From Vancouver to Calgary: De-Risking Real Estate Investments with a Solid Pre-Construction Strategy

At Bliss, we understand that real estate investing can be a high-stakes game—especially when stepping into new markets or larger-scale projects. That’s why we love connecting with experienced investors who have made that leap and have insights to share. Recently, we sat down with Nomi Malek, a seasoned real estate professional with over 20 years of experience in Vancouver’s market, who’s now actively investing in Calgary’s growing inner-city neighborhoods.

Nomi’s journey underscores a crucial truth: mitigating risk in real estate starts with a strong, local, and well-informed team—especially during pre-construction.

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Why Calgary? Why Now?

Nomi’s move into the Calgary market was driven by two things: opportunity and affordability. As acquisition and construction costs in Vancouver skyrocketed, investors began looking for new markets with better returns. Calgary—with its strong rental demand, lower land costs, and growing population—stood out. His strategy? Focus on inner-city redevelopment. Specifically, buying single-family homes and converting them into multi-family townhomes (fourplexes with additional basement suites). These are projects that benefit from both capital appreciation and strong rental income.

De-Risking the Project Before It Begins

One of the biggest investor fears? Construction risk. Who’s managing the build? How do you control budgets and timelines? How do you ensure quality? Nomi’s answer: start with pre-construction. That’s where Bliss comes in.

“Your design drives your construction budget,” Nomi says. “So if you want to control construction risk, you have to de-risk the pre-construction process first.”

Our team at Bliss helps clients understand site-specific risks, design efficiently for multi-family layouts, and navigate permitting smoothly. By ironing out the details upfront, we reduce surprises later—saving time, money, and headaches.

Financing Smarter with CMHC’s MLI Select Program

Another major game-changer in Nomi’s investment model? The CMHC MLI Select financing program. Designed for rental developments of five or more units, this program offers significant incentives:

Lower interest rates
Longer amortization periods (up to 50 years)
Loan qualification based on the building's cash flow—not the investor’s personal income

This financing approach allows investors to scale more easily and reinvest equity into future projects. However, as Nomi points out, it's not for everyone:

“You need to spend time understanding how MLI Select works. It’s not a one-size-fits-all model. But if you qualify, it opens incredible doors.”

At Bliss, we regularly work alongside financing experts to help our clients model projects that are a fit for CMHC’s criteria—and to make sure the pre-construction plan supports a successful loan application.

Boots on the Ground: Building Your Local Team

Investing in a city you don’t live in comes with its own set of challenges. That’s why Nomi emphasizes the importance of trustworthy, local partners—especially when it comes to builders, property managers, and development consultants.

“You can have the best plan in the world, but if you don’t have boots on the ground to get it across the finish line, it’s just a plan.”

That’s the role we love playing at Bliss—being your reliable local partner who knows the permitting landscape, understands neighborhood nuances, and helps get your project from concept to construction smoothly.

Lessons for First-Time Calgary Investors

So what should real estate investors keep in mind if they’re considering their first development in Calgary?

Focus on Location: Nomi recommends inner-city neighborhoods like Killarney, Marda Loop, and Kensington for stable tenant demand and long-term value.
Build for Rentability: Choose designs that attract quality tenants and generate strong cash flow.
Pre-construction is everything: From due diligence to design to permitting, the decisions you make early shape your risk profile later.
Work with experts: Whether it’s your broker, builder, or pre-construction partner—make sure they specialize in what you’re trying to do.

Looking Ahead: Calgary’s Long-Term Growth

Nomi sees Calgary as a long-term play—with affordability, population growth, and steady rental demand driving sustainable returns.

“Calgary is still undervalued compared to cities like Vancouver and Toronto. Over the next 10 to 15 years, I think we’re going to see significant growth.”

At Bliss, we’re proud to support investors like Nomi who are building responsibly and intelligently in Calgary. If you’re ready to de-risk your next real estate investment—especially in the pre-construction phase—we’re here to help.

Ready to talk strategy? Contact Bliss to learn how we can help you move from vision to value with confidence.Email us at hello@blisshomedesigns.com to start the conversation!

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