Welcome to the 2024 Regional 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 Ottawa, Hamilton, Waterloo and London.
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 Regional Edition of the ANNUAL:
• The State of the Industry Repor t, an in-depth look at the individual cities’ market conditions, based on CMHC and Stats Canada data.
• Realty Check, a look at multi-family sales and purchases in each of the four regional markets, with a special showcase of notable transactions.
• Association Report, from our partners at HDAA, LPMA and EOLO, an overview of what we need to know about each city and association.
FOREWORD
• Neighbourhood Trends, data provided by Rentals.ca on tenant searches and trends.
• Energy Efficiency, Enbridge provided some insight on how you can improve the energy efficiency in your building.
• 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 region.
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:
John Dickie, Chair and Spokesperson, Eastern Ontario Landlord Organization (EOLO); Daniel Chin, President, Hamilton District Apartment Association, (HDAA); Richie Anand, President, London Property Management Association (LPMA); 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 Regional 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
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Solvers
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Our Services Include:
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Three Townships
Three Townships
665,188 2023 population
Three Townships
Kitchener-Cambridge-Waterloo Statistics
1. Kitchener Central: AVR: 1.4% 2BR: $1,580
2. Kitchener West: AVR: 3.0% 2BR: $1,762
AVERAGE RENT SENIOR HOUSING - Standard Spaces
of Primary Apartment Units
Apartment Vacancy Rates
Apartment Average Rents
State of the Industry
K-C-W area
*Secondary figure estimate based on growth rate
State of the Industry
Three Townships
State of the Industry
Ultra
Realty Check
The transactions of note in:
Waterloo
Cambridge
Kitchener
Guelph
16, 2023
June 21, 2023
Closed: June 7, 2023
not available
June 7, 2023
Realty Check
Closed: September 1, 2023 169 Lancaster St W, Kitchener
per Suite: $229,688 Date Closed: November 30, 2023
Neighbourhood Trends
Latest information on some of K-C-W’s neighbourhoods in…
Kitchener South-East
Waterloo North-West
Woolwich & North Dumfries
Kitchener
Cambridge
Waterloo
Guelph
Hespeler
Neighbourhood Trends
Average Rent / Sqft
Neighbourhood Trends
Searches by
Top 10
Kitchener-Cambridge-Waterloo’s top ten private landlords by size
Trusted Advisors
Providing Expertise in Building Science and Structural Restoration
Garage & Balcony Assessment & Restoration
Building Cladding Design, Assessment & Remediation
Roofing System Design, Assessment & Remediation
Building Condition Assessments
Capital Planning
Building Renewal
Energy Audits and Modelling
3,035
2,636
Honourable Mentions
Owners, Managers & REITs
Balnar Management
Domus Inc.
Grand River Properties
Effort Trust
DUBRICK
Park Property
Larlyn Property Management
Sifton Properties Limited
Victoria Community Homes
InterRent/CLV
Boardwalk REIT
CAPREIT
Williams and McDaniel
Rentcorp Property Management
Energy Efficiency Upgrades
Energy Efficiency Upgrades
There are many different reasons to invest in energy-efficient upgrades, from more comfort for residents to lower energy use to avoiding downtime due to breakdowns. When you offset the upfront costs by applying for financial, 2 it becomes even easier to invest in high-efficiency technologies.
Lower operating costs
How much of your maintenance budget is going towards repairs, replacements and renovations? Upgrading to energyefficient equipment is the key to reducing operating costs in the long run. Costly maintenance isn’t the only consideration— factor in staff labour and disruptive downtime for residents, too.
Future-proof building systems
Don’t let your building become vulnerable to extreme weather and rising operating costs. Signs such as uneven heating can be mitigated with energy-efficient equipment. The right upgrades will contribute to the resilience of your building for years to come.
Keep residents comfortable
Consistent indoor temperatures and reliable HVAC systems lead to more comfort for residents. A high-performance building will see less turnover and fewer complaints, saving valuable staff time.
contractors to perform the work.
Social and municipal housing providers, co-ops and shelters $2.00/m3
natural gas saved up to 75 percent of energy efficiency upgrade costs, 3 up to a maximum of $200,000 per project.
natural gas saved up to 50 percent of energy efficiency upgrade costs, 3 up to a maximum of $200,000 per project.
Eligible upgrades include building and ventilation controls, hybrid heat pumps, variable frequency drives and more.
Take charge of energy use with controls
Find out why Enbridge Gas recommends building and ventilation controls to affordable housing providers looking to save energy.
What are controls?
Control technologies use sensors to automatically operate your HVAC system at a much higher efficiency. With controls, you can also remotely monitor and manage boilers, ventilation systems, rooftop units and more. This means you’re going beyond manual operation of your boiler. This helps eliminate the potential for human error.
What are the benefits of controls technology?
Controls improve resident comfort, lower operating costs and have the potential of extending the lifetime of your equipment. There’s also a lot you can do remotely with a building automation system (BAS). You’re not just waiting until someone complains there’s no heat. You can use the BAS as a preventative maintenance tool and actually start diagnosing what’s wrong.
Are the upgrades easy to implement?
With minimal downtime, quick payback and Enbridge Gas incentives, it’s one of our most commonly recommended upgrades for affordable housing providers.
What’s one common misconception about controls?
That smaller or simpler systems won’t benefit from control solutions. However, even residential furnaces are now being managed with smart thermostats. If you’re working with a system larger or more complex than a home furnace, using similar controls can reduce manual interventions on your building’s heating system, optimize performance and lower operational costs.
Can you share any recent success stories?
