If you’re new to multi-family investing, the first big question is where to buy. Calgary has no shortage of strong rental markets, but opportunities also extend beyond city limits, into fast-growing towns that are pulling in renters priced out of the city. Let’s break down the most promising communities for your first apartment building investment.
Inner-City Calgary Communities
- Renfrew
- Close to downtown, popular with young professionals.
- High rental demand due to proximity to SAIT and work hubs.
- Older multi-family stock → great for value-add strategies.
- Killarney
- Trendy, family-friendly, near Westbrook LRT.
- Strong demand for both rentals and new builds.
- Excellent candidate for MLI Select if you build or renovate with energy-efficient upgrades.
- Mount Pleasant
- Quiet, residential, near Confederation Park.
- Attracts stable, long-term renters.
- Prices per door are lower than in Renfrew, but rents are competitive.
Towns Outside Calgary: Where Growth is Explosive
- Airdrie
- Population booming thanks to affordability + proximity to Calgary.
- Perfect for larger multi-family builds at lower entry costs.
- Cochrane
- Lifestyle-focused, mountain views, family-oriented.
- Attracts renters looking for suburban living without Calgary prices.
- Okotoks
- South of Calgary, growing steadily.
- High rental demand from commuters.
- Chestermere
- Lake town, family-heavy demographic.
- Strong demand for new builds, especially townhomes and duplex rentals.
- Strathmore
- More affordable than Calgary, with steady rental needs.
- Smaller, but good long-term play for patient investors.
How to Finance These Investments
- Traditional Loans work best in outer towns like Strathmore or Okotoks, where lenders may be cautious about population stability but value the affordability.
- CMHC MLI Select shines in Calgary’s inner-city new builds or energy-efficient developments in Chestermere/Airdrie, where you can hit the affordability or sustainability metrics.
Why This Matters for Investors
Alberta’s market is unique:
- No rent control → Your rents can move with market demand.
- No land transfer tax → Saves thousands at closing.
- Landlord-friendly rules → Easier to operate long-term rentals profitably.
This combination makes Calgary and its surrounding towns one of the most attractive apartment building investment markets in Canada today.
Final Word
Whether you’re considering a 12-unit in Renfrew or a brand-new development in Airdrie, success comes down to:
- Picking the right location for your tenant base.
- Matching the property type with the right financing (Traditional vs. MLI Select).
- Partnering with experienced managers like Green Casa, who can maximize returns while protecting your asset.
