regional edition
LONDON
The regional market perspective for the London rental housing industry
2025
FOREWORD
Produced by RHB Inc., creators of RHB Magazine, RHBTV, RHB Newsreel, Perpetual Media Group (PMG) and BoldTV, theANNUAL 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 theANNUAL: • The State of the Industry Report, 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. • Neighbourhood Trends, data provided by Rentals.ca on tenant searches and trends. • Unpaid Rents, Openroom.ca provided comprehensive data for unpaid rent in Ontario. 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); Tracy Norman, President, London Property Management Association (LPMA); Rentals.ca; Openroom.ca; Yardi Canada 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 theANNUAL, both at the National and Regional levels. All the best,
Debbie Dollar-Seldon Publisher
Publisher Debbie Dollar-Seldon Art Director Scott Clark National Director, Sales and Marketing Melissa Valentini Office Manager Geeta Lokhram Owner Marc Côté
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Welcome to the 2025 Regional editions of theANNUAL. Not unlike our National edition, theANNUAL, 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 theANNUAL. 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.
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TABLE OF CONTENTS
3 – FOREWORD
STATE OF THE INDUSTRY – 8
15 – REALTY CHECK
ASSOCIATION REPORT – 21
4 – theANNUAL London
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TABLE OF CONTENTS
29 – NEIGHBOURHOOD TRENDS
TOP 10 – 35
47 – UNPAID RENTS
6 – theANNUAL London
We Market Your Listing Like It's Our Own Posting a rental listing is easy. Getting it seen? That’s where we come in. At Rentals.ca, we put your property in front of thousands of renters with powerful digital marketing tools — no guesswork, no waiting around. Get the attention your rental deserves.
Brooke, Adelaide-Metcalfe
Thames Centre
Middlesex Centre AVR: ** 2BR: **
3
AVR: **
2
2BR: **
4 5
AVR: 1.7%
6
AVR: ** 8
1
2BR: **
AVR: 2.8% 2BR: $1,469
2BR: $1,539
South Southwold
Strathroy-Caradoc
AVR: ** 2BR: **
9
Central Elgin AVR: ** 2BR: **
London Zone Statistics 1. Downtown North: AVR: 4.1% | 2BR: $1,878 2. Northeast: AVR: 3.5% | 2BR: $1,279 3. North : AVR: 3.0% | 2BR: $1,869 4. Northwest : AVR: 2.0% | 2BR: $1,601 5. Southwest : AVR: 2.6% | 2BR: $1,607 6. Central South : AVR: 3.3% | 2BR: $1,537 8. East : AVR: ** | 2BR: $1,081 9. St. Thomas: AVR: 4.3% | 2BR: $1,573
average rent in senior’s rental housing in 2017 2024 population
8 – theANNUAL London
626,260
AVR= Average Vacancy Rate in October 2024 2BR= Average Rent of 2 Bedroom Suite in October 2024 ** Data suppressed
Number of Primary Apartment Units Bachelor
1,253
1 Bedroom
19,071
2 Bedroom
26,094
3 Bedroom + 1,771 Total
48,189
Primary Apartment Vacancy Rates Bachelor
5.7%
1 Bedroom
2.8%
2 Bedroom
2.9%
3 Bedroom + 1.6% Total
2.9%
Primary Apartment Average Rents Bachelor
$1,024
1 Bedroom
$1,299
2 Bedroom
$1,548
3 Bedroom + $1,863 Total
$1,446
theANNUAL London – 9
State of the Industry London (CMA)
London’s primary and secondary rental market universe totals
Primary
47,023
Secondary
35,473 Total: 82,496
57%
43%
*Secondary figure estimate based on growth rate