There was a three-storey co-op in the Greater Toronto Area. Its 25-year-old control system hadn’t been functioning for years and all the boilers were switched to manual control. We walked them through various options that were right for them and their budget. We were able to help them upgrade even though they had an existing system. They also had their makeup air units put on the BAS and were able to schedule them more efficiently.
The superintendent is much happier now, because he knows he doesn’t have to react when the outdoor air temperatures drop suddenly. He’s not always upstairs in the boiler room, trying to get them to stop firing on high when they don’t need to.
SPONSORED CONTENT
How do I know controls are right for my building?
Contact an Enbridge Gas Energy Solutions Advisor. We’ll assess your building for free, tell you how much energy you could save, which incentives you could receive and even help you find the right people to do the work.
Signs it may be time to upgrade
Increased operating costs
Older equipment tends to operate less efficiently, leading to higher energy consumption, emissions and operating costs.
Reduced resident comfort
Temperature swings or uneven heating in some areas could be caused by malfunctioning HVAC controls, reducing comfort for residents.
Increased maintenance costs
If building systems need costly and frequent maintenance and repairs, this could indicate they’re reaching end of life.
Partnering to improve building performance
Success story | Finch
Birchmount
Reducing energy use with collaboration
As Canada’s largest social housing provider, Toronto Community Housing Corporation (TCHC) buildings are home to nearly 60,000 low- and moderate-income households in neighbourhoods across the city.
TCHC has a commitment to meeting Canada Mortgage and Housing Corporation’s goal of a 25 percent reduction of energy
Energy Efficiency Upgrades
Scarborough was built in 1970 and has 12 storeys, plus ambitious capital planning targets to meet.
Key building enhancements
• Condensing boilers.
• Domestic hot water heaters.
• Condensing make-up air units.
Project highlights
$67,831
Enbridge Gas incentive
$27,513
Annual natural gas savings
178 tonnes CO2e
Greenhouse gas reduction
“The partnership we have with Enbridge Gas is very important. It’s helped us to renew our buildings, which our tenants call home.”
Boyd Dyer, Director, Smart Buildings Energy Management, TCHC
Success story | Danforth Midland
Improving resilience and control
It captures excess thermal energy that would normally be lost during power generation and uses it for space and water heating. This creates efficiencies, lowers energy costs and reduces greenhouse gas emissions.
With support from the Affordable Housing Multi-Residential program incentives, TCHC upgraded to a combined heat and power system, helping to lower operational costs.
Key building enhancements
• Combined heat and power system.
Project highlights
$118,000
Enbridge Gas incentive
$44,000
Annual natural gas savings 288 tonnes CO2e
Greenhouse gas reduction
“Combined heat and power systems provide resilient power 24/7 in the event of grid outages and they can be paired with other clean energy technologies like solar PV to maximize natural gas savings.”
Dana McCormack, Senior Advisor Energy Solutions, Enbridge Gas
Energy Efficiency
Why work with an Energy Solutions Advisor?
Affordable housing providers have limited time, capacity and resources for building retrofit projects. An Energy Solutions Advisor provides expert advice and support that can help make energy efficiency improvements more accessible to housing providers at all levels.
1. Complimentary consultation
With a building walkthrough and a review of your natural gas consumption data, we’ll help you evaluate and prioritize opportunities to save energy.
2. Calculate estimated savings
We’ll calculate projected natural gas savings and financial incentives to help build the business case needed to move projects forward.
service agents/contractors who can complete the energy efficiency upgrades.
4. Help to apply for programs and incentives
We’ll help you maximize available incentives, submit all required paperwork and receive your incentive cheque from Enbridge Gas.
Contact an Energy Solutions Advisor today enbridgegas.com/affordable 1-866-844-9944 energyservices@enbridge.com
1 Any references to energy savings are based on the assumption the participant is reducing their natural gas consumption through participation in the Affordable Housing Multi-Residential program.
2 HST is not applicable and will not be added to incentive payments. Terms and conditions apply. See enbridgegas.com/affordable for details.
3 ‘Upgrade costs’ refer to the difference between the equipment and implementation costs of the energy-efficient option and those of the alternate option considered.
4 Eligible private market-rate multi-residential buildings are those with either: i) at least 30 percent of units rented at less than 80 percent of the median market rent, determined by the Canada Mortgage and Housing Corporation and based on information gathered during a rent roll review by Enbridge Gas or ii) participation in a federal, provincial or municipal affordable housing funding program in the last five years.
5 Any references to energy savings and greenhouse gas (GHG) emission reductions are based on the case study participant reducing their natural gas consumption through participation in the Affordable Housing Multi-Residential program. The natural gas savings are calculated using tools based on industry-accepted energy management practices. The GHG reductions are determined by using an emission factor of 0.001932 tonnes of CO2 equivalent per cubic metre of natural gas, as specified in the 2022 National Inventory Report. These projections are specific to this example. Actual savings and GHG reductions may vary for each project.
Industry insights from the 2024 Canadian Multi-Residential Marketing & Leasing study – Page 48 – By Yardi Canada
5 ‘R’s of maintaining value and obtaining best returns for your property – Page 49 – By EXP
5 factors property managers should consider prior to purchasing wrought iron products – Page 50 – By Dufferin Iron & Railings
5 steps to ensure minimization and management of waste in your high-rise building – Page 51 – By Metro Compactor Service
5 reasons to conduct inspections – Page 52 – 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.
The case for energy efficiency upgrades
There are many different reasons to invest in energyefficient upgrades, from more comfort for residents to lower emissions3 and long-term resiliency. With the Affordable Housing Multi-Residential Program, you receive incentives to help cover upgrade costs and expert support throughout your entire project.
natural gas saved up to 50 percent of upgrade costs, up to a maximum of $200,000 per project. Eligible upgrades include boilers, building controls, variable frequency drives and more.
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