Calgary leads the country in per-capita apartment completions

Calgary continues to complete purpose-built rental at the fastest per-capita pace of any major Canadian market, with a large pipeline still under construction.

Our take: Calgary's cash flow math is the best in the country today — that is exactly why supply is coming. Strong in-migration is absorbing it so far, but the margin of safety is thinner than the current vacancy number suggests.

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

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