Calgary Commercial Cap Rates

Live Market Data for Office, Industrial, Retail and Multifamily Investors

Calgary commercial cap rates move differently depending on which sector you're looking at, and treating the market as one number is how investors overpay. This page tracks Calgary commercial cap rates across the four core asset classes: office, industrial, retail and multifamily using current capital markets data, so you can see where yields are compressing, where they're expanding, and what that means for your next offer. Whether you're comparing Calgary commercial properties, evaluating an apartment building, or sizing up an industrial property for sale, this is the data to check before you write an offer.

Calgary Commercial Cap Rates: 2026 Market Snapshot

Sector Current Market Cap Rate 5-Year Change (2021–2026 YTD)
Office 12.1% +2.6 pts
Industrial 6.9% +1.2 pts
Retail 6.7% +1.0 pts
Multifamily 5.2% +0.8 pts
Total Calgary commercial transaction volume sits at $3.0 billion year-to-date in 2026, up 12.0% from the prior year, across 121 sales and a tracked asset value of $116 billion metro-wide. That volume isn't spread evenly; industrial sales are up 55.4% YTD and office is up 55.9% YTD, while retail is down 25.5% YTD and multifamily is down 19.5% YTD. Reading Calgary commercial cap rates alongside that volume data tells you a lot: capital is actively repricing office and industrial right now, while multifamily and retail buyers are being more selective even though pricing in those sectors remains comparatively tight.

Cap Rates & ROI in Alberta

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25-36/91

  • 13001 20 Avenue in Blairmore: Hotel/Motel for sale : MLS®# A2299557

    13001 20 Avenue Blairmore T0K 0E0
    Main Photo: 13001 20 Avenue in Blairmore: Hotel/Motel for sale : MLS®# A2299557

    13001 20 Avenue Blairmore T0K 0E0

    $1,299,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2299557
    Build. Type:
    Free-Standing
    Rare opportunity to acquire the Cosmopolitan Motel, a long-established hospitality landmark in the heart of Blairmore, Alberta, within the Municipality of Crowsnest Pass. Ideally situated along Highway 3, the gateway to the Canadian Rockies and British Columbia, this well-known property benefits from year-round tourism generated by skiing, hiking, mountain biking, fishing, ATV and snowmobile trails, and the area's growing outdoor recreation economy. This fully operational, three-storey hospitality property offers multiple revenue streams and has been consistently maintained and professionally operated, making it an excellent turnkey investment for experienced operators or investors seeking stable cash flow with significant upside potential. The motel features 17 guest rooms , offering a mix of standard and family accommodations, all with private bathrooms. In addition, there are 2 dedicated housekeeping/storage rooms, providing valuable operational support. A two-bedroom furnished manager's suite, complete with an in-suite washer and dryer, offers comfortable on-site accommodation for ownership or management. The property also includes a licensed restaurant with seating for approximately 65 guests and a popular tavern with capacity for approximately 122 patrons, complete with pool tables, an ATM, jukebox, and additional entertainment amenities. VLTs were previously in operation and may be reapplied for, subject to AGLC approval, providing an exceptional opportunity to further increase revenue. Recent capital improvements include: Roof replaced (2018); Boilers replaced (2019); New flooring throughout guest rooms and hallways (2020), New bar ice machine (2020), New beer cooler (2022); Investment Highlights, Established motel in the heart of Blairmore, Crowsnest Pass; 17 guest rooms plus 2 operational support rooms; Two-bedroom furnished manager's suite; Licensed restaurant and high-capacity tavern. The Cosmopolitan Motel represents an outstanding opportunity to acquire a recognizable hospitality business in one of Alberta's premier mountain tourism destinations. Whether expanding an existing hospitality portfolio or entering the lodging industry, this property offers immediate income, established operations, and considerable future growth potential. Please do not approach staff or ownership directly. Financial statements and additional information are available to qualified purchasers upon execution of a Confidentiality Agreement (NDA). More details
    Listed by Century 21 Bravo Realty
    LISTING DETAILS
    Mohit Dhillon

  • 2831 36 Street SW in Calgary: Killarney/Glengarry Multi Family for sale : MLS®# A2300796

    2831 36 Street SW Killarney/Glengarry Calgary T3E 2Z9
    Main Photo: 2831 36 Street SW in Calgary: Killarney/Glengarry Multi Family for sale : MLS®# A2300796

