Welcome to the 2024 Provincial editions of the ANNUAL . Not unlike our National edition, the ANNUAL , is a special industry specific periodical, delivering relevant, timely information and data with a single-minded approach; “What does the Apartment industry need to know!” With that as our goal, our research team reviewed extensive data from numerous sources to bring you the regional editions of the ANNUAL . From CMHC, Stats Canada, association executives, Government sources and apartment owners, managers & REITs, we bring you the most complete and thorough industry guide that delivers region specific information and data.
Produced by RHB Inc., creators of RHB Magazine, RHBTV, RHB Newsreel, Perpetual Media Group (PMG) and BoldTV, the ANNUAL delivers a complete market perspective for the rental housing industries of Nova Scotia and Saskatchewan.
Developing a standalone resource guide with vital and practical information is never an easy undertaking. There are reasons why in-depth, analysis and forecasting aren’t done in this form and on this scale for our industry! Time, resources and industry knowledge are required to deliver a comprehensive report respecting individual regional apartment owners and managers while allowing them to respond to market needs, size and competition. What you’ll find in this Provincial Edition of the ANNUAL:
• The State of the Industry Report, an in-depth look at the individual provinces’ market conditions, based on CMHC and Stats Canada data.
• Association Report, from our partners at IPOANS and SKLA, an overview of what we need to know about each province and association.
FOREWORD
• Neighbourhood Trends, data provided by Rentals.ca on tenant searches and trends.
• Five Things You Should Know, some interesting tips and tools for managing key aspects of your buildings provided by Yardi Canada, EXP Services, Metro Compactor, Dufferin Iron & Railings, and CTI Services.
• The industry’s first vetted report of the Top Ten, Owners, Managers and REITs for each province.
This has been a labour of love. As Canada’s national voice for the apartment industry, RHB Inc. prides itself on always delivering the latest news and information that help our industry maintain a competitive advantage. Therefore, we’d like to acknowledge the following people and companies for their help gathering the information and data which enabled us to deliver this comprehensive guide:
Kevin Russell, Executive Director, Investment Property Owners Association of Nova Scotia (IPOANS); Cameron Choquette, CEO, Saskatchewan Landlord Association (SKLA); Rentals.ca; Enbridge; Yardi Canada, EXP Services, Metro Compactor, Dufferin Iron & Railings, and CTI Services.
RHB Inc accepts responsibility for accurately delivering relevant news to the rental housing industry. As well, we always want to hear from you, the people who make up the rental housing industry. Let us know your thoughts on what you’ve read and what you’d want to see next year in the ANNUAL, both at the National and Provincial levels.
All the best, Nishant Rai
Publisher
Publisher Nishant Rai
Associate Publisher Debbie Dollar-Seldon
Art Director
Scott Clark
Office Manager Geeta Lokhram
Owner
Marc Côté
Opinions
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21 – NEIGHBOURHOOD TRENDS
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Our Services Include:
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Kings, Subd. A SC
AVR: 0.0%
2BR: $1,036
East Hants MD
AVR: 0.3%
2BR: 1,202
New Glasgow
AVR: **
2BR: $973
Queens RGM
AVR: **
2BR: **
Halifax
AVR: 1.0%
2BR: $1,628
Cape Breton
AVR: 0.8%
2BR: $933
2023 population
1,058,694
Nova Scotia Zone Statistics
1. Lunenburg MD: AVR: ** | 2BR: **
2. Chester MD: AVR: ** | 2BR: **
3. West Hants RM: AVR: ** | 2BR: **
4. Kentville: AVR: 1.7% | 2BR: $978
5. Truro: AVR: 1.6% | 2BR: $1,005
AVR= Average Vacancy Rate in October 2023
2BR= Average Rent of 2 Bedroom Suite in October 2023
Nova Scotia
Number of Primary Apartment Units
Bachelor 3,091 1 Bedroom 20,749 2 Bedroom 35,502
3 Bedroom + 4,837
Total 64,179
Primary Apartment Vacancy Rates
Bachelor 1.6%
1 Bedroom 1.3% 2 Bedroom 0.9% 3 Bedroom + 0.5%
Total 1.1%
Primary Apartment Average Rents
Bedroom $1,523 3 Bedroom + $1,928 Total $1,452
State of the Industry
Nova Scotia
figure estimate based on growth rate
Important things to know about Nova Scotia’s primary market:
Association Report
Association Report
Founded in 1978, the Investment Property Owners Association of Nova Scotia (IPOANS) emerged from frustration with the province’s rent control regime implemented in 1973. Rental property owners felt the provincial government was ignoring their concerns, which adversely affected their businesses and the availability of rental properties. In response, IPOANS was formed as an industry association dedicated to advocating for and representing Nova Scotia’s rental housing providers. After 15 years of lobbying for change, the government ended rent control in 1993, resulting in unprecedented growth in purpose-built rental buildings that offered renters competitive and affordable rents.
