbourhood intelligence
Beltline
$2,175 avg rent · high demand
Best fit: Multifamily
Central multi-residential
Renfrew
$2,050 avg rent · high demand
Best fit: Suites and infill
Inner-city redevelopment
Forest Lawn
$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
- 1.2% - 3.3%
- Live listings · 10–90th %ile
- Price per door
- $420k - $1.09M
- Live listings · 10–90th %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/door computed from 137 live Realtor.ca listings.Remaining benchmarks are editorial estimates. Always confirm with property-level diligence.
Signals affecting Calgary
Opportunities in Calgary
137 active listings on Realtor.ca · 6 screened in AssetAvenue
Calgary underwriting questions
- What cap rate should I expect on a Calgary fourplex?
- Current screen: 1.2% - 3.3%. From 137 active Realtor.ca listings (10th–90th percentile). 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.