The Canadian rental housing market has been growing and shifting rapidly. According to the Canada Mortgage and Housing Corporation (CMHC), the annual average growth rate of purpose-built rentals has moved closer to 2% over the last decade, reaching almost 2.2 million units in 2020. Unfortunately, the long-term deficit will take years of building to fix, especially with Canada’s population expected to increase by 1 million in 2023. Supply is simply not keeping up with demand. Fortunately, the recent increase in national and regional rental data is helping Canadians gain a better understanding of these developments. This article examines key takeaways from a recent Yardi-sponsored virtual panel discussion, which covered the latest rental data and explored how it’s being used to make sense of the current rental market. Existing Reports One of the longest-established means of benchmarking rental market data, is collected and distributed by the Canada Mortgage and Housing Corporation (CMHC). Their process involves conducting annual surveys using telephone calls, site visits and information from owners. The results are shared every year in January and show a snapshot of vacancy, available units, turnover rates and average rents in primary and secondary rental markets. Peter Altobelli, a panelist and vice president of sales and general manager for Yardi Canada, highlighted Yardi’s Canadian National Multifamily Report, which analyzes in-place rents, rent growth, vacancy rates and other fundamentals across 13 Census Metropolitan Areas. The quarterly report aggregates and anonymizes data from Yardi clients and divulges increasingly rich information. The data “enables Yardi to offer more transparency into the rental market and expands the scope and uniqueness of the report,” Altobelli said. He added that the number of units used to compile the report will increase by 60% in the near future. Other panelists favour comparing online rental listings data with CMHC and Yardi reports, to capture a holistic view of the market throughout the year. Rental Challenges Data is more critical than ever, as Canadians face the current housing crisis. The existing rental market reports are intended to equip renters and real estate professionals with data to make informed decisions about rental housing options. Although online rental listing reports are released more frequently, these types of reports incorporate average asking rents rather than in market rents. This information makes for “excellent for shock headlines” but should be regarded cautiously, according to webinar panelist Alexandra Baird Allen, an economic intelligence unit manager for Turner Drake & Partners. The panelists also discussed the most recent Yardi Canadian multifamily report, which documents rising in-place rents, tight vacancy rates and declining turnover rates. “These trends are expected to continue”, said Altobelli and with rent controls in place in most jurisdictions, “owners of older inventory may be well-served to focus on value-add scenarios to provide better homes for renters and drive market rents in those units when opportunity presents” he added. Making Decisions For markets to stay competitive, property owners and managers should leverage these reports to help attract investors that will support redesigning their properties. Changes such as converting office space into residential or coworking spaces are hidden treasures for investors, depending on the market. For more of these experts’ insights into Canadian multifamily housing market data, view the complete...

Let’s rendezvous with Wayne Tuck, Senior Director for Yardi’s residential portfolio in Canada. Tuck supports Canadian clients as well as those from the U.S. and Latin America. Meet Wayne Tuck Tuck has worked with Yardi for four years but has been in the industry as a client of Yardi’s since 2004. He is involved primarily in the support of clients and teams that service them. “I always say to employees I work with, ‘You are not working for me; I am working for you; we’re working together.’ It’s my role to guide, support, and direct them to be better for our clients. When I first joined, my message was, ‘I’ll share as much as I know about the multifamily industry in Canada, and you share as much as you know about software, and this will be a great relationship,’” said Tuck. Tuck says Yardi’s corporate motto resonates with him, as do Yardi’s company values: Take care of our clients, take care of our employees, take care of our communities, stay focused and grow. “I have been extremely fortunate to participate on Yardi Toronto’s Charity Committee, helping with the organization’s philanthropic efforts,” shared Tuck. One beneficiary is Canadian client Toronto Community Housing, where Yardi contributes post-secondary scholarships for individuals living in social housing. The funds help provide an opportunity for recipients to pursue their dreams.  “In addition, the Investing in our Diversity scholarships are awarded annually, and I’m extremely proud to represent Yardi in helping deliver them,” shared Tuck. Learning and leadership Tuck’s journey with Yardi has been a chance to gain a perspective on how real estate and tech companies operate around the world. “We always rely on teams outside Canada in support of our clients, and the diverse nature of our organization and its geographical reach offers a unique opportunity to gain a truly global perspective,” he said. What does he enjoy most about working for Yardi? The chance to continually expand his knowledge. “I am inquisitive by nature; I have learned so much here at Yardi, and I continue to learn each and every day. I’m also focused on sharing my learning and experience to benefit our employees and their ongoing development,” Tuck said. Tuck is also a part of the hiring process for Yardi. In interviews with candidates, Tuck said: “I always reinforce integrity as the core value (at Yardi) that resonates most. Going back to the motto, it is not only the attention, dedication, and commitment to our purpose that resonates but also our consistent delivery of products and services that demonstrate how we fulfill it. “Integrity for me is not just about doing the right thing; it’s about having the will to do it right no matter what barrier or perceived barrier is in front of you.” Yardi is hiring globally! Interested prospective employees can explore opportunities on the Careers site. Hockey with heart Tuck is a huge hockey fan and plays regularly. His son and daughter both compete at a high level in two of the premier minor hockey leagues in the world—The Greater Toronto Hockey League and the Ontario Women’s Hockey Association. He also volunteers and helps his son’s team as a trainer, which finds himself in the ice-skating rink several times a week during the Fall and Winter seasons. Tuck also enjoys riding his motorcycle, creative writing, and painting abstracts with acrylic when he is not in skates. Check out his LinkedIn bio here. Learn more about the dynamic members of #TeamYardi on the People...

The first in-person Canadian Federation Apartment Association (CFAA) Rental Housing Conference in three years made up for lost time with a wide-ranging assessment of recent market and technology updates. Key themes resounding throughout the three day event include an optimistic multifamily outlook, rising cybersecurity concerns and increasing commitments to environmental, social and corporate governance (ESG). As CFAA’s 2022 Supplier of the Year, as well as a long-term industry partner, Yardi Canada Ltd. occupied a central role in the event. Yardi presenters underscored the importance of marketing technology, talent development, R&D in IoT and energy innovation. Here are some takeaways from those sessions. Confidently moving forward on marketing On the second day of the conference, panel conversions illustrated the value of making property marketing websites SEO-driven, engaging and easy to use for prospects. Parisa Vafaei, regional manager of sales for Yardi, introduced new technology gaining traction in North America: the omnichannel chatbot, this unique marketing tool applies artificial intelligence and integrates with leasing data to help staff prequalify leads. The bot is built to answer questions around scheduling a tour, amenities, property guidelines, signing leases and more – saving staff time and easing labour constraints. This advanced marketing technology has the ability to target and interact with multi-generations, “elevating a business’ competitive edge and priming them for success,” Vafaei said.  Enhancing talent retention incentives Another CFAA session addressed learning management platforms, which became more widely used during the pandemic as a substitute for in-person training. This includes orientation for new employees to professional development and compliance management. Attendees learned how platforms such as Yardi Aspire help property managers work smarter with automated attendance tracking and reporting. With millions of employees considering new job options, on-demand learning management systems are key to retention and stability, according to Patty Evans, Yardi industry principal for Aspire. “If companies offer opportunities to develop skills, employees are more likely to stay in their jobs. When it comes to skill training, more abilities mean more opportunities,” she said, noting that Aspire enables a personalized approach to building skills that avoids an unproductive “one size fits all” training strategy. Solutions for building operations and ESG On day three, sessions centred on another hot topic: smart building operations and technology that satisfies operators’ need for energy efficiency. During one panel, Yardi’s Jacquelyn Bauer, advised CFAA attendees to consult with experts at the outset of planning a new building or upgrading an existing property. With rising smart tech options for smart locks, lights, thermostats and leak detection, “the goal is to create a seamless renter experience and maintain data security with a single connected platform. The frictionless connection will satisfy investors and residents and create a higher ‘wow’ value for your properties,” Bauer said. Smart tech also contributes towards better managing energy and water consumption, a behavioural shift mainly driven by municipal mandates as well as ENERGY STAR® and GRESB reporting requirements. The best approach to a carbon reduction strategy, according to Ryan Bekar, an account executive for Yardi Energy, involves “leveraging technology to track, centralize and benchmark your utility consumption data. These insights will identify low-hanging fruit among your buildings, enabling your team to apply changes at the property level before implementing them across your portfolio.” Final takeaways Information is power and data will revolutionize the real estate landscape. As more organizations publicly release their data, the market needs to prepare for a growing demand for transparency. Industry leaders encouraged CFAA attendees to select a technology partner that simplifies data management while offering solutions that future proofs their business. To get up to date insights on Canada’s multifamily industry, view the recent Yardi apartment report. To learn more about your technology options visit...