Recognized by both government and media, IPOANS represents members managing over 50,000 rental units across Nova Scotia earning the reputation of being the industry’s “positive voice” for rental housing providers.
2023 continued to pose challenges for the industry as governments continue to implement renter protection policies advocated by housing activists and often based on anecdotal evidence amplified by the media. On January 1st, Nova Scotia’s rent cap increased from 2% to 5%, extending the temporary rent cap initiated in September 2020 until December 31, 2025. The increase benefited many rental housing providers but was insufficient for thousands of small providers who, accustomed to raising rents only occasionally, when necessary, were caught off guard by the introduction of the rent cap. To make matters worse, the Halifax Regional Municipality introduced a mandatory landlord rental registry last year and revised bylaws to enhance the enforcement of building codes and residential building maintenance standards.
Despite these challenges impacting the industry, IPOANS remains dedicated to its core principles of advocacy, education, and membership services. The association continues to deliver best-in-class virtual learning programs and in-person member engagement opportunities while advocating against government policies detrimental to its members’ operations.
Advocacy
Advocacy efforts continued to be IPOANS major focus in 2023. We increased our lobby efforts and increased our media and social media presence to counter activists’ misinformation campaigns. IPOANS, along with several members, presented our positions on proposed residential tenancies and housing bills before the provincial government’s law amendments committee. IPOANS also appeared before the Halifax Regional Municipality Council’s
finance committee to argue against proposed tax and development fee increases, highlighting that these increases would negatively impact the affordability of new rental units coming to market.
IPOANS surveys showed growing resentment among members and non-members at government housing policies. Small rental housing providers told us they were selling or considering selling putting 3,000 units at risk of being sold as singlefamily residential homes which would place current renters at risk of homelessness in a rental market with less than 1% vacancy rate as the new owners and their families move into the home. At a time when more rental supply is needed, government housing policies are reducing rental availability, negating the gains made from new rental developments.
IPOANS advocacy efforts will continue to focus on:
• Lobbying for the modernization of the Residential Tenancies ACT to better reflect operating in current rental market conditions. We continue to push for increases in the number of Residential Tenancies Officers (RTOs) to reduce wait times which continue grow longer and for shorten eviction timelines for nonpayment of rent.
• Advocating the importance of fixed-term leases, which housing activists and some politicians have described as a loophole to end tenancies. Fixed-term leases are essential in providing
housing to low-income individuals, those on fixed incomes, students, new Canadians, and first-time renters by reducing the risk for landlords when renting to applicants who may not meet the rental criteria of a successful application.
• Advocating for the removal of the temporary rent cap, arguing empirical research demonstrates that its elimination will encourage more investment in rental housing, thereby increasing rental supply and stabilizing rents.
• Emphasizing the need for RTA amendments that will return balance and fairness to the landlord and tenant relationship.
• Persuading the government for the need to introduce residential tenancies regulation that will allow rental housing providers to quickly terminate leases of tenants displaying aggressive and threatening behaviour to both tenants and staff.
• Advocating for a Compliance and Enforcement program to ensure RTO orders are enforced.
Education
“Managing Resident Expectations Through Education”
We continued collaborating with the Nova Scotia Community College (NSCC) to conduct a 90-hour online Residential Property Management course,
Association Report
leading to 22 students earning an NSCC Certificate in Professional Studies in Residential Property Management.
The relaunch of the IPOANS Residential Building Course had to be rescheduled to 2024. The course curriculum is designed to equip frontline staff with enhanced customer service skills for interacting with tenants. These skills are rooted in a comprehensive understanding of the essential operational aspects of residential buildings.
Membership Services
In 2023, despite 20 members leaving the industry, IPOANS experienced a 9.8% increase in membership, bringing our total membership to 181, in-person and virtual events achieved record-high attendance levels.
Subscriptions to IPOANS’ weekly e-newsletter exceeded 1,250 subscribers, maintaining its impressive weekly open rate of over 60%.