London's Private Apartment Turnover Rates by Structure Size & Bedroom Type Bachelor Size
1 Bedroom
Oct 23
Oct 24
Oct 23
Oct 24
3-5 Units
**
**
**
6-19 Units
**
**
14.3%
20-49 Units
**
**
13.5%
15.2%
2 Bedroom
3 Bedroom +
Oct 23
Oct 24
Oct 23
Oct 24
**
**
**
**
10.7%
12.0%
**
**
8.9%
8.7%
**
Total Oct 23
Oct 24
**
**
10.9%
**
12.8%
10.1%
**
10.9%
11.2%
50-99 Units
**
**
16.0%
14.6%
10.6%
11.2%
0.0%
**
12.9%
12.7%
100-199 Units
18.1%
17.8%
17.9%
17.0%
14.2%
12.1%
11.9%
11.3%
15.7%
14.0%
**
**
21.1%
20.9%
15.9%
16.6%
4.2%
**
17.9%
18.2%
16.1%
14.5%
16.6%
16.4%
13.0%
11.6%
8.2%
8.4%
14.4%
13.4%
200+ Units Total
** Data suppressed
theANNUAL London – 11
State of the Industry Important things to know about London’s primary rental market 2023
2024
Vacancy Rate
1.7%
2.9%
Average Rent
$1,358
$1,446
Important things to know about London’s secondary rental market 2023
2024
Vacancy Rate Condo Apt
0.9%
0.1%
Total condo units used for rental
2,926
3,098
Total condo units
8,265
8,408
Percent of condo 35.4% 36.8% units used for rental Average Rent
**
**
The remainder of the London CMA
Middlesex Centre Info
Thames Central Bachelor
Central Elgin 1 Bedroom
Brooke, Warwick & Metcalfe 2 Bedroom
Southwold
3 Bedroom +
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Average Vacancy Rate
**
**
**
**
**
0.0%
**
**
**
0.0%
Average Rent
**
**
**
**
**
$1,506
**
**
**
$1,545
12 – theANNUAL London
** Data suppressed
Info Downtown North
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
2.2%
3.9%
1.0%
4.6%
**
**
1.7%
4.1%
Average Rent
$912
$986
$1,232
$1,378
$1,740
$1,878
**
$2,390
$1,477
$1,639
Info East
1 Bedroom
2 Bedroom
3 Bedroom +
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
0.9%
**
2.4%
**
**
**
1.6%
**
Average Rent
$915
**
$1,117
$1,087
$1,214
$1,081
$1,592
$1,282
$1,198
$1,087
** Data suppressed
Oct 23
0.0%
1.7%
3.3%
2.4%
3.7%
0.0%
**
2.1%
3.5%
$986
$904
$1,088
$1,129
$1,184
$1,279
$1,615
$1,352
$1,157
$1,217
Survey Date
Bachelor Oct 23
Oct 24
Oct 24
Oct 24
Oct 24
1 Bedroom
2 Bedroom
3 Bedroom +
Oct 23
Oct 23
Oct 23
Oct 24
Oct 24
Oct 24
Oct 23
Oct 24
Total Oct 23
Oct 24
Vacancy Rate
1.5%
1.1%
1.6%
2.0%
1.1%
2.2%
0.6%
1.2%
1.3%
2.0%
Average Rent
$1,030
$1,183
$1,247
$1,349
$1,487
$1,601
$1,693
$1,790
$1,379
$1,488
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
0.9%
3.1%
1.6%
3.4%
0.8%
1.4%
1.2%
3.3%
Average Rent
$925
$963
$1,097
$1,187
$1,415
$1,537
$1,533
$1,659
$1,232
$1,338
Bachelor
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
0.8%
3.8%
1.9%
1.8%
0.0%
0.0%
1.4%
2.8%
Average Rent
**
$1,097
$1,073
$1,299
$1,379
$1,469
$1,445
$1,654
$1,267
$1,408
Bachelor Oct 24
1 Bedroom
2 Bedroom
3 Bedroom +
Oct 23
Oct 23
Oct 23
Oct 23
Vacancy Rate
0.0%
**
1.5%
2.8%
1.5%
2.6%
**
0.0%
1.4%
2.6%
Average Rent
$963
$1,069
$1,204
$1,344
$1,498
$1,607
$1,680
$1,788
$1,390
$1,503
Bachelor
Oct 24
Oct 24
Oct 24
Total
Survey Date
Oct 23
Oct 24
1 Bedroom
2 Bedroom
3 Bedroom +
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
0.0%
**
1.7%
1.7%
3.5%
3.9%
2.3%
1.9%
2.7%
3.0%
Average Rent
$1,088
$1,101
$1,365
$1,468
$1,848
$1,869
$2,085
$2,132
$1,671
$1,719
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
0.0%
**
3.0%
3.0%
2.7%
4.8%
**
**
2.8%
4.3%
Average Rent
$1,013
$966
$1,097
$1,235
$1,477
$1,573
**
$2,346
$1,331
$1,451
Info StrathroyCaradoc