Yardi has launched a quarterly report series designed to help Canadian multifamily industry professionals measure portfolio performance, optimize property management and identify investment opportunities. The Canadian National Multifamily Report analyzes vacancy rates, rent growth and other industry fundamentals from data at the national, provincial and Census Metropolitan Area levels. The first edition was released this month. The inaugural report indicates promising signs for the Canadian apartment industry in 2022. Demand remains robust due to the national immigration plan along with gross national product and total employment figures in 2021 that exceeded those seen before the onset of COVID-19. In-place rent averaged $1,326 nationwide as of December, 2.1 percent higher than the same period the previous year, according to the report. Fourth quarter year-over-year in-place rent growth leaders for new leases were London, Winnipeg, Kitchener-Cambridge-Waterloo, Vancouver and Hamilton. Nationwide vacancy in the final quarter was 3.8 percent and slightly trailed pre-pandemic levels. Last year’s strong rent and vacancy performance “was highest in smaller CMAs, as migration out of large cities drove demand in smaller markets,” the report says. The report also notes headwinds to watch for, including inflation, potential Bank of Canada policy rate increases and supply chain bottlenecks. “The Canadian Multifamily National Report presents a new dynamic resource for the real estate industry. We look forward evolving the data to help influence decision-making and innovation across the country,” said Peter Altobelli, vice president of Yardi Canada Ltd. Get your copy of the first Canada National Multifamily...

Canadian commercial real estate tenants and investors are becoming increasingly sophisticated in tracking their assets. Their inquiries are expanding beyond payments and quarterly reports. The overarching theme for the next six to 12 months will be environmental, social and governance (ESG) practices supported by reliable data. To remain competitive, property owners, operators and landlords must take these priorities into account. Upgrades drive ROI An emphasis on healthy workspaces will be a principal legacy of the pandemic, prompting owners and occupiers alike to prioritize such things as HVAC upgrades and touchless restrooms. Many owners are seeking WELL Building Standard™ and Fitwell® certifications, which bolsters facilities’ current status while preparing for potential future virus-related health emergencies. Significant ROI is possible by attaining one of these building certifications, with studies showing that effective rents are between 4.4% and 7.7% higher per square foot for properties that hold them. Such certifications also help satisfy health and well-being concerns among asset and fund-level stakeholders, apply to international assets and contribute to GRESB scores. Tech enables workplace flexibility, energy intelligence With almost half of working Canadians wanting a flexible work schedule and guaranteed safe return to the work environment, corporate tenants and property owners will be seeking platforms for office hoteling to aid with occupancy management. These mobile solutions help organizations streamline communication, enforce capacity limits and allows staff to reserve their desks in advance, in real time. This increased transparency can enhance the employee experience and boost workplace confidence. Similar technology on the marketplace includes ESG-related tools with energy intelligence and automation capabilities that gives operators and maintenance teams real-time access to building performance metrics. These features help staff reduce operating costs, promote efficiency and improve occupant comfort from anywhere. By monitoring HVAC investments and sending automated notifications directing staff to address potential equipment failures, such systems can produce average HVAC energy savings of 5-10%. The investor’s stake These new capabilities are as important to investors as they are to landlords and tenants, according to a  CBRE report on investor strategies. They’re weighing amenities connected to health, safety and shift flexibility more heavily in their investment decisions. ESG also carries more weight in investment decisions, with investors recognizing its impact on energy costs, insurance premiums and other operational elements. That will prompt more investments in capital needs to make buildings more resilient. Investors also increasingly expect on-demand access to key metrics, capital transactions, documents and reports. Similar to energy management platforms, investment managers can leverage a single connected suite of solutions to gain a comprehensive view of investment performance and improve collaboration among property operators and investors. Learn how Yardi solutions for flexible workspaces, energy management and investment management meet and centralize the needs of property owners, tenants and investors of today and...