The annual IPOANS Awards Gala and Dinner attracted 360 attendees, and our annual golf tournament sold out with 45 competing teams. Eighteen-hole sponsors had the opportunity to showcase their products and services, with the postevent dinner attended by 140 participants.
The 2nd Women in Industry Luncheon drew 170 industry professionals to hear keynote speaker Faten Alshazly, recognized as one of Canada’s Top 100 most powerful women.
Looking Ahead
2024 began with IPOANS continuing to confront misinformation campaigns and a broken residential tenancies process, echoing challenges from 2023. We are intensifying our media and social media efforts to bring balance to the discourse on the housing crisis. Despite evidence supporting effective solutions to increase rental supply and support existing tenants, housing activists, media, and some politicians persist in overlooking this evidence, exacerbating the crisis. It is crucial for IPOANS to keep the public informed about alternative messaging on viable solutions to address the housing crisis.
Based on student feedback, we are revamping our Residential Property Management course. The fall 2024 course will feature three learning modules, allowing applicants to select individual or multiple modules based on their needs. The modules being offered:
• Legal Resources and Residential Property Management Standards
• Human Relations for Residential Property Managers
• Marketing and Financial Planning for Residential Property Managers
Currently, there are 35 applicants on the waiting list for the 2024 course offering.
Our Residential Building Service Excellence Course will launch in 2024.
Membership engagement remains robust, with our annual Awards Gala, Dinner, and Tradeshow attracting 430 attendees, and webinar attendance averaging 150 registrations per session.
In response to decisions by Small Claims Court Adjudicators that reinterpret Residential Tenancies Act regulations in favor of tenants outside the legislative process, IPOANS is establishing an industry-funded legal defense fund. This fund will help facilitate Supreme Court challenges against decisions that set precedents with substantial implications for the industry. Failing to contest these decisions will lead government-funded legal aid lawyers to argue these precedents before Residential Tenancy Officers in hearings.
Members and non-members will continually be surveyed during 2024 allowing us to gauge if our advocacy, education, and membership initiatives continue to align with members needs.
That’s it from Nova Scotia.
Neighbourhood Trends
Latest information on some of Nova Scotia’s many neighbourhoods
Kings, Subd. A SC
Kentville
East Hants MD
Halifax
Neighbourhood Trends
Neighbourhood Trends
Searches by
Nova Scotia’s top ten private landlords by size
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5 things you should know
Industry insights from the 2024 Canadian Multi-Residential Marketing & Leasing study – Page 38 – By Yardi Canada
5 ‘R’s of maintaining value and obtaining best returns for your property – Page 39
5 factors property managers should consider prior to purchasing wrought iron products – Page 40 – By Dufferin Iron & Railings
5 steps to ensure minimization and management of waste in your high-rise building – Page 41 – By Metro Compactor Service
5 reasons to conduct inspections – Page 42 – By CTI Services
5 things you should know
Industry insights from the 2024
Canadian Multi-Residential Marketing
& Leasing study
– By Yardi Canada
A collaborative research project by simplydbs and Yardi Canada Ltd., looking at marketing and leasing strategies within the professional housing provider community, surveyed nearly 400,000 units across Canada. The findings revealed a gap between industry perception and resident preferences.
Here are the top five key website considerations:
Resident preferences when searching for their next unit:
1 Over 90% prefer property specific websites as the main online touchpoint, with more than half finding them essential.
2 Even internet listing services (ILS) sites still hold value for renters (76% demand), although only one third consider them essential.
Website update challenges:
3 87% desired 24-hour response time for both initial inquiries and service requests.
4 A sizable portion (45%) of housing providers is not updating their websites frequently enough.
5 The top reasons for infrequent updates include internal resource constraints and lack of content (57%).
What does this suggest?
The data highlights a critical need for Canadian housing providers to align their current online presence with current resident expectations. While ILS still plays a role, prospective renters prefer a robust and informative property website as their central hub. Investing in resources to regularly update websites with fresh content is essential to attract, convert and retain residents. Incorporating features they value, like a 24/7 omni-channel chatbot, online screening and leasing and tenant portals for payments and maintenance requests, can further enhance the digital experience and streamline the leasing process. By prioritizing a resident-centric online strategy, housing providers can gain a competitive edge in the Canadian multi-residential market. To learn more about your marketing and leasing technology options, visit reachbyrentcafe.com
5 ‘R’s of maintaining value and obtaining best returns for your property
– By EXP Services Inc.