Oct 23
5.6%
Info St. Thomas
Oct 23
Total
Average Rent
Info North
3 Bedroom +
Vacancy Rate
Info Southwest
2 Bedroom
Oct 24
Info South
1 Bedroom
Oct 23
Info Central South
Bachelor
Total
Survey Date
Info Northwest
Bachelor
Total
Survey Date
Info Northeast
Bachelor
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom +
Total
Survey Date
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Oct 23
Oct 24
Vacancy Rate
**
**
**
2.7%
0.4%
1.5%
**
**
1.1%
1.7%
Average Rent
**
**
$1,072
$1,094
$1,557
$1,539
**
**
$1,401
$1,406
theANNUAL London – 13
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Realty Check
The transactions of note in:
London
London Surrounding areas Brooke, Warwick, Metcalfe Strathroy-Caradoc Middlesex Centre Thames Central Southwold St. Thomas Central Elgin
theANNUAL London – 15
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London
Realty Check 545 & 549 Fanshawe Park Rd W, London Purchaser:
CAPREIT Apartments Inc
Units:
291
Price
$130,000,000
Price per Suite: $446,735 Date Closed:
25 Centre St, London
March 18, 2024
Price
Purchaser:
25 Centre Street Apartments Ltd
Units:
82
$14,585,063
Price per Suite: $177,867 Date Closed:
November 8, 2024
110 Highview Ave E, London Purchaser:
Pier 100 Real Estate GP Ltd
Units:
44
Price
$8,400,000
Price per Suite: $190,909 Date Closed:
518 Queens Ave, London Purchaser:
1000870615 Ontario Inc
Units:
**
January 16, 2024
Price
$7,400,000
Price per Suite: ** Date Closed:
June 24, 2024
** Data not available
theANNUAL London – 17
Realty Check 1653 Richmond St, London Purchaser:
1653 Richmond (London) Corp
Units:
**
Price
$6,300,000
Price per Suite: ** Date Closed:
11 & 23 McClary Ave, London Purchaser:
11-23 McClary Inc
Units:
**
October 15, 2024
Price
$6,175,000
Price per Suite: ** Date Closed:
December 12, 2024
104 Devonshire Ave, London Purchaser:
Harborstone Prospera Holdings Inc
Units:
25
Price per Suite: $214,000 Date Closed:
174 King St, London Purchaser:
174 King St Holdings Inc
Units:
**
Price per Suite: ** Date Closed:
June 10, 2024
** Data not available
18 – theANNUAL London
November 18, 2024
Price
$4,548,000
Price
$5,350,000
Recent Realty Transactions 308 & 320 Princess Ave, London Purchaser:
308 Princess Avenue Inc & 320 Princess Avenue Inc
Units:
**
Price
$3,500,000
Price per Suite: ** Date Closed:
145 Base Line Rd W, London Purchaser:
1000915350 Ontario Inc
Units:
**
June 24, 2024
Price
$3,375,000
Price per Suite: ** Date Closed:
June 20, 2024
100 Barton St, London Purchaser:
Drygas Properties Inc
Units:
**
Price
$3,250,000
Price per Suite: ** Date Closed:
645 Victoria St, London Purchaser:
1000694563 Ontario Inc
Units:
14
November 22, 2024
Price
$2,925,000
Price per Suite: $208,929 Date Closed:
January 23, 2024
** Data not available
theANNUAL London – 19
Association Report
theANNUAL London – 21
Association Report
Introduction
LPMA member benefits
LPMA is a non-profit organization that has been offering reliable information and mentoring to landlords since 1967. We educate our members and advocate on behalf of large and small landlords at the municipal and provincial levels on issues that affect the rental housing industry. While many of LPMA’s members are large landlords, more than 70 per cent own and manage 10 or fewer residential units.
