Calgary has 1,824 condos and apartments listed for sale as of October 2026, representing just over one-fifth of all residential listings in the city. The median asking price sits at $299,900, and these units have been on the market for a median of 48 days so far. For investors weighing whether to buy a condo to rent out, the decision hinges on what tenants will pay, what carrying the property costs, and what the Canada Revenue Agency expects you to report.
Key Takeaways
- Calgary has 1,824 condos listed for sale with a median asking price of $299,900; one-bedroom units carry a median ask of $250,000 and two-bedroom units $350,000.
- Average rent in Calgary reached $2,364 as of the October 2025 survey, up 2.2% year-over-year, according to the Canada Mortgage and Housing Corporation.
- The Bank of Canada's policy rate stands at 2.25%, and the five-year posted mortgage rate is 6.19%, though most borrowers negotiate below that figure.
- The Canada Revenue Agency requires rental-property owners to report all rental income and allows deductions for expenses such as insurance, property taxes, interest, repairs and management fees.
- Investors must consider vacancy periods, condominium corporation rules on rentals, and whether the numbers leave room for carrying costs before rental income arrives.
What Condos Are Listed in Calgary
As of mid-October 2026, Calgary's residential market includes 8,451 active listings. Condos and apartments make up 1,824 of those, with 576 first listed in the last 30 days. The median asking price for condos is $299,900, unchanged between all condo listings and those newly on the market.
Looking at bedroom count across all property types, one-bedroom homes carry a median asking price of $250,000, and two-bedroom homes sit at $350,000. These figures include condos, townhouses and detached houses, but condos dominate the lower end of the price spectrum. Investors typically focus on one- and two-bedroom units because they attract the broadest pool of renters—young professionals, couples and small families who want to live close to work or transit without the cost of a house.
Townhouses, by comparison, have a median asking price of $424,900, and detached houses sit at $739,000. The gap between a condo and a townhouse or detached property means the initial outlay and the mortgage are smaller, but so is the rent you can charge.
What Rent Looks Like in Calgary
The Canada Mortgage and Housing Corporation surveys purpose-built rental buildings each October. The most recent data, from October 2025, shows average rent in Calgary at $2,364. That figure rose 2.2% from the year before, when average rent was $2,313. The survey does not break out asking rents on new listings or what individual landlords charge for condos, but it gives a benchmark for what the rental market supports.
Rent has climbed steadily over the past decade. In 2015, average rent in Calgary was $1,375. By 2020 it had reached $1,799, and by 2023 it stood at $2,187. The trajectory shows demand for rental housing, driven by population growth, immigration and people who choose not to buy or cannot qualify for a mortgage.
For an investor, the rent figure matters because it determines the revenue side of the equation. A condo listed at $299,900 will not generate the same rent as a townhouse listed at $424,900, and the difference shapes whether the property covers its own costs or requires the owner to subsidize it each month.
Borrowing Costs and What They Mean
The Bank of Canada's policy rate—the target for the overnight rate—sits at 2.25% as of October 2026. That rate influences what lenders charge for variable-rate mortgages and what they price into fixed-rate products. The five-year posted rate at the major chartered banks is 6.19%, though most borrowers negotiate a rate below the posted figure. Lenders typically offer discounts based on credit score, down payment and whether the property is owner-occupied or an investment.
Investment properties usually carry higher rates than principal residences because lenders view them as higher risk. The down payment requirement is also steeper—typically at least one-fifth of the purchase price, compared to as little as one-twentieth for a first-time buyer's principal residence. That means an investor buying a condo listed at $299,900 would need a larger cash outlay up front, and the monthly mortgage cost would reflect both the higher rate and the loan amount.
Interest on a mortgage for a rental property is a deductible expense, according to the Canada Revenue Agency, so the cost reduces taxable rental income. But the interest must be paid each month regardless of whether a tenant is in place, and that is where carrying costs become central to the decision.
Carrying Costs, Vacancy and Condominium Rules
Carrying costs include the mortgage payment, property taxes, condominium fees, insurance and utilities if the owner pays them. These expenses continue whether the unit is rented or vacant. Investors plan for vacancy—periods between tenants, or times when a tenant does not pay and an eviction is underway. Even a well-located condo in a strong rental market will sit empty for stretches, and those weeks or months mean the owner covers the full cost with no rental income.
