theANNUAL National 2024 by Marc Cote

The complete market perspective for the rental housing industry

2024 2024

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Welcome to the 2024 national edition of theANNUAL, an industry specific periodical that provides our readership with relevant, timely information and data based on a single-minded approach: “What does the apartment industry need to know?” With this basic philosophy as our focus, we turned to industry experts, association executives, government sources, and apartment owners & managers from coast to coast to provide you with the most complete and thorough industry resource.

Produced by RHB Inc – creators of RHB Magazine, RHBTV, RHB Newsreel, BoldTV, the video series - Real Estate Legends and Coast to Coast along with Perpetual Media Group (PMG), theANNUAL delivers a complete market perspective for the Canadian rental housing industry.

Producing a standalone resource guide with vital and practical industry information is an expansive undertaking. That’s why theANNUAL is the only resource of its kind that produces this level of in-depth analysis and forecasting for Canada’s rental housing industry. It takes a great deal of time, resources and industry knowledge to produce this type of comprehensive report that involves regional and national apartment owners and managers, and that also enables them to respond to market need, size and competition.

Here is some of what you’ll find in theANNUAL:

• CMHC’s State of the Industry Report, reviewing primary rental stock in 24 major centres, while outlining specific market conditions and performance markers.

• The Realty Check section gives us a look at realty transactions in Canada’s top primary markets, an analysis of 2023 and what to expect in 2024 with data and input provided by the JLL Captial Markets, Multifamily Investment Team.

• Benjamin Tal’s economic update and forecast authored by John Dickie.

FOREWORD

• An analyzation of asking rents and what they mean to you. We also included the 2024 Allowable Rent Increases from across Canada where applicable.

• You’ll also find data from Yardi’s quarterly Multi-family Report. It includes their insight and analysis on the Canadian apartment market.

• A vetted report of Canada’s top owners, managers and REITs. Although we shouldn’t be surprised after all these years of reporting on rental housing, we see a shakeup in the rankings and, as always, are pleased to see the year over year growth of our amazing industry.

RHB Inc. is Canada’s National Voice for the apartment industry. We work diligently to deliver the latest news and information that help industry professionals maintain a competitive advantage. That’s why so much effort is place on ensuring theANNUAL is the best resource guide that it can be to our industry. Our success is based upon the same family principles that define our industry. Therefore, we would 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, EOLO; Benjamin Tal, CIBC World Markets; Canada Mortgage and Housing Corporation (CMHC); JLL Capital Markets; Yardi Canada.

We accept full responsibility for accurately delivering the news for the apartment industry. Therefore, we want to hear from you, the people who make us the strongest industry in Canada. Let us know what you think about what you’ve read in this edition of theANNUAL. Tell us what you want to read in the 2025 edition of theANNUAL – what matters most to you, what information will help you better in your business and what data and resources are critical to your decision-making.

All the best, Nishant Rai

Nishant Rai Publisher Publisher Nishant Rai

Associate

Publisher Debbie Dollar-Seldon

Contributing

CFAA Art Director Scott Clark Office Manager Geeta Lokhram Owner Marc Côté I N C. Canadian Publication Mail Products Sales Agreement No. 42652516

Editor John Dickie, President

8……STATE

4 – theANNUAL TABLE OF CONTENTS

OF THE INDUSTRY 2…………FOREWORD 11……STATE OF THE INDUSTRY – EASTERN 15……STATE OF THE INDUSTRY – CENTRAL 21……STATE OF THE INDUSTRY – WESTERN

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6 – theANNUAL 2% 3% 7% 14% 19% 24% 32% 47…DOLLARS & CENTS 27…REALTY CHECK 61….............TOP TEN 53....RENTS –ALLOWABLE & ACTUAL 57…MULTIFAMILY REPORT 83…INDUSTRY EVENTS TABLE OF CONTENTS

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East Coast Statistics

New Brunswick: AVR: 1.5%; 2BR: $1,170

Prince Edward Island: AVR: 1.1%; 2BR: $1,130

Nova Scotia: AVR: 1.1%; 2BR: $1,523

Newfoundland and Labrador: AVR: 1.5%; 2BR: $1,092

10TOP PRIMARY MARKETS by # of suites 8 – theANNUAL 1. MONTREAL 632,708 6. OTTAWA 72,591 2. TORONTO 325,494 7. WINNIPEG 69,460 3. VANCOUVER 121,692 8. HALIFAX 55,519 4. QUEBEC CITY 106,735 9. CALGARY 51,295 5. EDMONTON 81,705 10. LONDON 47,023 AVR = Average Vacancy Rate at October 2023 2BR = Average Rent of 2 Bedroom Suite at October 2023 AVR: 1.3% 2BR: $1,042 AVR: 2.4% 2BR: $1,276 AVR: 2.1% 2BR: $1,455 AVR: 1.7% 2BR: $1,697 AVR: 2.0% 2BR: $1,368 AVR: 1.2% 2BR: $1,867

Number of Private Apartment Units

Apartment Vacancy Rates

Apartment Estimate of Percentage Change of

*In State of the Industry, the rent and vacancy figures stated reflect apartments within the Primary Rental Market.

theANNUAL – 9

Oct 2020 Oct 2021 Oct 2022 Oct 2023 Bachelor 138,496 139,492 142,085 145,070 1 Bedroom 728,466 736,218 751,430 767,600 2 Bedroom 1,044,403 1,073,064 1,103,851 1,114,914 3 Bedroom + 184,792 187,345 193,232 199,550 Total 2,096,157 2,136,119 2,190,598 2,227,134

Oct 2020 Oct 2021 Oct 2022 Oct 2023 Bachelor 4.6% 5.3% 2.6% 2.0% 1 Bedroom 3.5% 3.8% 2.0% 1.6% 2 Bedroom 2.8% 2.6% 1.8% 1.5% 3 Bedroom + 2.6% 2.0% 1.6% 1.2% Total 3.2% 3.1% 1.9% 1.5% Private Apartment Average Rents Oct 2020 Oct 2021 Oct 2022 Oct 2023 Bachelor $865 $887 $949 $1,019 1 Bedroom $1,046 $1,071 $1,147 $1,247 2 Bedroom $1,125 $1,167 $1,258 $1,359 3 Bedroom + $1,206 $1,262 $1,351 $1,443 Total $1,087 $1,124 $1,206 $1,307

Rent Oct 2020 Oct 2021 Oct 2022 Oct 2023 Bachelor 4.5% 3.0% 5.7% 7.5% 1 Bedroom 3.9% 2.9% 5.3% 8.1% 2 Bedroom 3.5% 3.0% 5.6% 8.0% 3 Bedroom + 3.9% 3.5% 5.2% 6.5% Total 3.7% 3.0% 5.4% 7.9%

Rate 0 3 6 9 12 15 13.6% 12.5% 2023 2022

Private

Average

TURNOVER

Eastern Canada

*The vacancy and rent figures are as of October 2023

theANNUAL – 11

State of the Industry

St. John’s, NL

Charlottetown

RENTAL HOUSEHOLDS 6,281

12 – theANNUAL 0 5 10 15 20 25 0 2 4 6 8 10 12

TOTAL PRIMARY

Largest Primary Market in Eastern Canada Largest Primary Market in Eastern Canada Turnover Rate Turnover Rate 22.5% 10.2% 14.2% 9.2% 2023 2022 2023 2022 Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.9% 1.5% ** 1.4% 1.1% 0.0% Average Rents $952 $1,077 $727 $919 $1,198 $1,092 *% Chg Avg Rent 3.6% 6.5% 4.7% 2.5% 7.4% **