One of LPMA’s strengths is the willingness of our members to work together and share ideas. We do this in part by holding dinner meetings from October to May in which we discuss important issues that arise at municipal meetings, alert members to changes that affect their businesses, and present guest speakers who address areas of interest to rental housing providers.
Our board of directors and staff contribute much of their time to improving our organization on a continual basis to better suit our members’ needs.
Our website, www.lpma.ca, offers many tools and resources for the landlord community, including a portal that allows members to register and pay for events, and check their account information and invoices. Associate members are listed in alphabetical order according to their profession, allowing landlords to find suppliers easily. They can also see, at a glance, which associate members provide discounts on their products and services to active LPMA members. The resources section includes links to government offices and departments, as well as other landlord organizations.
History LPMA is one of the longest-standing landlord associations not only in Ontario but also in Canada. The organization was formed when LPMA’s founding members came together to share ideas and information on the price of electrical work and other services. As a result, large and small landlords learned about operating costs, dealing with tenants and addressing common issues in running their buildings. That sense of co-operation and desire to help other members continues to this day.
22 – theANNUAL London
Our online presence has evolved to include our closed Facebook group, which allows landlords to ask questions and share their ideas in real time. It also helps new landlords connect with those who have more experience and expertise in specific areas.
Education LPMA’s strength lies in our mix of small and large landlords, and the exchange of information between the two — all for the price of a membership. An education component, which is a part of each meeting/webinar, fosters best industry practices and risk management. Special seminars are presented to members when major legislative changes, such as the introduction of the Rental Fairness Act and the Standard Lease Form, are introduced by the province. Property Management 101 was first created in 2009 and is designed to help landlords operate their rental properties professionally. The seminar series is offered live every other year and the material is accessible to members. New landlords rely on the information to increase their knowledge and property management companies use it to train their site staff.
Legal forms LPMA has always led the industry in the development of rental applications, tenancy agreements and related leasing documents. Documents authored by lawyers from Cohen Highley Lawyers and produced by LPMA are used by large landlords and organizations such as the Federation of Rental-housing Providers of Ontario (FRPO), the Greater Toronto Apartment Association, and the Waterloo Landlord Association. Even though LPMA is a non-profit organization, we generate income from the sale and licensing of the legal forms to cover the cost of creating and producing the forms and administering their use by the industry. LPMA recently developed a standard commercial lease agreement to support landlords who own commercial properties. The lease, which addresses gaps in the legislation governing commercial tenancies, was authored by lawyers Becca Pillon and Aesha Patel of Cohen Highley Lawyers. It is intended to outline the relationship between the landlord and tenants, and clearly describe the terms of the arrangement. The aim is to identify the key factors of a commercial lease and reduce the risk of omitting those factors. The lease is presented in standard templates that cover a range of situations in language that is easy to understand. The templates work as a starting point for landlords to help them better understand standard lease provisions and their rights and responsibilities. By including common clauses, such as maintenance obligations, default remedies and insurance, the templates highlight areas of risk that landlords might otherwise overlook. As a result, landlords are able to develop
a clearer sense of what they need before they approach a lawyer who can provide them with tailored advice specific to their requirements. LPMA expects that the lease will build comparable support for commercial landlords that exists for their residential counterparts. This support is fostered through networking events with experienced members. The lease may also help to increase LPMA’s membership by attracting landlords whose portfolios contain residential and commercial properties, or commercial buildings only.
Editorial projects LPMA’s goals include educating and informing small landlords. We wrote and published our own 16-page newsletters for more than 10 years and we currently contribute regularly to RHB Magazine’s Rental Association Voice. Through RHB, we are able to shine a light on our organization across the province.
Trade show The annual trade show features 60 to 70 exhibitors who provide information and services that are beneficial to the rental housing industry. This event brings together our membership and connects vendors and landlords in mutually advantageous ways.
Charitable activities Our annual golf tournament, held in September, is our main fundraiser. Recipients of our donations have traditionally been housing-related and include Ronald McDonald House Charities Southwestern Ontario, Merrymount Family Support and Crisis Centre, and St. Joseph’s Hospice of London. The recipient for this year’s tournament is the London Children’s Museum. At our annual Christmas party, we ask members to bring a toy for the Salvation Army’s toy drive. We also contribute to the province-wide Spring Hope Food Drive held annually in May in apartment buildings across Ontario. The amount of food donated to LPMA from the 2025 food drive was 8,001 lbs.