Given the extreme climatic conditions experienced, particularly taking into consideration the changing climate and its severities, buildings in Canada consistently experience aging and there is a need for ongoing maintenance, mid-life service repairs and renewals, and endof-life replacements. Inadequate maintenance and failure to repair, renew and replace aged building components contribute to depreciating property values and increased operating costs. Understanding the merits of the below 5 ‘R’s and performing them when and where they are applicable as it relates to building envelope can provide the best returns.
1 Reviews: Periodic reviews of a property, conducted at a minimum annual basis, is a basic necessity to monitor performance and proactively address issues or potential issues regardless of whether the building is new or aging. For instance, locating a failed sealant joint while conducting a periodic review on the exterior cladding, can reduce the impact of climate elements on underlying components and prevent premature failure of an assembly. Additionally, reviews for financial planning, such as capital replacement fund studies, are a requirement to assess the remaining service life of building assemblies and components and ensuring adequate funding for future capital projects. Assessments on the other hand are targeted reviews to evaluate the as-built and performance conditions of an assembly to mitigate a reported issue, e.g. water leak investigations.
2 Repair and maintenance: Repairs typically relate to localized failure of assemblies and components, that are either premature due to inadequate construction, extreme weather conditions or general aging. They are often reactive and sometimes planned to extend service life of assemblies and components. Regular periodic reviews as noted above will help ensure that repairs are planned rather than reactive. Planned repairs are more cost effective than reactive emergency repairs.
3 Renewal or replacement: Renewal or replacement are planned capital actions on assemblies that require a mid-service life renewal or replacement in addition to the periodic repairs and maintenance activities for continued performance. Some of the common renewal or replacement projects include replacement of joint sealants, doors and windows, roof assembly, waterproofing membrane, traffic coating and certain cladding assemblies. Such renewal or replacement projects may sometimes provide an opportunity to improve the original design intent.
4
Restoration or rehabilitation: Restoration or rehabilitation projects are capital projects, similar to renewal and/or replacement projects, conducted to restore the integrity of the assemblies. For instance, structural rehabilitation of balcony decks or parking garages. They often involve a comprehensive assessment of the existing condition to determine the extent and type of restoration needed.
5 Revitalization: Revitalization is a holistic approach in conducting major capital projects that takes a step back to evaluate and strategize options that includes combining, sequencing, and phasing various independent capital projects for optimal overall solutions. For instance, instead of dealing with cladding, windows, doors and joint sealants independently in a building elevation, they can be combined, and if required, phased through multiple years to complete a full recladding project. Revitalization can add significant value in terms of long-term durability, improved aesthetics, energy conservation, user experience, occupant comfort, cost savings and possibly climate resilience. Revitalization projects may immediately increase the property’s value.
While some of the above ‘R’s are the basic needs, some are alternative approaches, and thus a clear understanding of the above can help make an informed decision.
5 things you should know
5 factors property managers should consider prior to purchasing wrought iron products
By Dufferin Iron & Railings
1 Safety standards and building codes:
It’s essential to understand and comply with Ontario Building Code (O.B.C.) and safety regulations regarding railing height, spacing, and other requirements. Ensuring compliance helps protect residents and reduces liability for property managers.
2 Maintenance requirements:
Interior wrought iron products typically require little to no maintenance. However, exterior wrought iron products are subjected to environmental elements. We recommend using hot-dipped galvanized iron before painting instead of opting for powder coating for better protection and easier long-term maintenance.
3 Aesthetic appeal:
The design of the railings should complement the architectural style of the property and appeal to potential tenants. Consider a variety of styles of pickets, finishes and think about how the railings can enhance the interior or curb appeal and overall property value.
4 Installation process:
Proper installation is crucial for safety and functionality. Consider the complexity of the design and any structural modifications that may be needed for proper support, we strongly suggest that all iron products should be installed with well experienced and trained professionals.
5 Garbage enclosures:
We strongly suggest that property managers should request stamped engineered drawings from their fabricators to ensure the safety of the structure for residents.
5 steps to ensure minimization and management of waste in your high-rise building
By Metro Compactor Service
In today’s fast-paced waste and recycling landscape, reducing waste and optimizing equipment performance is crucial. Across Canada, many landfills are nearing capacity, prompting municipalities to introduce stricter waste management regulations. Tight budgets for both new and existing properties demand smarter, cost-effective solutions to stay compliant without compromising efficiency.