    2831 36 Street SW Calgary T3E 2Z9 Killarney/Glengarry

    $3,400,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2300796
    Exceptional 8-Unit Multifamily Investment in Killarney – Fully Rented | Turnkey | Assumable Mortgage Rare opportunity to acquire a purpose-built 8-unit multifamily property in the highly desirable community of Killarney. This quality-built asset features high-end finishings throughout and was constructed by a reputable builder, offering both durability and long-term appeal. The property consists of 4 upper units and 4 fully legal lower suites, all separately contained and each equipped with in-suite laundry. The upper units offer a premium layout, including two front 3-storey units with private primary retreats and private patios, along with two rear 2-storey units featuring functional, open-concept designs. All upper suites are equipped with central air conditioning, enhancing tenant comfort and marketability. This investment is 100% occupied with no vacancy, providing immediate and stable cash flow. The property also benefits from an assumable mortgage with CMHC MLI Select financing already in place, offering attractive financing terms for qualified buyers. Additional features include a 4-car garage, professional landscaping, and a fully turnkey operation with professional property management in place, making this an ideal low-maintenance investment. Located just half a block from public transit and within walking distance to amenities, this property offers excellent accessibility. Positioned near Marda Loop with quick access to downtown and major roadways including the ring road, the location supports strong, long-term rental demand. More details
    Listed by The Real Estate District
    LISTING DETAILS
    Mohit Dhillon

  • 108 8805 Resources Road in Grande Prairie: Railtown Retail for sale : MLS®# A2300107

    108 8805 Resources Road Railtown Grande Prairie T8V 3A6
    Main Photo: 108 8805 Resources Road in Grande Prairie: Railtown Retail for sale : MLS®# A2300107

    108 8805 Resources Road Grande Prairie T8V 3A6 Railtown

    $1,600,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2300107
    Build. Type:
    Retail
    Attractive and modern newer retail building with nice leasehold improvements and that is fully leased out. Features great location fronting on to Resources Road with high visibility and has lots of paved parking both in the front and also at the rear of the building. The north space has a rear overhead door and a show room, and the south space is developed into office space. This is a bareland condo. Take a look at this investment opportunity. More details
    Listed by Royal LePage - The Realty Group and RE/MAX Grande Prairie
    LISTING DETAILS
    Mohit Dhillon

  • 1309 12 Avenue SW in Calgary: Beltline Multi Family for sale : MLS®# A2304728

    1309 12 Avenue SW Beltline Calgary T3C 0P6
    Main Photo: 1309 12 Avenue SW in Calgary: Beltline Multi Family for sale : MLS®# A2304728

    1309 12 Avenue SW Calgary T3C 0P6 Beltline

    $2,750,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2304728
    Located in the heart of Calgary’s highly desirable Beltline District, 1309-12th Avenue SW offers a rare multiunit investment with both stability and upside. This is a three-level, eleven-unit apartment building which consists entirely of large one-bedroom suites, ranging between 750 and 800 square feet, as well as one smaller unit—making it an ideal asset for targeting the city’s growing population who desire an urban living environment. This apartment building was constructed in 1957 and has a solid structure, bones and fundamentals. Most units have received various levels of interior renovations over time, however, there remains opportunity for any investor who seeks to update this asset to further drive rental growth. For the ambitious investor this is a rare opportunity to secure an income generating property in a prime location, which offers strong cash flow and incredible long term value. There are 5 total parking stalls. This building is minutes from Kensington, downtown, 17th Avenue, CTrain and bus routes, access to parks and the bow river pathway. 1309-12th Avenue SW stands as a prime value-add opportunity in one of Calgary’s most desirable, walkable and sought-after urban communities. More details
    Listed by RE/MAX Real Estate (Mountain View)
    LISTING DETAILS
    Mohit Dhillon

  • Unit 234 7 Westwinds Crescent NE in Calgary: Castleridge Mixed Use for sale : MLS®# A2304706

    Unit 234 7 Westwinds Crescent NE Castleridge Calgary T3J 5H2
    Main Photo: Unit 234 7 Westwinds Crescent NE in Calgary: Castleridge Mixed Use for sale : MLS®# A2304706

