Investing in Calgary rentals: the numbers
Calgary is the home market for a lot of active Canadian investors. Lower entry prices than the coast, no land transfer tax, and strong rent growth have pulled buyers from across the country. Here are the numbers that decide whether a Calgary deal works.
Calgary at a glance
| Average 2-bedroom rent | $1,750/mo (CMHC Rental Market Report, October 2025) |
|---|---|
| Average 1-bedroom rent | $1,450/mo (CMHC Rental Market Report, October 2025) |
| Rent growth, year over year | 3.5% (CMHC Rental Market Report, October 2025) |
| Rental vacancy rate | 2.4% (CMHC Rental Market Survey, October 2024) |
| Typical multi-family cap-rate band | 4.5 to 6.5% (CBRE / Colliers Canada cap-rate surveys, 2024-2025) |
| City residential mill rate | 3.84 per $1,000 of assessed value, 2024 (municipal tax bylaws, 2024) |
| Rent control | No cap on the increase amount, once per 12 months |
Figures from CMHC, CBRE and Colliers Canada surveys and municipal tax bylaws. Cited with each row above. Rents are existing-tenant averages; new leases on turnover usually run higher.
A Calgary fourplex, run in full
Take a small four-unit building in Calgary. Using the CMHC Rental Market Report, October 2025 average two-bedroom rent of $1,750 a month across the four units, gross rent comes to about $7,000 a month, or $84,000 a year. At a purchase price near $916,000, the math looks like this.
Property tax at Calgary's residential mill rate of 3.84 per $1,000 runs about $3,517 a year. Add roughly $23,500 for insurance, maintenance, management, and a vacancy reserve, and total operating expenses land near $27,017. That leaves a net operating income around $56,983 a year. That works out to a cap rate near 6.2%, in line with the 4.5 to 6.5% band that CBRE and Colliers Canada cap-rate surveys (2024 to 2025) report for Calgary multi-family.
Now add the mortgage. With 20% down on a 30-year amortisation at current rates, the debt service is the line that decides whether this deal cash-flows. If it qualifies for CMHC MLI Select, a 1.10 DSCR threshold and a 40-year amortisation path change the math in your favour. That is the kind of difference a US-built tool misses, because it does not carry the CMHC paths at all. The numbers only hold if the rents, the unit count, and the mill rate are real, not what the listing claims.
What is specific to Calgary
- Alberta charges no land transfer tax, so your closing costs are lower than an Ontario or BC deal of the same price.
- Rent growth has run hot here. Use in-place rents, not last year's, and confirm the lease terms before you trust a pro forma.
- No provincial rent cap means more upside on a below-market unit, but it also means tenants face larger jumps, so factor turnover into your vacancy reserve.
Run a real Calgary listing through BrickROI.
Paste the realtor.ca URL and the Canadian property data fills in the price, taxes, and rent comps. You get cap rate, DSCR, cash-on-cash, the CMHC and MLI Select paths, and a lender-ready PDF in two minutes.
Try a dealWant to run the numbers yourself first? Start the cash-on-cash calculator with this example's figures.
Calgary investor questions
Is Calgary a good place to invest in rentals?
It depends on the specific deal. Calgary has an average two-bedroom rent of $1,750 a month and a rental vacancy rate of 2.4% per the CMHC Rental Market Survey, October 2024. Run the actual numbers on the building before you decide.
What is the average cap rate in Calgary?
CBRE and Colliers Canada cap-rate surveys (2024 to 2025) put Calgary multi-family in roughly a 4.5 to 6.5% band. Verify against the actual rents and the city mill rate, because a specific building can land outside that range.
What is the average rent in Calgary?
Per the CMHC Rental Market Report, October 2025, the average two-bedroom rent in Calgary is $1,750 a month and the average one-bedroom is $1,450. Rents grew about 3.5% year over year. New leases on turnover typically run higher than these existing-tenant averages.
Does rent control apply in Calgary?
Alberta has no rent control on the amount of a rent increase. A landlord can raise rent once every 12 months for an existing tenant, with three months written notice.