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If you're looking at building a 4-plex or 8-plex in Edmonton or Calgary, you're probably weighing the numbers carefully. We’ve built dozens of these projects and have a solid handle on what they actually cost and more importantly, what makes building a smart move for long-term investors. Below, we break it all down as transparently as we can.
Buying a completed multi-family property is the easier path, no doubt. You walk into something fully finished and tenanted — but you also pay for that convenience. That means higher pricing, developer markup, and less control over the design or materials.
Building, on the other hand, takes more involvement up front, but gives you a lot more say. You get to decide on layouts that work best for rental income, finishes that make sense for durability, and where to put your money to get the best return. Plus, you’re building equity from day one, not paying for someone else’s margin.
These numbers are based on our current builds and include everything: land, design, permitting, construction, soft costs, GST, labour, materials, supplies, legal, closing fees, CMHC Premiums, Lender fees, Broker fees & Misc. This is truly a net-net cost — no surprises.
These buy prices are based on actual transactions over the past 12 months — specifically, newly built 4-plexes and 8-plexes developed by builders or small-scale developers and sold to investors. Most of these were fully completed, often tenant-occupied at the time of sale, and traded at cap rates ranging between 4.5% and 5%. They reflect ready-made investments where the buyer is paying for a fully packaged asset with income already in place.
Most of the cost difference between building in Edmonton vs. Calgary comes down to two things: land prices and building code requirements.
Right now, Edmonton land is generally more affordable, especially in infill areas zoned for mid-density development. That alone can save you six figures. On top of that, Edmonton’s building codes are a bit more flexible — particularly around fire separations — which means less need for expensive concrete walls or enhanced materials.
In Calgary, requirements tend to be stricter. Concrete demising walls, fire-rated assemblies, and additional engineering often come into play, all of which push the total cost up. So if you're wondering why that same 8-plex costs $500K more in Calgary, it's mostly land and code-driven.
The biggest factor that affects build cost is usually the land. Price per lot can vary quite a bit depending on the area, frontage, and whether services are already in place. After that, your finish level is the next major variable — going with higher-end materials, appliances, or design upgrades will naturally raise the budget. Lastly, layout plays a role too.
The pricing we’ve shared is based on our standard 8-plex layout: two storeys plus basement, with 8 legal units and 4 garages. If you go with a 3-storey plus basement setup, the numbers will shift — more structure, more stairs, more square footage.
The good news is that, with current blanket upzoning, most lots in Edmonton can handle a 2-storey + basement build as-of-right, no rezoning needed. You can even do 3-storey + basement on nearly any lot in Edmonton. In Calgary, 2-storey + basement is allowed by default as well, but 3-storey + basement builds are only allowed on certain zoned lots. If your site isn’t zoned for that, you may need to go through a rezoning process, which adds both time and cost.
So while we’ve got a great starting point, things like land value, finish level, layout, and zoning all play a part in the final budget.
We don’t just build to code — we build to perform. That means every layout is carefully planned to work for tenants and future resale. Legal suites with proper soundproofing, smart mechanical room placement, durable finishes, and layouts that maximize livable square footage all add long-term value.
Whether you plan to rent, refinance, or sell, good design helps you achieve better numbers and lower turnover. We think about every decision through an investment lens — because we’re investors too, not just builders.
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