RENTAL HOUSEHOLDS 4,355

Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 0.8% 0.5% 0.0% 1.0% 0.4% 0.0% Average Rents $1,028 $1,099 $664 $910 $1,166 $1,253 *% Chg Avg Rent 0.0% ** 0.0% 0.0% ** 0.0%

6th 5th

TOTAL PRIMARY RENTAL HOUSEHOLDS

55,519

1st

TOTAL PRIMARY RENTAL HOUSEHOLDS

15,129

2nd

theANNUAL – 13 0 2 4 6 8 10 12 0 5 10 15 20

St. John’s St. John’s

Largest Primary Market in Eastern Canada Largest Primary Market in Eastern Canada Turnover Rate Turnover Rate 11.1% 19.6% 10.5% 13.3% 2023 2022 2023 2022 Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.0% 1.0% 1.3% 1.3% 0.9% 0.5% Average Rents $1,350 $1,532 $1,112 $1,323 $1,628 $1,984 *% Chg Avg Rent 8.9% 11.9% 11.8% 12.8% 11.0% 9.7% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.7% 1.2% ** 2.0% 0.8% ** Average Rents $1,057 $1,177 $835 $998 $1,232 $1,297 *% Chg Avg Rent 6.4% 7.0% 8.9% 9.0% 7.3% 6.4%

Halifax

Moncton

Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

Estimate of

State of the Industry

Saint John, NB

14 – theANNUAL Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.6% 2.3% 4.1% 2.2% 2.3% ** Average Rents $961 $1,036 $756 $912 $1,094 $1,101 *% Chg Avg Rent 7.0% 8.1% 11.5% 8.1% 8.3% ** Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.2% 1.4% ** 1.4% 1.4% 1.0% Average Rents $1,125 $1,237 $905 $1,060 $1,268 $1,498 *% Chg Avg Rent 9.2% 7.0% 13.5% 9.5% 6.4% 5.3%

Fredericton

* Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable. 0 5 10 15 20 0 5 10 15 20 25 TOTAL PRIMARY RENTAL HOUSEHOLDS

TOTAL PRIMARY RENTAL HOUSEHOLDS 9,514 Largest Primary Market in Eastern Canada Largest Primary Market in Eastern Canada Turnover Rate Turnover Rate 15.3% 20.5% 13.9% 17.7% 3rd 4th 2023 2022 2023 2022

10,298

Central Canada

*The vacancy and rent figures are as of October 2023

theANNUAL – 15

State of the Industry

Quebec City

St. John’s

16 – theANNUAL

Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.5% 0.9% 1.6% 1.0% 0.8% 0.8% Average Rents $947 $1,002 $715 $911 $1,040 $1,193 *% Chg Avg Rent 2.8% 4.4% 4.0% 4.3% 4.8% 4.8% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 0.8% 1.1% ** 1.5% 1.0% 0.1% Average Rents $1,203 $1,198 $918 $1,108 $1,252 $1,205 *% Chg Avg Rent 10.0% 6.4% ** 0.0% 8.9% 4.7% 0 5 10 15 20 0 3 6 9 12 15 TOTAL PRIMARY RENTAL HOUSEHOLDS

TOTAL PRIMARY RENTAL HOUSEHOLDS

Largest Primary Market in Central Canada Largest Primary Market in Central Canada 15.4% 9.5% 14.9% 3rd 8th 13.2% Turnover Rate Turnover Rate 2023 2022 2023 2022

Gatineau

106,735

28,864

632,708

St. John’s

325,494

theANNUAL – 17

Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.0% 1.5% 2.1% 1.2% 1.7% 1.3% Average Rents $998 $1,074 $809 $960 $1,096 $1,323 *% Chg Avg Rent 5.1% 7.7% 7.5% 7.9% 7.9% 6.9% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.6% 1.4% 1.7% 1.7% 1.2% 1.3% Average Rents $1,660 $1,826 $1,414 $1,691 $1,961 $2,191 *% Chg Avg Rent 6.2% 9.1% 8.7% 9.1% 8.8% 5.9% 0 2 4 6 8 10 12 0 2 4 6 8 10 TOTAL PRIMARY

Montréal Toronto

RENTAL HOUSEHOLDS

TOTAL PRIMARY

RENTAL HOUSEHOLDS

Largest Primary Market in Central Canada Largest Primary Market in Central Canada 10.3% 9.8% 9.6% 8.3% 1st 2nd Turnover Rate Turnover Rate * Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable. 2023 2022 2023 2022

State of the Industry

72,591

18 – theANNUAL

Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.1% 2.1% 1.6% 2.1% 2.3% 1.4% Average Rents $1,461 $1,538 $1,173 $1,411 $1,698 $2,119 *% Chg Avg Rent 3.8% 4.3% 3.6% 4.5% 4.0% 4.4% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.7% 1.7% 1.3% 1.6% 1.9% 1.2% Average Rents $1,286 $1,358 $959 $1,186 $1,479 $1,683 *% Chg Avg Rent 6.1% 6.5% ** 6.5% 6.4% 5.7% 0 5 10 15 20 0 5 10 15 20 TOTAL PRIMARY RENTAL HOUSEHOLDS

Ottawa London

TOTAL PRIMARY RENTAL HOUSEHOLDS

Largest Primary Market in Central Canada Largest Primary Market in Central Canada 16.7% 15.1% 16.5% 4th 5th 14.4% Turnover Rate Turnover Rate 2023 2022 2023 2022

47,023

St. John’s St. John’s Hamilton K-C-W

theANNUAL – 19

Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.9% 2.1% 1.3% 2.1% 2.2% 1.3% Average Rents $1,326 $1,493 $1,021 $1,367 $1,617 $1,705 *% Chg Avg Rent 5.4% 12.8% 14.2% 12.5% 13.7% 7.7% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.2% 2.1% 2.9% 2.4% 2.0% 1.3% Average Rents $1,398 $1,574 $1,164 $1,346 $1,658 $2,142 *% Chg Avg Rent 7.3% 8.9% 4.0% 9.0% 7.4% 4.2% 0 3 6 9 12 15 0 3 6 9 12 15 TOTAL PRIMARY RENTAL HOUSEHOLDS

TOTAL PRIMARY RENTAL HOUSEHOLDS

Largest Primary Market in Central Canada Largest Primary Market in Central Canada 12.3% 13.9% 11.1% 14.7% 6th 7th Turnover Rate Turnover Rate 2023 2022 2023 2022 *

Change of Average Rent for units reported in 2023. **

data suppressed to protect confidentiality

data not statistically reliable.