1 Identifying your region’s waste management guidelines
Staying compliant with local waste management regulations is essential for any building or development. Most municipalities publish updated waste guidelines, outlining specific requirements for proper waste disposal and recycling. Developers, builders, and key personnel should be well-versed in these guidelines to ensure their projects align with local bylaws. Being proactive helps avoid penalties while contributing to community sustainability.
2 Understanding the waste streams and equipment mandates in your region
Each municipality may have different waste and recycling streams, along with requirements for sorting waste. Some regions may mandate separating recycling into categories like organics, plastics, and paper, while others might have general requirements. Additionally, municipalities often legislate the type and size of waste containers, whether bins, totes, or other receptacles. In some cases, they may supply the bins for specific streams.
3 Ensuring your building has the right equipment
Having the right waste management equipment is crucial for maximizing efficiency and minimizing contamination. Key pieces like sorters and compactors can significantly streamline your waste management process. Consider conducting an internal audit to assess your current equipment and practices.
• Are you properly separating waste streams to minimize contamination?
• Are you making full use of the tools available to your building?
4
Scaling your equipment for maximum efficiency
Is your waste management system appropriately scaled for your building’s size? This includes assessing the number of waste chutes, bins, and scheduled pickups. If your building generates more waste than your current setup can handle, it may be time to re-evaluate. A properly scaled system can save operational costs and reduce wear on equipment.
5 Are residents properly using the system
Even the most advanced waste management system can fall short if residents do not use it correctly. On-site staff should regularly train residents on proper waste sorting and disposal. Clear signage and instructional materials can reinforce proper usage. It’s also essential to maintain equipment through a Preventative Maintenance Plan. Regular servicing helps avoid breakdowns and extends the lifespan of your equipment. A well-maintained system, paired with educated users, will help keep your waste management practices compliant and costeffective.
Effective waste management goes beyond following regulations—it’s about optimizing systems for efficiency, sustainability, and cost savings. By ensuring compliance with local guidelines, investing in the right equipment, scaling systems appropriately, and educating residents, you can create a streamlined process that benefits both your building and the community. At Metro Compactor Service, we’re here to help you achieve these goals with innovative solutions that meet today’s waste challenges.
5 things you should know
5 reasons to conduct inspections
– By CTI Services
1 Validate landlord’s insurance
Conducting regular inspections helps ensure that properties are maintained according to the standards required by insurance policies. Insurance companies often require proof that the property is being well cared for, and periodic inspections can serve as this proof. This validation can prevent the risk of voided policies or denied claims in the event of damage or liability incidents. Proper documentation from inspections gives landlords peace of mind that they are in compliance with insurance requirements, which is critical for protecting their assets.
2 Identify health and safety risks
Routine inspections help identify potential hazards. Early detection allows for timely intervention, ensuring that both the property and its occupants remain safe. Regularly addressing these risks also helps landlords comply with local safety regulations and avoid legal liabilities that could arise from tenant injury or unsafe living conditions. Proactively maintaining the property keeps tenants safe and reduces the risk of costly legal actions.
3 Save thousands of dollars in remediation by identifying issues in the early stages
Early detection of maintenance issues, such as water leaks, HVAC malfunctions, or pest infestations, can prevent them from escalating into costly repairs or replacements. Addressing these problems early on not only reduces remediation costs but also prolongs the lifespan of the property’s infrastructure and major systems. Inspections offer a way to monitor the property’s condition, allowing landlords to budget for repairs over time instead of facing unexpected, large-scale expenses.
4 Identify breaches / promote compliance
Inspections help identify tenant breaches such as unauthorized pets, subletting, or damage beyond normal wear and tear. By catching these issues early, landlords can take corrective actions before they become larger legal or financial problems. Additionally, regular inspections promote compliance with lease terms, fostering better communication between the landlord and tenant. When tenants are aware of regular inspections, they are more likely to follow the rules, protecting the property and reducing the need for conflict resolution.
5 Bridge landlord / tenant relationships
Regular inspections provide an opportunity for landlords and tenants to engage in positive, constructive dialogue. This open communication fosters a sense of trust and transparency, ensuring that tenants feel cared for and landlords stay informed about the condition of their property. By being proactive and addressing tenant concerns during inspections, landlords can strengthen their relationships with tenants, leading to improved tenant satisfaction, longer tenancies, and fewer disputes. It shows that the landlord is invested in providing a wellmaintained living environment, which can improve tenant retention rates.
These elaborations highlight how inspections are not just about property management but also about protecting investments, ensuring compliance, and maintaining strong tenant relationships.
I N C.
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