    Unit 234 7 Westwinds Crescent NE Calgary T3J 5H2 Castleridge

    $899,900
    Commercial
    Status:
    Active
    MLS® Num:
    A2304706
    Build. Type:
    Mixed Use
    A rare opportunity to secure a versatile, income-generating commercial bay in a high-exposure location with tens of thousands of vehicles passing daily. Ideally situated near Westwinds, this well-maintained property offers 1,568 sq. ft. on the main floor plus an additional 1500 sq. ft. mezzanine, fully permitted by the City of Calgary. Both levels are configured as office space. The main floor is currently tenanted, providing stable income through Spring 2027, while the upper mezzanine is owner-occupied—offering flexibility for an owner-user or future rental income. The upper level features 6 private offices, 2 bathrooms, a kitchen, and a dedicated supply room, creating a highly functional and professional workspace. The property is equipped with two A/C units for added comfort and efficiency. It also benefits from strong exposure, backing onto Castleridge Drive with excellent signage and visible marketing potential. An ideal opportunity for investors or owner-users seeking long-term value in a sought-after commercial corridor—contact for more details. More details
    Listed by Real Broker
    LISTING DETAILS
    Mohit Dhillon

  • 10 3 Street NE in Redcliff: Multi Family for sale : MLS®# A2304861

    10 3 Street NE Redcliff T1J 2P0
    Main Photo: 10 3 Street NE in Redcliff: Multi Family for sale : MLS®# A2304861

    10 3 Street NE Redcliff T1J 2P0

    $2,140,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2304861
    Build. Type:
    Free-Standing
    Exceptional turnkey investment opportunity in Redcliff. This fully revitalized, mixed-use building now operating as a flexible 20-door income property—10 newly reconstructed, fully furnished motel-style suites on the main floor plus 1 two-bedroom and 9 one-bedroom residential suites upstairs (with 6 renovated and 4 older style apartments). The main-floor suites are in new condition and designed for comfortable extended stays, making them a strong fit for the area’s ongoing industrial demand. Each suite is fully furnished with kitchenette, small-wares, furniture and décor, plus keypad locks and through-wall electric heat/cool units for efficient, individual climate control. Upstairs, the one-bedroom apartments offer reliable tenancy with durable, “set-it-and-forget-it” finishes and a history of strong occupancy. The building is owner operated and runs more like a multifamily complex—while still preserving the upside and flexibility of nightly/short-term rates on the main floor. Major capital improvements have already been completed, including a complete exterior revitalization with new cladding, windows, doors, and more. Sidewalks have been repoured, and the property offers approximately 20+ parking stalls—a major value-add for both long-term tenants and transient/industry guests. Exterior improvements currently underway will be completed prior to possession, and there is no outstanding maintenance to tackle. Operationally, overhead stays low with minimal staffing requirements. A main-floor common area includes 2 coin washers and 2 coin dryers, plus separate laundry for housekeeping if requested. Mechanical updates include a boiler replaced in 2022, four newer hot water tanks, and ample power capacity to support the building’s demands. Located in the heart of Redcliff, steps from Main Street, beside the museum, and minutes to the Trans-Canada Highway, this property sits on the edge of the Medicine Hat area—positioned to benefit from continued growth in Southern Alberta. A rare, stabilized asset with modernized suites, strong tenancy history, and multiple income strategies—all in one property. More details
    Listed by GRASSROOTS REALTY GROUP
    LISTING DETAILS
    Mohit Dhillon

  • 9413 100 Street in Grande Prairie: Central Business District Business for sale : MLS®# A2305948

    9413 100 Street Central Business District Grande Prairie T8V 4M9
    Main Photo: 9413 100 Street in Grande Prairie: Central Business District Business for sale : MLS®# A2305948

    9413 100 Street Grande Prairie T8V 4M9 Central Business District

    $3,990,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2305948
    Build. Type:
    Retail
    Superior Wash in Grande Prairie is a stable, high-performing car wash positioned in one of Alberta’s fastest-growing regional hubs. Built in 2006 on a prominent 0.84-acre site, the 9,644 sq ft facility includes nine wand bays, two automatic touchless bays, and an unused dog wash offering immediate upside. Supported by steady year-round demand from a young, expanding population, the wash has produced consistent revenues of $723K in 2023, $766K in 2024, and $755K in 2025. With excellent visibility on a major arterial road and multiple value-add opportunities, Superior Wash presents a reliable, low-maintenance investment with strong cash flow and clear growth potential. More details
    Listed by MaxWell Canyon Creek
    LISTING DETAILS
    Mohit Dhillon