44,765

35,754

Estimate of Percentage

Indicates

State of the Industry

St. Catharines

15,328

20 – theANNUAL

Windsor Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.8% 2.8% ** 3.4% 2.4% 1.6% Average Rents $1,199 $1,330 $951 $1,225 $1,388 $1,479 *% Chg Avg Rent 5.9% 8.9% ** 10.3% 8.4% 8.9% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.8% 2.0% 2.4% 1.8% 2.3% 0.8% Average Rents $1,072 $1,128 $856 $1,055 $1,253 $1,341 *% Chg Avg Rent 3.6% 4.9% ** 4.5% 6.5% 5.2% 0 3 6 9 12 15 0 2 4 6 8 10 12

PRIMARY

TOTAL

RENTAL HOUSEHOLDS

TOTAL PRIMARY

Largest Primary Market in Central Canada Largest Primary Market in Central Canada Turnover Rate Turnover Rate 14.9% 12.0% 13.2% 10th 9th 11.6% 2023 2022 2023 2022 * Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

RENTAL HOUSEHOLDS 17,507

Western Canada

*The vacancy and rent figures are as of October 2023

theANNUAL – 21

State of the Industry

Winnipeg

Saskatoon

22 – theANNUAL

Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.7% 1.8% 2.8% 1.8% 1.7% 1.7% Average Rents $1,184 $1,249 $816 $1,102 $1,427 $1,750 *% Chg Avg Rent 1.7% 4.3% 3.1% 4.3% 4.4% 4.3% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 3.4% 2.0% 2.3% 2.7% 1.5% 1.6% Average Rents $1,151 $1,256 $829 $1,090 $1,360 $1,458 *% Chg Avg Rent 3.6% 8.9% 7.8% 8.8% 9.0% 7.9% 0 5 10 15 20 0 5 10 15 20 25 30 35 40 TOTAL PRIMARY RENTAL HOUSEHOLDS

TOTAL PRIMARY RENTAL HOUSEHOLDS

Largest Primary Market in Western Canada Largest Primary Market in Western Canada 19.2% 33.1% 19.2% 3rd 6th 36.5% Turnover Rate Turnover Rate 2023 2022 2023 2022

69,460

16,958

St. John’s

theANNUAL – 23

Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 3.2% 1.4% 3.9% 1.6% 1.1% 0.9% Average Rents $1,092 $1,200 $788 $1,081 $1,301 $1,510 *% Chg Avg Rent 3.6% 7.9% 7.1% 8.3% 7.9% 0.0% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 4.3% 2.4% 3.9% 3.0% 1.9% 1.3% Average Rents $1,194 $1,271 $948 $1,134 $1,398 $1,540 *% Chg Avg Rent 1.5% 6.3% 5.7% 6.0% 6.4% 5.8% 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 TOTAL PRIMARY RENTAL HOUSEHOLDS

TOTAL PRIMARY RENTAL HOUSEHOLDS

Largest Primary Market in Western Canada Largest Primary Market in Western Canada 34.5% 30.4% 31.9% 28.1% 7th 2nd Turnover Rate Turnover Rate 2023 2022 2023 2022 * Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

Edmonton Regina

14,022

81,705

State of the Industry

St. John’s

121,692

24 – theANNUAL

Vancouver Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 2.7% 1.4% 0.7% 1.5% 1.3% 1.4% Average Rents $1,335 $1,571 $1,204 $1,464 $1,695 $1,749 *% Chg Avg Rent 6.6% 14.6% 14.0% 14.3% 14.3% 11.5% Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 0.9% 0.9% 1.0% 0.8% 1.1% 1.3% Average Rents $1,665 $1,819 $1,486 $1,696 $2,181 $2,547 *% Chg Avg Rent 6.3% 9.7% 8.5% 10.3% 8.6% 5.4% 0 5 10 15 20 25 30 0 2 4 6 8 10 12 TOTAL PRIMARY RENTAL HOUSEHOLDS

TOTAL PRIMARY

Calgary

51,295

RENTAL HOUSEHOLDS

Largest Primary Market in Western Canada Largest Primary Market in Western Canada 27.9% 10.7% 23.6% 4th 1st 8.1% Turnover Rate Turnover Rate 2023 2022 2023 2022

St. John’s Victoria

RENTAL HOUSEHOLDS

31,064

theANNUAL – 25

Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.5% 1.6% ** 1.4% 1.6% 1.1% Average Rents $1,457 $1,560 $1,222 $1,427 $1,839 $2,089 *% Chg Avg Rent 7.7% 7.8% 6.9% 8.5% 7.9% ** Rate Type Oct '22 Oct '23 Bach 1BR 2BR 3BR+ Vacancy Rates 1.2% 1.3% 0.2% 1.0% 1.7% ** Average Rents $1,494 $1,623 $1,140 $1,477 $1,805 $2,113 *% Chg Avg Rent 8.4% 9.9% 9.3% 11.6% 10.8% ** 0 5 10 15 20 0 5 10 15 20 25

PRIMARY

Kelowna

TOTAL

TOTAL PRIMARY

Largest Primary Market in Western Canada Largest Primary Market in Western Canada 15.0% 23.1% 15.7% 19.3% 5th 8th Turnover Rate Turnover Rate 2023 2022 2023 2022 * Estimate of Percentage Change of Average Rent for units reported in 2023. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

RENTAL HOUSEHOLDS 8,249

© 2023 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. JLL’s National Multifamily Team represents a unified platform of multifamily experts focused on the acquisition, disposition, and financing of multifamily assets across the country. Using a collaborative team-based approach, the group offers clients maximum visibility nationally to the most active capital sources, all underpinned by specialized local expertise that ensure our clients achieve results. For more information visit jll.com * Sales Representative JLL National Multifamily Team $8B National Transacted Sales Volume 2017-2022 Mike Betsalel* Eastern Canada Lead Michael.Betsalel@jll.com Sam Dean* Western Canada Lead Samuel.Dean@jll.com

Realty Check

Foreword

Without doubt, 2022 was a year of rapid change which closed the books on a, decades long upcycle in multifamily investing; as a result, 2023 became a period of re-evaluation, price discovery and focus on operations rather than deal flow. Fortunately, uncertainty over the economy, doubling of interest rates and long waits for CMHC approvals were partially offset by income growth stemming from continued healthy fundamentals underpinned by double digit rental rate increases. However, in the absence of seller price capitulation, the net effect was that strength of the residential rental was not enough to offset the near-term economic risk and increased cost of capital.

There’s a much greater range of considerations feeding into decision making when compared to the past decade. Considerable uncertainty was derived from sticky inflation that began 2023 at 5.9%, (just off 2021’s decades high 8.1%) ebbed to a 3.1% low, ending 2023 at 3.4%. Aggressive increases in overnight rates certainly had it intended effect, but the economy was far from being without risk. Bond markets were equally active, beginning 2023 at 3.0% (5 Year bond rate) and ending at 3.2%. However, bonds moved constantly throughout the year, reaching with an inter day low of 2.6% and high of 4.5%. All this occurred against an environment where the S&P was up 17% and the Nasdaq increased 42%, causing even private capital to rethink real estate in the short term.

Rental Fundamentals are strong and improving; driven by a combination of population growth and escalating home ownership costs. With over 500,000 new permanent and temporary Ontarians in 2023 alone, immigration and international students placed extraordinary demand pressure on the apartment sector. The effects are further compounded by increasing housing, construction costs which were up more than inflation in 2023 and 75% higher than the 2017 average, keeping aspirational tenants in place for longer than ever before. Turnover rates have been dropping consistently province wide, settling at 10.8% (8.3% GTA) in 2023, a 16% drop from 2022. A byproduct of demand side pressure and low turnover is that vacancy is near zero and average asking rents were up 12% in 2023

Said simply, low cap value add investors require turnover to maximize impact. With more tenants remaining in place for longer periods turnover has dramatically decreased, particularly in the GTA. We are now witnessing greater scrutiny of the income effects of repositioning, which led to an overall increase to average cap rates along with wider opportunity driven cap rate ranges within markets. There is no longer a

one size fits all approach to value; turnover, rent mark to market, existing debt structure and willingness to offer secondary debt were all factors in the deals inked in 2023. Significantly, existing beneficial mortgages and VTB’s were crucial for buyer engagement and value retention.