When it comes to teams, families and communities, communication is a key factor for success. In-person and virtual soft skills are steadily growing in importance. Yardi team member Meherzad Bakht is teaching youth how to embrace a healthy lifestyle and improve their virtual communication skills. Simultaneously, he’s honing his own soft skills and furthering his career. Overcoming challenges with tech Bakht is a Yardi Voyager sales representative based in Toronto. He’s celebrating eight years with the company. He began his career with Yardi because it brings together his “passion for real estate, sales and technology into one position.” On a typical day, Bakht learns the needs and tech requirements of prospects and clients. He then aligns them with the best technology solution(s) to help them achieve their goals. Through his work, it’s clear that he cares about helping people overcome challenges. Game On! Bakht expresses that care through community involvement. He volunteers with Greater Toronto Big Brothers, Big Sisters Game-On after school program. This virtual mentoring program is for boys ages 11 – 14. The youth learn the foundations for making healthy choices, such as physical activity, nutrition, and emotional intelligence through discussion. “I knew I wanted to work with kids and give back to the community through mentoring,” says Bakht. “Over the last several months, I have enjoyed sharing my experiences with these kids and just being a resource. This is something I didn’t have when I was growing up and I know how important that could be in someone’s life.” Join Bakht in supporting Big Brothers, Big Sisters by making a donation. Bakht understands that sometimes, youth want to talk to someone who is outside of their immediate group of friends or family. The fresh perspective on past experiences and guidance is impactful at that age. Bakht recalls one of his favorite activities, making stress balls with the kids. The organization sent the supplies to participants. Virtually, Bakht guided the kids in how to make the sensory tool using a water bottle, flour and a balloon. During the activity, they all chatted about what was on their minds. “This was a really fun experience when we are actively working together and it was great to teach them problem solving skills,” says Bakht. He continues, “I actively worked on communication and listening. They really go hand-in-hand. Youth at this age can be easily distracted, especially in a virtual environment. We have to work on keeping them engaged and active. That’s why creating the stress ball with them was such a great experience.” Mentoring offers transferrable skills “My experience with Game On is a great way for me to get additional practice for collaborating with others, internally or externally, in a virtual world,” reflects Bakht. “These are great skills to practice because as a senior account executive, I need to be able to listen to and understand our clients’ needs to communicate how Yardi can best help them.” Over the last two years, the use of property management technology has grown. Many organizations have implemented, disparate systems. Some don’t know that a fully integrated property management, accounting, leasing and marketing solution is available. But Bakht works with clients wherever they are in the tech adaption process. Once he understands the bigger picture, he can help clients reduce touchpoints, gather reliable data and reporting—all via remote access. “Technology can be a true problem solver. And my work with Game On has improved my virtual communication skills so that I can even better serve our clients.” Tips for getting involved Bakht encourages community involvement, and not to be daunted by preparation. “If others are looking to volunteer and give back to the community, I would say don’t overthink it. Do some research, see how much time you have and reach out. These organizations are in need of volunteers, so they will work with you to align your goals, skills and how...

