Calgary is entering a new era of real estate transformation. What was once a city defined by sprawling suburbs and long commutes is now shifting toward dense, walkable, lifestyle-driven urban development. Young professionals, newcomers to Canada, and remote workers are all choosing to live close to amenities, transit, and employment clusters. This shift has pushed Calgary’s inner city communities into the investment spotlight.
The inner city is no longer a niche investment: it is the main stage.
Communities such as Renfrew, Mount Pleasant, and Killarney are seeing unprecedented levels of redevelopment. Older postwar bungalows are being torn down and replaced with modern duplexes, townhomes, and increasingly, multi-unit rental buildings designed for long-term income. Investors love these areas because they combine three winning elements: lifestyle appeal, scarce land supply, and strong rental demand.
Renfrew
Renfrew is one of the rare communities that offers near-downtown access without downtown pricing. A short drive or bike ride to Calgary’s core, Renfrew attracts office workers, students, and medical professionals from the nearby hospital sector. Many properties are on larger lots, making them ideal candidates for redevelopment. The zoning flexibility allows duplexes, infill properties, and increasingly multi-suite rentals.
Mount Pleasant
Mount Pleasant has become a hub for infill developers, designers, and builders. It has a younger demographic, consistent rental demand, and a vibrant streetscape. With schools, parks, and cafes, renters stay longer, reducing vacancy risk for landlords. Many investors target Mount Pleasant for new fourplex construction because zoning and lot dimensions often support multi-unit density.
Killarney
Killarney sits on the west side of downtown. This neighbourhood offers rapid access to the city core, transit expansions, and Mount Royal University. Investors target Killarney for its strong combination of tenant demand and high resale value. The area has a proven track record of property appreciation, especially for modern new builds with legal secondary suites.
Why inner city Calgary is outperforming the market
Three forces are pushing demand upward:
- Calgary is experiencing significant population growth, driven by economic diversification and interprovincial migration.
- Younger demographics want walkability, mixed-use communities, coffee shops, gyms, and shorter commutes.
- Limited land supply in the inner city guarantees long-term appreciation.
But there is an even bigger opportunity emerging.
The CMHC MLI Select shift
A growing number of inner city developers are moving away from single infill homes and instead building fourplexes and sixplexes. CMHC MLI Select financing allows investors to qualify for longer amortizations and higher loan amounts if the building includes energy efficiency, accessibility, or affordability features.
For investors, this means:
- Dramatically lower monthly financing payments
- More available leverage to acquire multiple projects
- Higher passive monthly rental income
Instead of selling a duplex, builders are now holding multi-unit rentals and building long-term generational wealth.
In the past, the Calgary inner city market was about flipping. Today, it is about income.
Calgary’s urban core is evolving, and the investors who adapt to this shift will capture the highest returns.