Pervasive uncertainty within the general investment community severely impacted trade volume, especially in the mid to large value transaction category. There were just 49 transactions province wide comprised of more than 50 suites totaling $1.6B, 55% less than 2022 and 67% less than 2021. An even clearer picture emerges above $50m where just 7 transactions closed totaling $621M, of which only three were constructed prior to 2017. The GTA had the most significant value correction, cap rates were up 69 bps whereas SWO witnessed a 9bps increase. The quantum of increase does not accurately reflect the overall market as many deals had beneficial assumable debt (rate and leverage) allowing buyers to push value beyond what they could if they had to source a new mortgage at market rates.

Despite fewer completed transactions the past two years, new market dynamics are coming into focus with cap rates increasing between 75 and 125 bps. Values are down from the peak; however, the impact of cap rate increases has been attenuated by strong income growth.

Potential sellers have retained a great deal of discipline over the past 18 months, but there is always a requirement for liquidity, be it the end of a fund, redemption support, intergenerational transfer or good old fashioned profit taking. Given the lack of recent volume and shift in focus from pension funds and many REITs towards recycling vintage for new purpose built rental, there is surely a backlog of committed sellers who are waiting for the right moment to launch.

Many investors, on their own account or through asset managers, have dry powder and want to return to the market after a protracted period on the sidelines while the market finds it new equilibrium. There has also been a realignment of demand, with pension funds & some REITs continuing to shift focus to new purpose built rental. That demand has attracted a new tranche of merchant builders including some disenchanted developers who are choosing to cash out, allowing the recycling of capital for future projects.

From where we stand today it seems that rates may start to recede throughout the latter half of the year and that bond rates settle into a band that finally helps bridge the gap between buyer and seller. That may well be the sign the market is waiting for to re-engage.

Michael Betsalel Executive Vice President, National Practice Lead JLL Capital Markets, Multifamily Investment Earl Kufner Executive Vice President JLL Capital Markets, Multifamily Investment

theANNUAL – 29

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Location: Saint-Laurent, Montreal $41,500,000

Suites: 262

per Suite: $158,397 253 MONTÉE SANCHE

Location: Boisbriand, Montreal $6,850,000

Suites: 40 Price per Suite: $171,250 105 MILTON STREET

Location: Le Plateau-Mont-Royal, Montreal $21,800,000

Suites: 112 Price per Suite: $194,643

Location: Ville-Marie, Montreal $16,800,000

Suites: 84 Price per Suite: $200,000

theANNUAL – 31

Realty Check Québec

Price

1405-1425 JULES-POITRAS BOULEVARD & 1420 QUENNEVILLE STREET

Price

1190 DU FORT STREET

Luxer One Contactless Parcel Delivery Lockers

100% of packages accepted in every size and shape

Smart technology & design for easy-to-use experience

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Luxer One and Coinamatic have partnered together to provide over 15 years of experience in multifamily lockers as well as over 75 years of experience operating and serving this multi-family industry.

We strive to provide the best product, delivery and installation experience, and user experience to building residents, carriers and property managers alike!

Why do property owners

managers prefer Luxer One?

and

Realty Check Québec

5114 RIVARD STREET Price

Location: Le Plateau-Mont-Royal, Montreal $5,610,000

Suites: 24

Price per Suite: $233,750

10 VERMONT AVENUE Price

Location: Pointe-Claire, Montreal $65,500,000

Suites: 220

Price per Suite: $297,727

11530 NOTRE-DAME STREET EAST Price

Location: Rivière-des-Prairies-Pointeaux-Trembles, Montreal $15,200,000

Suites: 48

Price per Suite: $316,667

5460-5470 BESSBOROUGH AVENUE Price

Location: Côte-des-Neiges-Notre-Dame-deGrâce, Montreal $11,850,000

Suites: 34

Price per Suite: $348,529

theANNUAL – 33

Realty Check Ontario (GTA)

Location: North York

Suites: 54

per Suite: $282,870

Location: Brampton

Suites: 605

Scarborough

34 – theANNUAL

161 ATHOL STREET Price

$39,000,000 Suites:

Price per Suite:

2808 KEELE

Price

Location: Oshawa

185

$210,811

STREET

$15,275,000

Price

Price per Suite:

4 HANOVER

Price

$185,500,000

Price

GLEN EVEREST ROAD

Location:

$19,823,000 Suites: 66

$300,348

ROAD

per Suite: $306,612

theANNUAL – 35

2421 KEELE STREET Price Location: North York

Suites: 24 Price per Suite: $312,500 69 OLD MILL TERRACE Price Location:

$8,500,000 Suites: 26 Price per Suite: $326,923 40 DELISLE AVENUE Price Location: Old Toronto

Suites: 100 Price per Suite: $445,000 15 GAMBLE AVENUE Price Location: East York $9,080,000 Suites: 27 Price per Suite: $336,297

Realty Check Ontario (GTA)

$7,500,000

Etobicoke

$44,500,000

36 – theANNUAL

149 COSBURN AVENUE Price Location: East York $9,230,000 Suites: 29 Price per Suite: $318,276 2445 THE COLLEGEWAY Price Location: Mississauga $23,777,291 Suites: 93 Price per Suite: $255,672 2360 BIRCHMOUNT ROAD Price Location: Scarborough $53,379,446 Suites: 186 Price per Suite: $286,986 2200 ROCHE COURT Price Location: Mississauga $40,682,765 Suites: 142 Price per Suite: $286,498

Realty Check Ontario (GTA)

Location: Brantford

Suites: 55

per Suite: $204,545

115

Location: Cambridge $3,700,000

theANNUAL – 37

470 SCENIC DRIVE Price

Suites:

Price

23 LYNNWOOD DRIVE Price

Realty Check Ontario (GGH)

Location: London $21,500,000

per Suite: $186,957

$11,250,000

Price

1250 DUKE STREET Price

Price

250 LENA CRESCENT Price

$60,000,000

Price

Suites: 20

per Suite: $185,000

Location: Cambridge

Suites: 136

per Suite: $441,176

38 – theANNUAL

89 RAYMOND STREET Price Location: Guelph $7,000,000 Suites: 32 Price per Suite: $218,750

UPPER WENTWORTH STREET Price Location: Hamilton $6,500,000 Suites: 30 Price per Suite: $216,667 124 TUPPER CRESCENT Price Location: Kitchener $4,646,000 Suites: 23 Price per Suite: $202,000 294 LORNE AVENUE Guelph, ON Location: Kitchener $6,500,000 Suites: 30 Price per Suite: $216,667

Realty Check Ontario (GGH)

622

Location: Kitchener $10,601,000 Suites: 39

per Suite: $271,821

2B ARLINGTON AVENUE Price

Location: St. Catharines $7,900,000

Suites: 40

per Suite: $197,500

141 LINNWOOD AVENUE Price

Location: Cambridge $7,350,000

Suites: 32

per Suite: $229,687

295 DALE CRESCENT

Location: Waterloo $19,850,000

Suites: 101

per Suite: $195,535

theANNUAL – 39

(GGH)

Realty Check Ontario

169 LANCASTER STREET WEST Price

Price

Realty Check Alberta

Location: Edmonton

122

per Suite: $177,869

254

Edmonton $31,500,000

163

130

40 – theANNUAL

OLIVER PORTFOLIO Price

Suites:

Price

BLVD NW Price

Price

THE

Price

Price per

Price

Suites:

Price

Location: Edmonton $42,440,000

per Suite: $167,087 14503/14507 MILLER

$21,700,000 Suites:

TENNYSON

Location:

Suites:

Suite: $193,252 1710 RADISSON DRIVE SE

Location: Calgary $22,000,000

per Suite: $169,231

Location: Calgary $34,010,000

Suites: 179

$190,000

10125 84 AVENUE

Location: Edmonton $7,168,242

Suites: 36

per Suite: $199,118

Location: Calgary $53,880,000

Suites: 263

per Suite: $204,867

Location: Calgary $40,000,000

Suites: 125

per Suite: $320,000

theANNUAL – 41

Realty Check Alberta

SW Price

1310 14TH AVENUE

Price

per Suite:

135 LYNNVIEW ROAD SE

Price

NW Price

Price

SW Price

1820 26TH AVENUE

Price

42 – theANNUAL

(Vancouver) 718 DRAKE STREET Price Location: Vancouver $70,000,000 Suites: 143 Price per Suite: $220,690 20449 PARK AVENUE Price Location: Langley $53,700,000 Suites: 93 Price per Suite: $571,277 523 GATENSBURY STREET Price Location: Coquitlam $23,175,000 Suites: 97 Price per Suite: $238,918 1649 EAST BROADWAY Price Location: Vancouver $68,000,000 Suites: 114 Price per Suite: $596,491

Realty Check BC

theANNUAL – 43

BC (Vancouver) 120 E KEITH ROAD Price Location:

Vancouver $18,138,000 Suites: 42 Price per Suite: $431,857

W 12TH AVENUE Price

$40,500,000 Suites:

Price

1320 KING ALBERT AVENUE Price

Suites:

Price per Suite: $223,077

W 6TH AVENUE Price Location: Vancouver $14,800,000 Suites:

Price per Suite: $308,333

Realty Check

North

1450

Location: Vancouver

115

per Suite: $352,174

Location: Coquitlam $14,500,000

2180

Esquimalt

44 – theANNUAL

BC (Victoria) 2830 PEATT ROAD Price Location: Victoria $60,000,000 Suites: 124 Price per Suite: $483,871 687 ADMIRALS ROAD Price Location:

$22,500,000 Suites:

Price

1233 FAIRFIELD ROAD Price Location:

Suites: 60 Price per Suite: $326,667 3554-A

WAY Price Location:

$34,000,000 Suites:

Price per Suite: $472,222

Realty Check

per Suite: $468,750

Victoria $19,600,000

RYDER HESJEDAL

Colwood

theANNUAL – 45

BC (Victoria) 312 MT. BENSON STREET Price Location:

Suites: 63 Price per Suite: $201,587 1010 MCKENZIE AVENUE Price Location:

$18,500,000 Suites:

Price

1337 SAUNDERS

Price Location:

Suites:

Price per Suite: $300,000 728 MEAFORD

Price Location: Victoria $43,500,000 Suites: 106 Price per Suite: $410,377

Realty Check

Nanaimo $12,700,000

Victoria

per Suite: $264,286

STREET

Esquimalt $8,400,000

AVENUE

Dollars & Cents

By John Dickie, based on an interview with Benjamin Tal, CIBC Deputy Chief Economist

The Bank of Canada was and is determined to avoid an inflationary spiral, even at the cost of a recession. When will it decide the risk of inflation is sufficiently reduced, and lower its policy interest rate?

There are plenty of inflation indicators to choose from

Source: StatCan, CIBC Figures Canada wide, as of April 18, 2024. Graph prepared by Jeremy Newman

LEGEND:

Y/Y% = year over year % change

3mma = 3 month moving average

m/m% = month over month % change

ann. = on an annual basis

Higher interest rates limit inflation by limiting consumer spending and business investment, but higher interest rates also drive up shelter costs

Surging shelter costs driven by higher interest rates

Source: StatCan, CIBC

On a per capita basis, Canada is already in a recession.

Source: Statistics Canada, CIBC

48 – theANNUAL

-15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 35% 2012 2015 2018 2021 Mortgage interest costs (y/y% change) 0% 2% 4% 6% 8% 10% 2012 2015 2018 2021 Rent (y/y% change) -15% -10% -5% 0% 5% 10% 15% Q1-85 Q4-92 Q3-00 Q2-08 Q1-16 Q4-23 y/y change in GDP per capita -6% -5% -4% -3% -2% -1% 0% 1991 recession 2008 recession Current Cumulative decline in GDP per capita

Source: Statistics Canada , CIBC

Household credit growth in recessionary territory

Source: Statistics Canada , CIBC

Mortgage costs and delinquencies: a foretaste of consumer demand and possible business losses.

Repricing mortgage rates - half-way there

Mortgage payment shock

Source: CIBC

Source: Statistics Canada , CIBC

Mortgage delinquencies – approaching 2019 levels

Source: TU, CIBC

The post-pandemic housing boom has been driven by the post-pandemic population boom

Population boom

Source: Statistics Canada , CIBC

theANNUAL – 49 Content provided by CIBC World Markets

0% 2% 4% 6% 8% 10% 12% 14% 16% 1991 Q1 2001 Q4 2012 Q3 2023 Q2 Real y/y growth in hh credit -10% -5% 0% 5% 10% 15% 1991 Q1 2001 Q4 2012 Q3 2023 Q2 Real consumer and mortgage credit (y/y) Consumer Mortgage 0 20 40 60 80 100 120 Mar 2022 Sep 2022 Mar 2023 Sep 2023 Mar 2024 Sep 2024 Mar 2025 Sep 2025 Mar 2026 Sep 2026 % of portfolios repricing mortgage rates 0% 5% 10% 15% 20% 2024 2025 2026 0.0% 0.1% 0.1% 0.2% 0.2% 0.3% 0.3% 0.4% 0.4% 0.5% Jan'18 Mar'19 May'20 Jul'21 Sep'22 Nov'23 Mortgage 90 days+ and 30 days 90 days+ 30 days 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% Jan'18 Mar'19 May'20 Jul'21 Sep'22 Nov'23 30 days

prime 0 0.5 1 1.5 2 2.5 3 3.5 Mar-84 Aug-88 Jan-93 Jun-97 Nov-01 Apr-06 Sep-10 Feb-15 Jul-19 Dec-23

del. sub-and-near

Dollars & Cents

Source: Statistics Canada, CIBC

By John Dickie,

based on an interview with Benjamin Tal, CIBC

Source: Statistics Canada, CIBC

Deputy Chief Economist

The homeownership market has come into balance in Toronto and Vancouver.

Source: Statistics Canada, CIBC

The US and Canadian economies are diverging.

Source:

Source: Statistics Canada, CIBC

50 – theANNUAL 0 10 20 30 40 50 60 70 80 90 100 2000 2004 2008 2012 2016 2020 2024 Sales-to-new listings ratio – Canada-wide balanced market 0 20 40 60 80 BC AB SK MB ON QC NB NS PEI NL GVA GTA Canada Sales-to-new listings ratio

37.5 38.0 38.5 39.0 39.5 40.0 40.5 Stats Canada's 2013 forecast of 2023 population Actual popuation in 2023 ($mn) 1.5 million miss Composition of the miss NPRs Other 85 90 95 100 105 110 115 Q1-19 Q4-19 Q3-20 Q2-21 Q1-22 Q4-22 Q3-23 GDP US vs. Canada index 2019 Q1=100 Canada US 0 1 2 3 4 5 6 01-Jan-21 30-Jan-22 28-Feb-23 28-Mar-24 10-year government bond yield (%) US Canada Population growth to slow dramatically The resale market - location location location Spot the difference Wrong direction The housing crisis is a planning crisis

Statistics Canada, CIBC

Impact

recent government

Annual % growth 0 0.5 1 1.5 2 2.5 3 3.5 Mar-84 Aug-88 Jan-93 Jun-97 Nov-01 Apr-06 Sep-10 Feb-15 Jul-19 Dec-23

policies will bring population growth to here

Something is wrong with this picture

US Fed's fund rate vs Canada overnight rate %

Canada: Overnight target rate (EOP, last wed, %)

Federal funds [effective] rate (% p.a.)