Lobbying As a powerful voice in London for rental housing, we have good working relationships with city officials, and fire and police services. We lobby the city over issues, such as landlord licensing, that affect small landlords. We also attend council meetings when new policies or bylaws that may adversely affect our members are on the agenda. Our goal is to watch for issues that may have an impact on landlords and
theANNUAL London – 23
Association Report how to represent their best interests. We are also an active member of FRPO and the Canadian Federation of Apartment Associations, and we support those organizations during policy discussions and decision-making.
LPMA’s Mission Statement LPMA’s purpose is to provide education that helps landlords operate their businesses professionally, mitigate risk, and attract and retain good tenants. Our membership rates are affordable and they include monthly meetings where landlords learn from expert speakers, share ideas and obtain advice from others in the industry. We offer useful tools, such as access to legal forms and credit checks through our website, as well as mentoring and advocacy by representing the interests of property owners and managers at the municipal, provincial and federal level. Our membership culture is inclusive and welcoming, and we encourage members to be open to tenants from all backgrounds. Above all, we aim to help members compete successfully in London’s highly competitive rental housing market.
Milestones Throughout the Years Legislative input LPMA is known as an advocate for its members and for Ontario landlords. Lawyer Joe Hoffer was part of a legislative committee, along with fellow LPMA members Paul Cappa and Brenda Trineer, that made recommendations to the provincial government for two years in Toronto while the Tenant Protection Act was being drafted. They provided the government with the industry’s position and pointed out the practical implications of the implementation of the government’s policy.
Rent control Introduced in 1975, the legislation united LPMA members and encouraged them to work together. Because there was no provincial rental housing association at the time, LPMA helped to unite other associations in lobbying the government to make the laws fairer for all Ontario landlords. The current vacancy decontrol/recontrol system has been influenced by years of intensive lobbying and support by organizations such as LPMA. It allows landlords to set rents on vacant suites based on what the market will bear which, in turn, permits landlords to upgrade their suites and command higher rents for them. Even today, LPMA continues to educate its members about rent control legislation and to lobby the government to make it more equitable.
24 – theANNUAL London
Property tax LPMA was involved in trying to ease the gap in the property tax rate for single-family property owners and owners of multi-residential properties; the disparity was particularly unfair to London tenants who were being taxed at twice the rate of private homeowners. Because the government made it illegal for landlords to pass the increase to tenants as a separate charge, tenants had no idea their rent was climbing as a result of municipalities shifting more of the tax burden to them. LPMA lobbied for a change and, due to that effort, the government put a freeze on the disparity between the residential and multi-residential rates. The freeze went into effect in 2001, which prevented municipalities from shifting the tax burden to multi-residential tenants.
Political issues Standard lease When the province drafted its standard lease, LPMA suggested changes to streamline it and make it easier for landlords to complete while decreasing their chances of committing errors that could lead to more disagreements with tenants at the Landlord and Tenant Board. LPMA, through a 20-person committee, made four submissions in response to the drafts the province released. As a result of our recommendations, the province streamlined the document significantly and included details that assisted landlords. LPMA also pressed the province to allow landlords to include additional terms and conditions to reflect their specific operations and clientele. An LPMA committee compared the standard lease to its own lease, which lawyer Joe Hoffer originally drafted in the early 1990s, and created the permitted additional terms and conditions which incorporated crucial provisions that are not in the province’s standard lease. The association licenses the standard lease and the terms and conditions as part of a 27-page package to other landlord associations for their members’ use. The documents that can be signed and completed electronically include the assignment and sublet forms, amended rental application, guarantee form and a two-page notice that landlords must give to tenants. Landlord licensing LPMA fought the attempt by some city council members to impose licensing fees on all rental properties. In challenging the issue, lawyer Joe Hoffer worked with legal counsel