Virtual classrooms demonstrate the marvels of modern technology—for those with access to them. Students without adequate technology faced a myriad of challenges. Among them, some students did not have internet connectivity while others struggled to navigate multiple class schedules on shared computers. The attentive staff of Toronto Community Housing Corporation (TCHC) noticed the need and stepped in to help. We caught up with Toshania Solomon and Debra Shaw at TCHC via Zoom to learn how they helped tenants thrive in remote learning environments. Meeting the need Solomon was fresh on the job at TCHC when we spoke. With her, she brought years of experience in program management and community planning. This enabled her to hit the ground running as the supervisor of program support and implementation. “One part of me was always working with people while the other part worked in the background with strategic structure,” smiles Solomon. “For me, it’s all about impact.” The first high impact project was largely self-assigned. During school closures during COVID-19, Solomon and her team noticed profound needs in the community. “My job entailed afterschool and summer programs,” began Solomon. “I noticed many families didn’t have access to devices or only had one device with multiple kids.” The organization developed the idea of Tech for Learning Success, technology kits for families. The kits would include laptops for children and youth grades one to 12, internet subscriptions via Rogers Connected for Success, connection hardware, homework assistance and resources for adults. “One the idea was in place, everything just…began to come together,” says Solomon. Tech for Learning Success TCHC received a grant from Yardi to purchase the kits. With the funds, Solomon and her team were able to expand them to include laptop carrying bags, mice, headphones, notebooks and other essential office supplies. “Thanks to Yardi Canada’s donation, we provided technology kits to 20 families in total. Sixteen families connected to TCHC through our Active Living programs, and four families from our rapid housing program that places families from the Toronto Shelter system into TCHC units,” reports Debra Shaw, development officer for programs and partnerships at TCHC. “It’s so important that kids in our community could be equipped like everyone else. We were able to meet them where they’re at and elevate them from there,” says Solomon. It was so important to her, in fact, that she participated in the assembly and delivery of the kits. Along with members of the regional team, Solomon put supplies in the hands of 43 young people. They belonged to families that had registered on a first come, first serve basis as well as families with unique needs. Shaw explains, “One family has a child with cerebral palsy who needs to spend more time in her online classes. This affects the other four children in the household who also need access to the device for online classes. It has been difficult to balance all of their online learning. They are particular pleased to have been selected for this program.” Putting kits to work To optimize use of the kits, TCHC developed two learning streams. In Stream one, parents attended four 45-minute online workshop sessions. The sessions introduced parents to the devices as well as the basics of cybersecurity, teaching at home and general wellness. In stream two, kids and youth learned how to operate the technology appropriately and how to stay safe while on the internet. Families also receive a PDF listing free educational resources such as community agencies offering support, games, worksheets, literacy and free tutoring services. These resources are all accessible online and community services broken down by geographical regions. “This project has been so rewarding,” beams Solomon. “To be clear, tenants are thriving with or without our help. They’re doing what they need to in order to get things done. Tenants, including the kids, have an unmatched sense of resiliency and they’re able to tap into...

The results are in! Conducted in April and May of 2021, the Seniors’ Housing Survey collected information on rent prices, vacancy rates and more in seven regions across Canada. Ready to be explored, the survey revealed eye-opening findings on the Canadian seniors’ housing market. Let’s take a look: The findings: Higher vacancies and rent prices Starting with vacancies, the survey showed that vacancy rates in seniors’ residences are on the rise in provinces throughout Canada, with the exception of two. Interestingly, the vacancy rate for standard spaces grew 7%, meaning it now stands at 15.6%. And although an increase in supply was found, the number of residents has actually decreased, or only moderately increased. In turn, higher vacancy rates have become the new normal. The survey suggests that the weak demand could be a result of reluctancy to move into senior living communities during COVID-19. The seven Canadian regions assessed included: British ColumbiaAlbertaSaskatchewanManitobaOntarioQuebecAtlantic Canada Quebec showed the highest capture rate in the country, despite the decrease in resident retention. Here 17% of seniors aged 75 and older lived in seniors’ housing, whereas in other Canadian provinces, this proportion ranged from 5-10%. And in terms of regional average rents, five out of seven provinces saw in increase in price. The two exceptions, in which rent prices lowered, were Prince Edward Island and Newfoundland & Labrador. A guide for senior living providers As vacancy rates and rent prices rise in Canada, senior living providers need effective tools to attract new residents, streamline operations, enhance resident care and more. The Yardi Senior Living Suite contains everything providers need to create a foundation for success — with tools united on a single platform. Here are three ways the Yardi Senior Living Suite can benefit you: Reach more seniors who are searching for a place to live with advanced search marketing services. RentCafe Reach helps with SEO, pay-per-click advertising, reputation management and moreReduce manual data entry, meet compliance obligations and optimize resident care with Long Term Care, a comprehensive platform designed for Canadian providersNurture your leads and boost occupancy with RENTCafé Senior CRM, a mobile-friendly customer relationship management tool   Read the entire 2021 Seniors’ Housing Survey to explore more findings. To learn how Yardi supports senior living in Canada, start...