  • 111 Severn Avenue in Rosebud: Hotel/Motel for sale : MLS®# A2305841

    111 Severn Avenue Rosebud T0J 2T0
    Main Photo: 111 Severn Avenue in Rosebud: Hotel/Motel for sale : MLS®# A2305841

    111 Severn Avenue Rosebud T0J 2T0

    $1,745,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2305841
    Build. Type:
    Free-Standing
    An exceptional opportunity to own a profitable, well-established Bed & Breakfast in Rosebud, one of the province’s most sought-after cultural tourism destinations. The Rosebud Inn is experiencing record occupancy and peak 2025 revenues, driven by a surge in both domestic and international travel to Canada, making this a compelling investment with strong forward momentum. This purpose-built lodge combines warm hospitality, operational efficiency, and guest-focused design, creating a highly rated and repeat-visitor destination. The current owners are committed to a smooth transition and will provide training, offering a true turnkey business opportunity. Set in a scenic valley, the property features attractive cedar siding, a durable metal roof, and expansive land that enhances the guest experience. A welcoming vaulted lobby and reception area create a memorable first impression, while the layout supports both comfort and accessibility. The Inn offers 11 guest rooms, each with a private ensuite bathroom, heated floors, individual climate controls, and air conditioning. Six main-floor rooms are wheelchair accessible with exterior ramp access, while additional rooms are located on the upper and lower levels to provide flexible accommodations. Guests can gather in the bright dining room with seating for 28 and enjoy panoramic views, while the fully equipped kitchen supports a range of culinary offerings. An inviting upper lounge and library provides a comfortable space for relaxation. In total, the property includes 15 bathrooms, ensuring convenience and comfort for all guests. A standout feature is the private owner’s suite on the walk-out lower level, offering two bedrooms, a full kitchen, and a living area with a gas fireplace. Heated floors, a separate entrance, and a private patio create a comfortable and private retreat ideal for owner-operators or on-site management. Additional features include a triple garage, shed, abundant parking with plug-ins, an electric vehicle charger, as well as laundry, mechanical, and storage spaces. Three single family lots also included. Located in the heart of Rosebud, the Inn benefits from steady tourism driven by its renowned arts community, theatre experiences, and peaceful prairie setting. With limited local accommodation supply, the property is well positioned for continued growth. This is a rare opportunity to acquire a high-performing boutique hospitality property in Alberta, offering immediate cash flow, long-term upside, and an ideal blend of investment return and lifestyle. More details
    Listed by Royal LePage Benchmark
    LISTING DETAILS
    Mohit Dhillon

  • 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122

    858 Heritage Boulevard W Heritage Heights Lethbridge T1K 7V5
    Main Photo: 858 Heritage Boulevard W in Lethbridge: Heritage Heights Retail for sale : MLS®# A2308122

    858 Heritage Boulevard W Lethbridge T1K 7V5 Heritage Heights

    $3,325,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2308122
    Build. Type:
    Strip Mall
    This six-unit commercial retail strip mall offers a solid, income-producing investment with a strong history of upkeep and reinvestment. Built in 2003 with significant upgrades completed in 2019, the property continues to show well, with Unit 890 fully renovated in 2024. Gabled architectural accents give the building an attractive, cohesive look and strong street-level presence. The property is well equipped for long-term performance, featuring nine rooftop HVAC units with supplemental electric heat at the unit entrances, 1200-amp, 3-phase electrical service and a security camera system. Parking is a major advantage, with an estimated 65 on-site stalls plus employee and shared overflow parking within the plaza, resulting in an excellent parking ratio of 6.39%. From an investment perspective, the property generates a current net operating income (NOI) of $165,600 at 76.61% occupancy, providing for a value-add opportunity for an additional $55,000 in NOI upon full occupancy. The rent roll features staggered lease expiries ranging from December 2026 through March 2036, providing both income stability and future leasing flexibility. Escalating rental rates are in place, with an average projected rent of $23.75 per square foot in 2026, positioning the asset for steady income growth over the holding period. Heritage Heights Plaza West is located in West Lethbridge, the city’s fastest-growing area for new retail, office, and residential development. Continued expansion along University Drive, including University of Lethbridge lands and the planned West Employment Centre adjacent to the site, is driving sustained population growth and increasing demand for commercial services. As development continues to push west, the area is seeing steady increases in traffic, new businesses, and supporting amenities that strengthen the overall trade area. The property also benefits from excellent visibility and access. East and westbound traffic traveling along Crowsnest Highway AB-3 passes directly by the site, providing consistent exposure to both local commuters and regional traffic. This combination of strong growth, high visibility, and convenient access positions the asset well for long term value retention and stable commercial performance. More details
    Listed by AVISON YOUNG
    LISTING DETAILS
    Mohit Dhillon