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Association Report for the City of London, focusing on what the bylaw would mean to landlords who were required to pay a licensing fee to operate a rental property. The Residential Rental Unit Licensing Bylaw was passed in 2009 but, because LPMA fought so hard, the city restricted the fees to properties with four or fewer units and converted dwellings. Unlike other municipalities, the ity has kept the licence fee at a moderate level. Renoviction bylaw The Rental Unit Repair Licence (Schedule 23 of the Business Licensing Bylaw) took effect on March 1, 2025, making London the second municipality in Ontario after Hamilton to pass a bylaw against bad-faith evictions. The licence applies to most rental units and to renovations so extensive that landlords require tenants to move out. LPMA, represented by lawyer Joe Hoffer, lobbied against the proposed bylaw out of concerns for small landlord members who make improvements to their properties in the hope of increasing their value. LPMA believed that the proposed bylaw would prevent landlords from accomplishing that goal because of the need to negotiate expensive regulatory requirements. For example, within seven days of issuing an N13 eviction notice to a tenant, landlords must apply online to the City for a Rental Unit Repair Licence and provide several pieces of information, including a copy of the building permit issued by the City. They also need a report from an architect or engineer stating that repairs or renovations to the unit are so extensive that vacant possession is required. The licence costs $600, is valid for six months and can be renewed. A separate licence is required for each unit. Hoffer believed that there was little incentive for landlords to upgrade their properties when the former tenant is able to
26 – theANNUAL London
return at the same rent despite having a renovated unit. This becomes a factor when building inspectors require extensive changes, such as altered ceiling heights, to fully functional units. Substantial expense is added, along with disruption for the tenant and often lost rent for landlords without further compensation. After studying the renoviction bylaw being created by Hamilton, the City shared its draft bylaw with landlord and tenant organizations, including LPMA, and sought feedback from the public. Council then debated it. In a letter to City Council, Hoffer outlined the ways in which the Residential Tenancies Act (RTA) already covers evictions for the purpose of renovations, including providing landlords with a process to apply for vacant possession to conduct necessary, substantial repairs. If landlords serve eviction notices in bad faith, a process is provided in the RTA that allows tenants to apply to the Landlord and Tenant Board for relief. Following adoption of the bylaw, Hoffer maintained that parts of it exceed the legal authority of the municipality because the bylaw treads on areas of provincial jurisdiction.
Conclusion One of LPMA’s strengths centres on providing small and medium-sized landlords with the guidance of some of the best and most knowledgeable business leaders in the industry. We have never lost sight of the smaller landlord, even though the industry is driven by multi-residential high-rises. Because property management techniques are skills that individuals learn on their own, membership in an organization such as LPMA is vital to filling in the gaps in information and ensuring the professional management of their operations.
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Neighbourhood Trends The latest information in London’s many neighbourhoods
theANNUAL London – 29
Neighbourhood Trends RHB 2
Age Distribution of Active Renters
Data provided by Rentals.ca
Age Distribution Age Distribution of Active Renters London 35% 32% 30% 27% 25%
20%
15%
15%
14%
10%
9%
4%
5%
0%
18-24
25-34
35-44
45-54
1/29
Average Rent /RHB Sqft2
30 – theANNUAL London
55-64
65+