Condominium corporations set their own rules about rentals. Some buildings allow unrestricted rentals, some cap the percentage of units that can be rented at any one time, and some prohibit rentals altogether. Before buying, an investor needs to review the condominium bylaws and confirm that renting is permitted. A building that does not allow rentals turns an investment property into a principal residence or a unit that must be sold.
Condominium fees vary widely depending on the age of the building, the amenities and the reserve fund. Older buildings with deferred maintenance can levy special assessments—one-time charges to cover major repairs such as roof replacement or parkade work. These costs fall to the owner and are not always predictable.
What the Canada Revenue Agency Expects
The Canada Revenue Agency publishes a guide, Rental income (guide T4036), that explains what rental-property owners must report and what expenses they can deduct. All rental income must be reported on your tax return, and the guide walks through the categories of deductible expenses.
Allowable deductions include advertising, insurance, interest and bank charges, office expenses, professional fees such as legal and accounting costs, management and administration fees, repairs and maintenance, salaries and wages if you employ someone, property taxes, travel, utilities, and motor vehicle expenses if you use a vehicle for the rental property. Prepaid expenses—such as insurance paid for the year ahead—must be deducted in the period they cover, not all at once.
The guide distinguishes between current expenses, which you deduct in the year you incur them, and capital expenses, which you recover over time through capital cost allowance. A capital expense improves the property or extends its useful life—replacing a roof, adding a deck, or renovating a kitchen. A current expense maintains the property in its existing condition—fixing a leaky faucet, repainting a wall, or replacing a broken window.
If you rent the property for less than fair market value—for example, to a family member at a reduced rate—the Canada Revenue Agency may limit the expenses you can deduct. Rental losses are allowed if you have a reasonable expectation of profit, but a pattern of losses year after year invites scrutiny.
The guide also covers capital cost allowance, which lets you deduct a portion of the property's cost each year. Buildings fall into different classes with different rates, and you cannot claim capital cost allowance to create or increase a rental loss. If you later sell the property, any capital cost allowance you claimed may be recaptured as income.
What It Means for Investors
Buying a condo to rent out in Calgary means balancing the asking price, the rent the market supports, and the monthly cost of holding the property. With 1,824 condos listed and a median asking price of $299,900, the supply gives investors a range of buildings, locations and unit sizes to choose from. Average rent at $2,364 provides a benchmark, though individual units will command more or less depending on condition, location and amenities.
Borrowing costs shape the decision because the mortgage is usually the largest monthly expense. A policy rate of 2.25% and a five-year posted rate of 6.19% mean financing is more affordable than it was when rates peaked, but investment properties still carry higher rates than owner-occupied homes. The interest is deductible, but it must be paid whether the unit is rented or not.
Vacancy, condominium fees and the risk of special assessments add uncertainty. A unit that generates positive cash flow when occupied can become a monthly drain during a vacancy, and an investor needs reserves to cover those periods. Condominium rules matter because a building that restricts or prohibits rentals eliminates the investment case entirely.
The Canada Revenue Agency's requirements mean keeping detailed records of income and expenses, filing accurately, and understanding the difference between current and capital costs. The guide is available on the agency's website, and consulting an accountant who works with rental properties is common practice.
Outlook
Calgary's rental market continues to tighten as population growth outpaces new supply. Average rent has risen each year since 2020, and the October 2025 figure of $2,364 reflects sustained demand. Lower interest rates make borrowing more accessible than it was in 2023 and early 2024, and that brings more buyers—including investors—into the market.
The number of condos listed for sale gives investors choice, but competition from other buyers, including first-time purchasers looking for affordable entry points, means offers need to be sharp. Investors who understand the carrying costs, plan for vacancy, verify condominium rules and keep thorough records are better positioned to make the decision work.
If you are weighing an investment property in Calgary, explore the condo and apartment listings to see what is available, or request a free home valuation to understand what a property you already own might be worth. Renanza works with buyers and investors across the city.
Sources
Renanza Realty — Analysis of active MLS® listings (CREA DDF®) — Calgary, October 2026 Canada Mortgage and Housing Corporation (via Statistics Canada) — CMHC average rents by centre (Table 34-10-0133-01), October 2025 Bank of Canada — Target for the overnight rate (policy interest rate), October 2026 Bank of Canada — Conventional mortgage, 5-year posted rate (major chartered banks), week of October 7, 2026 Canada Revenue Agency — Rental income (guide T4036), 2025 edition
Data last checked: 2026-10-13