  • in Valleyview: Hotel/Motel for sale : MLS®# A2306774

    Valleyview
    Main Photo: in Valleyview: Hotel/Motel for sale : MLS®# A2306774

    Contact for address details

    $1,950,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2306774
    Build. Type:
    Free-Standing
    Positioned in the heart of Alberta’s thriving Peace Country, this well-established 61-room full-service hotel offers an exceptional investment opportunity in one of Northern Alberta’s key service and resource-based communities. Strategically located directly on busy Highway 43, part of the CANAMEX trade corridor connecting Edmonton, Grande Prairie, British Columbia, and Alaska, the property benefits from outstanding year-round visibility, easy access, and consistent commercial traffic. Features include 56 guest rooms, 5 suites, lounge with VLTs, ample on-site parking, and approximately 2.45 acres of Highway Commercial land. The on-site restaurant is fully leased, providing additional rental income. Major capital improvements completed in 2015 include electrical upgrades, packaged air-conditioning units, partial room renovations, and exterior improvements. Valleyview serves as a major regional hub supporting oil & gas, forestry, agriculture, tourism, and transportation sectors, making this an excellent opportunity to acquire an established hospitality asset in Alberta’s Peace Country. More details
    Listed by Century 21 Bravo Realty
    LISTING DETAILS
    Mohit Dhillon

  • 2930 9 Avenue N in Lethbridge: Industrial for sale : MLS®# A2311696

    2930 9 Avenue N Lethbridge T1H 5E4
    Main Photo: 2930 9 Avenue N in Lethbridge: Industrial for sale : MLS®# A2311696

    2930 9 Avenue N Lethbridge T1H 5E4

    $8,900,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2311696
    This 77,000 SF industrial building situated on 3.3 acres is an investment sale opportunity located in the Lethbridge Industrial area. The property is currently occupied by BASF Agriculture Solutions Canada Inc., providing current net rental income of approximately $654,500 CAD per annum and a 7.40% cap rate. The building is situated on a corner lot with multiple access points, allowing efficient circulation and access for 53-foot trailer trucks. Property features include four drive-in doors, four dock loading doors, heavy power service at 600 amps (TBV), clear ceiling heights ranging from 14 ft. to 18 ft., LED lighting, and a sprinkler system. The property offers excellent exposure and access along 9 Avenue NE, with convenient connectivity to Highway 3 and Highway 4. More details
    Listed by CDN Global Advisors Ltd.
    LISTING DETAILS
    Mohit Dhillon

  • 2 Railway Avenue N: Hay Lakes Mixed Use for sale : MLS®# A2311840

    2 Railway Avenue N Hay Lakes Hay Lakes T0B 1W0
    Main Photo: 2 Railway Avenue N: Hay Lakes Mixed Use for sale : MLS®# A2311840

    2 Railway Avenue N Hay Lakes T0B 1W0 Hay Lakes

    $1,295,000
    Commercial
    Status:
    Active
    MLS® Num:
    A2311840
    Build. Type:
    Commercial Mix
    Seize this rare chance to acquire a highly profitable, long-standing turnkey business, established for 28 years in a supportive community, offering proven cash flow and the independence to shape its future as the sole gas station within a 30 km radius of Hay Lakes. The primary fuel operation is supported by multiple high-margin revenue streams, including a two-bay car wash designed for large vehicles and finished with durable, low-maintenance vinyl paneling; a commercial RO water filling station featuring a high-capacity 40,000-liter storage tank for rapid bulk-truck filling; and ancillary services such as propane sales, campfire wood sales, carpet cleaning, Purolator services, and a dedicated laundry bay. The facility also includes a private residential suite with a kitchen, 4-piece bathroom, and three additional rooms, ideal for owner-operator accommodations or supplemental rental income. Furthermore, the property has benefited from significant capital upgrades in 2023, including new tanks and faster dispensers for premium fuel, ensuring low future maintenance and operational efficiency, all while operating under established contracts that grant the new owner full operational control, making this an outstanding opportunity for an ambitious owner-operator to build substantial business equity. More details
    Listed by Royal LePage Rose Country Realty
    LISTING DETAILS
    Mohit Dhillon
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Data was last updated October 9, 2026 at 08:05 AM (UTC)
Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.