Source: Bank of Canada, Federal Reserve Board, CIBC

Budget 2024 will also affect the economy in the near term and the future.

Deficit expected to shrink relative to GDP (l); debt service charges contained as a share of GDP (r)

Source: Finance Canada

Program spending on a higher trajectory with each budget

Program spending ex. actuarial losses ($bn)

2020 Fall Statement

Budget '21

Budget '22

Budget '23

Budget '24

Source: Finance Canada

Key uncertainties that will drive the economy:

• When the Fed lowers interest rates

• When the Bank of Canada lowers interest rates

• The rebalancing of the housing markets

• How much productivity grows

• The result and impacts of the US Presidential election

• The result and impacts of the next Canadian federal election

Source: Finance Canada

ABOUT THE SOURCE

Benjamin Tal is the Deputy Chief Economist at CIBC World Markets. Well-known for his ground-breaking research on all major sectors of the real estate market, on credit markets, and on business economic conditions, Benjamin frequently sets key elements of the public policy agenda. He is also a big believer in the value of a strong residential rental sector. As well, Benjamin has been the keynote speaker at many CFAA conferences over the years. CFAA thanks Benjamin for his support.

theANNUAL – 51 Content provided by CIBC World Markets

0 1 2 3 4 5 6 Jan-17 Jun-18 Nov-19 Apr-21 Sep-22 Feb-24

-7 -6 -5 -4 -3 -2 -1 0 1 2 3 2000 2005 2010 2015 2020 2025 Budget balance (% of GDP) -15 forecast 0 1 2 3 4 5 2000 2005 2010 2015 2020 2025 Public debt charges (% of GDP) forecast 300 400 500 600 700 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 2026/27 2027/28 2028/29

Rents – Allowable & Actual

Allowable Guideline Increases 2024

– 3.5%

– 3.5% plus a proportional amount for the change in local government levies and regulated utility fees. Some increases above the guideline are available.

MANITOBA

Some increases above the guideline are available. Exemptions apply for units renting for more than $1,615 (as of December 31, 2023), and for buildings with an occupancy permit first issued after March 7, 2005, which are less than 20 years old.

PEI

Residential Tenancies – 3%

Manufactured Home Tenancies – 3%

ONTARIO

Residential Tenancies – 2.5%

Exemptions apply to buildings and additions first occupied after November 15, 2018. Some increases above the guideline are available for both residential tenancies and manufactured home sites.

– 5%

In Quebec, there is no exact equivalent to the guideline as it is used in BC, Ontario, Manitoba, PEI, and now Nova Scotia. The Quebec government does not set a rent increase that a landlord can charge without any specific approval. Instead, if tenants challenge the rent increase notice that the landlord gives them, the Tribunal administratif du Logement (the Quebec Rental Board) applies a set of standard cost increases to the specifics of each rental building. The calculation is based on actual increases in municipal taxes and insurance, and inflationary percentage increases applied to other costs such as heating and services. Alberta, Saskatchewan, Newfoundland and Labrador, and New Brunswick do not limit rent increases.

theANNUAL – 53

Residential Tenancies

Manufactured

Tenancies

MANITOBA Residential Tenancies

NOVA SCOTIA Residential Tenancies

Manufactured Home Tenancies

BRITISH COLUMBIA

Home

– 3%

Rents – Allowable & Actual

Canada’s multifamily market maintained its strong performance through the end of 2023, and more of the same is on

National & Major CMA Averages

54 – theANNUAL

–Smaller Western CMA Averages –– – –Smaller Eastern CMA Averages

–

Rents – Allowable & Actual

Conclusion

The growth rate for lease-over-lease rents— which represent new leases on units that are re-leased after becoming vacant—moderated slightly in Q4 2023 but remains extremely high. Nationally, lease-over-lease rents increased by 12.2% year-over-year in Q4 2023, 90 basis points less than the 13.1% growth rate the previous quarter. It is also the first decline since Q1 2021, possibly a sign of rents peaking due to the trickle of new supply or the impact of affordability. Leases not subject to rent control in most jurisdictions are a good measure of supply-demand metrics. For more insight into the Canadian multifamily market view the full report at Yardi.com/CNDMultifamilyReport

theANNUAL – 55

–– – –Ea Smaller Eastern CMA Averages –National & Major CMA Averages –We Smaller Western CMA Averages –– –Year-Over-Year In-Place Rent Growth (Q4 2023 - 2 Bedroom Unit Data)

Multifamily Report

Canadian Multifamily Market: Strong 2023 Performance, Uncertain Future

Which direction will the apartment market go following its robust results in 2023? Supply-and-demand dynamics point to an encore in 2024, but larger economic forces could put the brakes on what has been a cornerstone of the country’s economic growth.

According to the Yardi® Canadian multifamily report, the sector thrived in 2023, highlighted by the following national averages:

• A 6.5% year-over-year increase in in-place rents, elevating to an all-time high of $1,480.

• An all-time low vacancy rate of 2.7%.

• A 12.2% lift in new lease-over-lease rents in Q4.

• Double-digit new lease rent growth in nine of the 12 CMAs and five of seven provinces tracked by Yardi. With immigration scheduled to continue full bore in coming years, demand for apartments will remain vigorous.

theANNUAL – 57

Multifamily Report

Potential clouds on the horizon

Several factors point to a possible cooling in the multifamily market. These include:

• A slowing national economy, with GDP expansion holding around 1% in 2023 and a similar level predicted for this year.

• Decelerating job creation, evidenced by only 10% of new jobs added across the country in 2023 occurring in the fourth quarter.

• Rising unemployment, which while remaining low historically, has seen an uptick of 80 basis points from last spring to Q4 2023.

• High mortgage rates, which while boosting rental demand, also price many out of the homeownership market.

Despite these concerns, the Yardi report offers a somewhat optimistic outlook. It notes that Canada’s multifamily market maintained its strong performance through the end of 2023 and more of the same is expected for 2024.

Construction trails growth

A comparison with the United States offers valuable insights. While both countries observed similar demand surges and rent increases in 2021 and 2022, Canada continued to experience rising rents in 2023, unlike the U.S. where rents stabilized. This disparity is primarily attributed to the significantly higher volume of new housing units delivered in the U.S., exceeding 1 million over the past two years.

Despite Canada’s faster population increase compared to the U.S., housing construction falls short. This, combined with the supply chain challenges and worker shortages affecting both countries, has resulted in several consequences, as highlighted by the Yardi report. This includes rapid rent growth, households migrating across CMAs seeking affordability, and renters unable to escape substantial housing cost increases.

Potential signs of rent stabilization

The Q4 2023 national average year-over-year new rent increase of 12.2% marks the first decrease since Q1 2021, potentially signaling a peak in rent prices. The national average vacancy rate of 2.7% highlights the persistent imbalance between strong rental demand and weak supply growth. This is further underscored by the lowest vacancy rates concentrated in Nova Scotia (1.5%), Manitoba (1.8%), and Ontario (2.3%), indicating an acute housing shortage in those specific regions.