Do you want to streamline payables and purchasing, expedite approvals and eliminate paper? It’s not too good to be true. You can with a robust cloud-based procurement solution. Your industry peers are already experiencing success, and it’s simpler than you think. The recent Yardi Executive Briefing offered multifamily property specialists an inside look at the power of modern procurement software. Peter Altobelli, VP and general manager, Yardi Canada facilitated the session, “The New Age of Canadian Residential Real Estate” with clients Christine Williams, VP, national operations and administration at QuadReal Property Group and Brian Turpin, CIO of Greenwin Corp. Early tech adaption resulted in efficiency and agility Both QuadReal and Greenwin embraced technology long before the pandemic began. The organizations actively sought solutions that promoted efficiency, accuracy and sustainable growth. Williams laughed, “QuadReal is still fairly young but from the beginning, we embraced the digital workflow and got rid of our paper trail.” Turpin added, “Proptech is exploding with different technology. Everything is paperless and more efficient. I joke that even the light switches are under my domain because everything is connected to the internet.” Technology isn’t decorative. For both organizations, technology is a core part of the business that enables greater efficiency, transparency and collaboration. By embracing technology, their teams were better prepared to shift to remote work environments and online services. When many offices closed or reduced operating hours during the pandemic, QuadReal seamlessly achieved business continuity with Yardi Procure to Pay, automated vendor management, automated procurement (including a comprehensive marketplace), electronic invoice processing and outsourced vendor payments. “Yardi Procure to Pay offers us a better way to keep track of invoices and keep us on time with our payments to vendors,” said Williams. “The Yardi Payscan, community-initiated purchase orders and approval workflows were matched to internal authority levels. Centralized invoice processing teams would receive the digital invoices and match them to the purchase orders with a few added tolerances. They would then be en route for payment approval and vendors could be quickly paid with Yardi Bill Pay.” Greenwin, which had already adopted Procure to Pay, continued operations as usual. The automation of the entire procurement life cycle was driven by benefits seen in streamlining resident transactions. “The key piece is document management,” explained Turpin. “In tech, a lot of things we do don’t have a visible impact. But when you’re tearing down unused filing cabinets and renovating rooms to add desks, it’s a visible way to see how tech benefits the company.” Buy-in and adoption made easier Adoption is around 95% at Greenwin. For buy-in, Turpin and his team positioned technology as an empowerment for success. “Yardi created a custom onboarding video for us that we send to vendors,” he said. “They see that they don’t have to mail anything. We empower our suppliers to upload their invoices to VendorCafe, to see statements and automate their process. It has a trickle-down effect.” Yardi Marketplace, an online procurement platform, was perhaps one of the easiest buy-ins for Greenwin. The intuitive platform already fit into users’ daily lifestyle. “It’s a great example of the consumer world integrating with the enterprise world. Most people shop online and we can leverage that. From a user perspective, there was great adoption because it streamlines, prepopulates fields and automates processes,” explains Turpin. Williams agreed, “Our team shops on Marketplace. The PO goes through its workflow. It’s approved, all the coding is in there and the payment is out of the door. Our team can even create a list of favourites, so their most popular products are easy to find. They’ve learnt to love the simplicity.” Improved security through portal-based transactions Secure online portals help to decrease risk to clients and vendors. In the past, vendors sent invoices via email or the postal service. This resulted in a greater risk of phishing scams, lost postal mail and delays, as well as cheque...