Why Calgary Commercial Cap Rates Are Moving the Way They Are in 2026

Industrial · Multifamily · Office · Retail Trends

Industrial Momentum

Two consecutive years of transaction growth and a stabilizing cap rate around 6.9% make industrial the strongest-performing segment of Calgary's commercial market right now. Logistics operators, contractors and owner-users continue to drive demand for industrial property for sale in Calgary, particularly in the NE and SE submarkets.

No Rent Control Keeps Multifamily Cap Rates Tight

Alberta's lack of rent control legislation continues to make Calgary apartment-building commercial real estate attractive to private investors seeking predictable income growth alongside the city's population growth, even with 2026 YTD multifamily transaction volume down 19.5%. Population growth of 13.1% over the past three years and a median household income of $114,200, the highest of any major Canadian metro, continue to support the underlying rental demand behind that pricing.

Office Is Repricing, Not Stalling

A 12.1% market cap rate looks alarming next to industrial or multifamily, but the 55.9% YTD jump in office sales volume shows buyers are actively transacting at these levels; this is a market finding its floor, not one that's frozen.

Retail Stays the Boring, Reliable Middle

Calgary commercial cap rates in retail have moved the least of any sector over the past five years, which is exactly what you'd expect from a segment anchored by grocery and service tenants with long-term leases.

📍 Market Overview: Calgary commercial real estate highlights key divergence across asset classes, with strong fundamentals in industrial and retail contrasting against ongoing office repricing.

How to Calculate and Use a Cap Rate

Cap Rate = Net Operating Income (NOI) ÷ Purchase Price.

Before comparing any listing to the Calgary commercial cap rates above, calculate NOI from verified financials: gross income minus vacancy allowance and operating expenses, excluding debt service, then divide by the asking price. If your number sits meaningfully below the current range for that asset type, you're likely paying a premium for location, tenant quality, or building condition. If it sits above the range, dig into why: deferred maintenance, a short remaining lease term, or elevated vacancy risk are the usual culprits.

Sunridge Mall Retail

Frequently Asked Questions

What are the current Calgary commercial cap rates by property type?

As of 2026, Calgary commercial cap rates sit at approximately 12.1% for office, 6.9% for industrial, 6.7% for retail, and 5.2% for multifamily, based on current capital markets data. These are market-wide averages; individual asset pricing varies by location, building quality, and tenant covenant.

Why are Calgary commercial cap rates so much higher for office than other sectors?

Office cap rates have expanded from 9.5% in 2021 to 12.1% today because buyers are pricing in real leasing risk from elevated downtown vacancy, not just current income. Even so, office sales volume is up 55.9% year-to-date, showing active repricing rather than a frozen market.

Are Calgary commercial cap rates higher than Toronto or Vancouver?

Yes, particularly in multifamily. Calgary multifamily investment yields typically run 4.75% to 5.25%, which is 50 to 100 basis points above comparable assets in Vancouver and Toronto, offering more income per dollar invested at a lower entry price.

Which Calgary commercial sector has the most stable cap rates?

Retail and multifamily have shown the least year-over-year movement over the past five years. Multifamily in particular has held close to 5.2% to 5.3% since 2023, supported by Alberta's lack of rent control and continued population growth.

How is a market cap rate different from a transaction cap rate?

A market cap rate is a broader, model-based estimate reflecting overall pricing trends across an asset class, while a transaction cap rate reflects the actual yield on a specific closed sale. Always verify a specific deal's cap rate against recent comparable transactions, not just the market average.

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Data is supplied by Pillar 9™ MLS® System. Pillar 9™ is the owner of the copyright in its MLS®System. Data is deemed reliable but is not guaranteed accurate by Pillar 9™.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.