Signs of a severe housing shortage come not only from low vacancy/turnover rates but also Yardi’s digital prospect data. Nationally, apartment owners had 17 digital prospects per 100 units in Q4 2023, the lowest number since Yardi began tracking the data and down 15% from 20 in Q4 2022. Further, digital prospect conversion was up from 4.7% to 5.4% in the same period comparison. This reflects diminishing choices in market and relatively stronger lead-to-lease rates.

Fundamentals produce ‘a best bet’

Going forward, there appears to be a consensus around the need to build more housing in Canada, with officials stepping up with stimulus measures such as the federal government’s $4 billion Housing Accelerator Fund and province-level tax exemptions for housing developers.

Although mortgage rates, the rising price of materials and economic uncertainty pose challenges, multifamily still represents a stable force in Canadian society. According to industry experts, this segment possesses solid fundamentals, making it a favourable choice for the upcoming year. Factors contributing to this positive outlook include robust population growth, an ongoing supply shortage, and the relative affordability of rental units and condos compared to single-family homes.

58 – theANNUAL

Multifamily Report

Definitions

Lease-Over-Lease Rent Growth (New Leases):Percentage change in monthly rent between a new lease and the previous lease for the same unit.

In-Place Rent Per Unit: Monthly rent per unit for all leases, including new lease rents, renewal lease rents and existing leases.

Vacancy Percent: Property vacancy percentage based on average number of units vacant in the month.

Turnover %: Tenant move-outs as a percent of total units.

CMA: Census Metropolitan Area.

Digital Prospect Conversion %: Percentage of prospects who first contacted a property through digital sources, who became residents.

Digital Prospects Per 100 Units Per Month: Count of prospects who first contacted a property through digital sources, normalized for a 100-unit property. Digital sources include the Property’s Website, ILS, Online Search, Classified Sites, Social Media Sites, SEM, and Ratings Sites. Excludes brick and mortar sources, such as referrals and walk-ins.

The data in the report encompasses 5,100 properties that represent more than 464,000 private rental units across Canada.

For more insight into the Canadian multifamily market, view the full report at Yardi.com/CNDMultifamilyReport

theANNUAL – 59

Top 10

Top 10 Owners

Starlight Investments

Self-Managed: NO - asset managed Number of suites owned

Number of Employees: 360+

Operates in: BC, ON, QC, NS

Website: www.starlightinvest.com

QuadReal Property Group

Self-Managed: YES

Number of Employees: 625

Operates in: BC, AB, ON, QC, NB, NS Website: www.quadreal.com **Apt: 9,635 | TH: 231 | Mfg: 25,258

Homestead Land Holdings

Self-Managed: YES

54,000

Number of suites owned

35,971

Number of suites owned Number of Employees: 849

Operates in: AB, ON Website: www.homestead.ca

26,626

62 – theANNUAL

** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

Yes, we can!

Since MetCap Living established itself as a leader in property management, we have routinely been asked one, simple question; “Can you help us run our property more e ectively?” And, for well over thirty years, the answer has remained — Yes, we can! Our managers are seasoned professionals, experienced in every detail of the day to day operations and maintenance of multi-unit rental properties. From marketing, leasing, ﬁnance and accounting, to actual physical, on-site management, we oversee everything.

We concentrate on revenue growth, controlling expenses, and strategic capital investment in your property to maximize your proﬁtability over the long term — when you’re ready to discuss a better option; we’ll be there. You can count on it.

Kazi Shahnewaz Director, Business Development

O ce. 416.340.1600 x504 Cell. 647.887.5676

k.m.shahnewaz@metcap.com www.metcap.com

Realstar Management

Self-Managed: YES

Number of Employees: 900

Operates in: BC, AB, SK, ON, QC, NS Website: www.realstar.ca

Number of suites owned

23,834

Mainstreet Equity Corp.

Self-Managed: YES

Number of Employees: 558

Operates in: BC, AB, SK, MB Website: www.mainst.biz

**Apt: 16,225 | Condo: 58 | TH: 1,193 | Sr: 241

Number of suites owned

17,717

Medallion Corp.

Self-Managed: YES

Number of suites owned Number of Employees: 175

Operates in: ON Website: www.medallioncorp.com

**Apt: 11,577 | TH: 97

11,674

64 – theANNUAL Top 10

Owners

** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

THE TRUSTED PARTNER OF CANADA’S TOP COMPANIES. Gryd empowers properties with cutting-edge marketing and operations technology. Our dedication to delivering innovative solutions has earned the trust of leaders like you. Discover our newest solutions at gryd.com info@gryd.com 1.866.343.4793 We handle the You focus on

Park Property Management

Self-Managed: YES

Number of suites owned Number of Employees: 276

Operates in: ON Website: www.parkproperty.ca

Effort Trust

11,245

Self-Managed: YES Number of suites owned Number of Employees: N/A

Operates in: ON Website: www.effortrentals.com

10,481

Drewlo Holdings

Self-Managed:

10,098

Q Residential

6,562 Operates

66 – theANNUAL Top 10

YES

280

Self-Managed:

Number of suites owned Number of Employees:

in:

Website: www.qresidential.ca

YES

Number of suites owned Number of Employees: 350

** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

Operates in: ON Website: www.drewloholdings.com Owners

Top 10 Managers

Tribe Management Inc.

Number of Employees: 265

Operates in: BC, AB, ON

Number of Suites Managed

Number of Suites Owned

46,554 0 Website: www.tribemgmt.com

**Apt: 6,161 | Condo: 40,393

Cogir

Number of Employees: 16,000*

Operates in: BC, AB, SK, MB, ON, QC, NS,

Number of Suites Managed

Number of Suites Owned

43,929

12,941 Website: www.cogir.net

**Apt: 20,344 | Sr: 23,085 | Standard: 500

*includes senior residences staff

Greenwin Corp.

Number of Employees: 500

Operates in: ON

Number of Suites Managed Number of Suites Owned

21,169 2,074 Website: www.greenwin.ca

68 – theANNUAL

** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

Top 10 Managers

MetCap Living Management Inc.

Number

Operates in: BC, ON, QC, NB, NS

Website: www.metcap.com

Sterling Karamar

Number of Employees: 400

Operates in: ON

Website: www.sterlingkaramar.com

Broadstreet Properties

Number

Operates

Website: www.broadstreet.ca

*Data not verified at time of print

70 – theANNUAL

** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

Number of Suites Managed Number of Suites Owned

17,155 0

Number

of Employees: 732* Number of Suites Managed

of Suites Owned

in: BC, AB, SK, MB, ON 14,840* 0

Number

of Employees: 507 Number of Suites Managed

of Suites Owned

20,606

Premium Brands | 16,000 FT Showrooms | Product Experts Buy Where The Builders Buy! 45 Red Maple Rd, Richmond Hill, ON | www.midnorthern.com Small or large, you can expect a superior level of quality and service from our team. With over 65 years of experience, we are proud to be the preferred appliance supplier for countless builders. Michael Gnat 416-635-4835 mgnat@midnorthern.com

DMS Group

Management

72 – theANNUAL Top 10 GWL

Number

Employees: 155 Number of Suites Managed Number of Suites Owned Operates

ON, QC, NS 9,819 0 Website:

