Canada Multifamily Report

By on Feb 8, 2022 in News

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 Report.