Managers ** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

Employees: 27 Number of Suites Managed Number of Suites Owned Operates

10,975 200

Briarlane Number

Employees: 180 Number of Suites Managed Number of Suites Owned Operates

11,610 0

Number

300 Number of Suites Managed Number of Suites Owned

ON 13,654 0

STD: 503

Realty Advisors Residential

in: BC, AB,

www.gwlraresidential.com

Berkley Property

Number of

in: ON

Website: www.berkleypm.com **Apt: 7,925 | Condo: 3,050

in: ON

Website: www.briarlane.ca The

of Employees:

Operates in:

Website: www.dmsproperty.com **Apt: 12,809 | TH: 342 |

CAPREIT

Self-Managed: YES

Number of Employees: 999

Operates in: BC, AB, SK, ON, QC, NS, NB, PEI

Website: www.capreit.ca

**Apt: 48,981 | TH: 2,944 | Mfg: 12,375

Boardwalk REIT

Self-Managed: YES

Number of Employees: 1,550

Operates in: BC, AB, SK, ON, QC

Website: www.bwalk.com

**Apt: 29,204 | TH: 5,368

Killam Apartment REIT

Self-Managed: YES

Number of Employees: 750

Operates in: BC, AB, ON, NB, NS, PEI, NL

Website: www.killamreit.com

**Apt: 18,835 | Mfg: 5,975

Number of suites owned

64,300

Number of suites owned

34,572

Number of suites owned

24,810

74 – theANNUAL

REITs

Top 10

** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

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Hazelview Investments

Self-Managed: YES

Number of Employees: 650+

Operates in: AB, SK, MB, ON, QC, NS

Website: www.hazelview.com

Skyline Apartment REIT

Self-Managed: YES

Number of Employees: 815

Operates in: BC, AB, MB, ON, QC, NB, NS Website: www.skylineapartmentreit.ca **Apt: 21,988

Centurion Asset Management Inc.

Self-Managed: YES

Number of Employees: 361

Operates in: BC, AB, SK, MB, ON, QC Website: www.centurion.ca

Number of suites owned

22,902

Number of suites owned

21,988

Number of suites owned

21,066

76 – theANNUAL Top 10

REITs ** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

Avenue Living

Self-Managed: YES

Number of suites owned Number of Employees: 368

Operates in: AB, SK, MB

Website: www.avenueliving.ca

Northview Fund

Self-Managed: YES

15,747

Number of suites owned Number of Employees: 440

Operates in: BC, AB, SK, MB, ON, QC, NB, NL, NWT, NU

Website: www.northviewfund.com

**Apt: 14,222

14,422

InterRent REIT

Self-Managed: YES

Number of suites owned Number of Employees: 448

Operates in: BC, ON, QC

Website: www.interrentreit.com

**Apt: 13,235 | TH: 672

The Minto Group Inc.

13,907

Self-Managed: YES Number of suites owned Number of Employees: 181

7,726 Operates in: AB, ON, QC Website: www.mintoapartmentreit.com

78 – theANNUAL Top

REITs ** Further breakdown of portfolio by Units - Apartment - Condominium - Town Homes - Student - Senior/Retirement - Manufactured Homes

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Honourable Mentions

80 – theANNUAL

OWNERS Devonshire Properties Oxford Properties Hollyburn Properties Concert Properties Dorset Realty MANAGERS Bentall Green Oak Residential Services Devon Properties REITS All Island Equity REIT OWNERS Oxford Properties Akelius Residential Property MANAGERS Bentall Green Oak Residential Services M&R Holdings CLV Group OWNERS Oxford Properties Akelius Residential Property Hollyburn Properties H&R Property Management Concert Properties The Brown Group Preston Group Macro Properties Cando Apartments M&R Holdings Cherishome Living Devonshire Properties MANAGERS Paramount Properties Bentall Green Oak Residential Servicesy M&R Holdings CLV Group Gold Seal Management WJ Properties Elad Morguard North American Residential REIT Canadian Shelter Properties Ltd. Signet Group OWNERS Devonshire Properties MANAGERS Towers Realty Group Bentall Green Oak Residential Services Canadian Shelter Properties Ltd. REITS Lanesborough REIT MANAGERS Canadian Shelter Properties Ltd. REITS Lanesborough REIT OWNERS Oxford Properties Hollyburn Properties Concert Properties MANAGERS Bentall Green Oak Residential Services GWL Realty Advisors Residential Morguard North American Residential REIT Canadian Shelter Properties Ltd. REITS Lanesborough REIT

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Industry Events

Tradeshow & Expo

theANNUAL – 83

Name of Event Date(s) Location Website PM Springfest May 9, 2024 Toronto, ON informaconnect.com/pm-springfest ARLA Tradeshow May 9, 2024 Edmonton, AB albertalandlord.org HDAA Tradeshow October 8, 2024 Hamilton, ON hamiltonapartmentassociation.ca Buildex Alberta October 23-24, 2024 Calgary, AB informaconnect.com/buildex-alberta The Buildings Show December 4-6, 2024 Toronto, ON informaconnect.com/the-buildings-show Buildex Vancouver February 26-27, 2025 Vancouver, BC informaconnect.com/buildex-vancouver LPMA Tradeshow April 8, 2025 London, ON lpma.ca Conference Name of Event Date(s) Location Website Western Canada Apartment Investment Conference May 7, 2024 Edmonton, AB informaconnect.com/western-canadaapartment-investment-conference CFAA Rental Housing Conference May 14-16, 2024 Toronto, ON cfaa-fcapi.org/rhc-overview Land & Develolpment May 28, 2024 Toronto, ON informaconnect.com/land-development RealREIT Conference September 10, 2024 Toronto, ON informaconnect.com/realreit-conference Canadian Apartment Investment Conference September 11, 2024 Toronto, ON informaconnect.com/canadianapartment-investment-conference ONPHA Conference November 7-9, 2024 Ottawa, ON conference.onpha.on.ca Global Property Market December. 3, 2024 Toronto, ON informaconnect.com/global-propertymarket The Real Estate Forum Various Dates Coast to Coast realestateforums.com

84 – theANNUAL Name of Event Date(s) Location Website GTAA Annual Charity Golf Tournament May 27, 2024 Brampton, ON gtaaonline.com HDAA Golf Tournament June 4, 2024 Troy, ON hamiltonapartmentassociation.ca Greenwin Cares Annual Golf Classic June 24, 2024 Markham, ON greenwincharitygolf.com FRPO Charity Golf Classic July 23, 2024 Brampton, ON frpo.org CRRA Annual Golf Extravaganza September 4, 2024 Calgary, AB crra.ca ARLA Golf Classic Tournament September 6, 2024 Edmonton, AB albertalandlord.org LPMA Annual Charity Golf Tournament September 9, 2024 Komoka, ON lpma.ca IPOANS Annual Golf Tournament September 12, 2024 Chester, NS ipoans.ca Golf Industry Events AGM &

Name of Event Date(s) Location Website FRPO Annual General Meeting May 6, 2024 Virtual frpo.org LPMA AGM May 7, 2024 London, ON lpma.ca CRRA Awards Gala June 6, 2024 Calgary, AB crra.ca GTAA AGM & Dinner October 30, 2024 Toronto, ON gtaaonline.com ARLA AGM & Christmas Luncheon November 15, 2024 Edmonton, AB albertalandlord.org FRPO MAC Awards December 5, 2024 Toronto, ON frpo.org EOLO Education & Networking Event March, 2025 Ottawa, ON eolo.ca

Gala

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