Lead Submission of Prospective Tenants by Bed Count RHB 2 Lead Submission by Bed Count London
4+ Bed 3 Bed
0 Bed
14%
16%
34%
35%
2 Bed 1 Bed
Average Asking Rent by Bed Count RHB 2 Average Rent by Bed Count London $3,500 $3,229 $3,000 $2,540 $2,500 $2,179
22
$2,000 $1,736 $1,500
$1,513
$1,000
$500
$0
0 Bed
1 Bed
2 Bed
3 Bed
4+ Bed
theANNUAL London – 31
Neighbourhood Trends Searches by Property Type RHB 2 Search by Property Type London
Houses
Sea
34%
40%
Apartments
26% Condos Apartments
Condos
Houses
Average AskingRHB Rent by Property Type 2 Average Rent by Property Type London
Average Rent by Property Type Hamilton
$3,000
$3,000 $2,680 $2,469
$2,500
$2,500 13/29
$2,000
$1,971
$2,000
$1,500
$1,500
$1,000
$1,000
$500
$500
$0
32 – theANNUAL London
Apartment
Condo
House
$0
$1,992
Apartment
YoY% Change in Lead Volume of Prospective Tenants
RHB 2
Amenity Searches RHB 2 Amenity Searches London 28% 25% 25% 22%
23%
20%
18%
15%
13%
10%
9%
9%
9%
8%
7% 5%
5%
5% 3%
3%
0%
Pets
Parking
Laundry Insuite
Heat
Water
Electricity
7/29
AC
Dishwaher
Balcony
2%
2%
Laundry Facility
Gym
theANNUAL London – 33
Top 10 London’s top ten private landlords by size
theANNUAL London – 35
Top 10
Owners, Managers & REITs
Drewlo Holdings
Category:
Owner
Number of suites
Website:
drewloholdings.com
5,520
* 2024 Data
CAPREIT
36 – theANNUAL London
Category:
REIT
Number of suites
Website:
capreit.ca
3,794
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Top 10
Owners, Managers & REITs
Medallion Corp Category:
Owner
Number of suites
Website:
www.medallioncorp.com
2,440
Boardwalk REIT
38 – theANNUAL London
Category:
REIT
Number of suites
Website:
bwalk.com
2,261
Top 10
Owners, Managers & REITs
Homestead Land Holdings Category:
Owner
Number of suites
Website:
homestead.ca
2,077
Starlight Investments Category:
Owner/Asset Management
Number of suites
Website:
starlightinvest.com
1,954
Sifton Properties Category:
Owner
Number of suites
Website:
sifton.com
1,806
* 2024 Data
40 – theANNUAL London
Top 10
Owners, Managers & REITs
Sterling Karamar Category:
Manager
Number of suites
Website:
www.sterlingkaramar.com
1,793
Skyline Apartment REIT Category:
REIT
Number of suites
Website:
skylineapartmentreit.ca
1,729
Tricar
42 – theANNUAL London
Category:
Owner
Number of suites
Website:
tricar.com
1,600
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44 – theANNUAL London
Unpaid Rents
theANNUAL London – 47
Unpaid Rents Data for this section provided by openroom.ca based on 47,028 court orders (as of July 24, 2025) across Canada, focused in Ontario
Ontario stats Average unpaid rent - 5 year trend Context:
Year
Average unpaid rent per case
Court orders contain monthly rent. This information is extracted and analyzed by Openroom.
2021
$10,058.35
2022
$11,072.73
2023
$12,972.70
2024
$14,767.86
2025
$13,509.35
Year
Average Months of Unpaid rent (includes delay in LTB)
2021
7.39
2022
7.82
2023
8.41
2024
7.54
2025
6.34
What does it show: Number of months of unpaid rent experienced by landlords until court order was issued. Includes time for filing notice, application and other delays. It does not include the following: • Time it takes for the adjudicator to issue the order • Unpaid rent accumulated after hearing date to eviction date (can be 2 weeks to 4 months) Context: Timer starts from first day of unpaid rent and includes, N4 issuance, L1 Filing and to hearing date
London Focus Relative Ranking in Delinquency: 5 Average unpaid rent (from 2021 to 2025): $9,131.09 Average months of unpaid rent (from 2021 to 2025): 7.2 months Average unpaid rent per case - 5 year trend
Changes in number of months of unpaid rent - 5 year trend
Year
Average unpaid rent per case
2021
$7,468.54
Year Average months of Unpaid rent (includes delay in LTB)
2022
$8,006.55
2023
$9,383.42
2024
$14,181.00
2025
$13,190.53
48 – theANNUAL London
2021
6.94
2022
6.29
2023
7.83
2024
7.27
2025
7.5
Ranking cities by rate of delinquency What does it show: If you are in the top city, your lease is more likely to be unpaid.
Calculation: For each city, compare the ratio of the number of cases of unpaid rent in that city for the number of dwellings. The metric handles the differences in population size and is a good indicator of where you might need to do extra diligence before renting.
City
Rank
Cases per 1000 dwellings*
Oshawa
1
12.2
Windsor
2
9.4
Hamilton
3
9.2
Sudbury
4
9.1
London
5
7.6
Barrie
6
7.5
St. Catharines
7
7.3
Toronto
8
5.6
Kitchener
9
5.6
Waterloo
10
5.5
Cambridge
11
5.3
Brampton
12
4.9
Guelph
13
4.0
Whitby
14
3.8
Mississauga
15
3.3
Ottawa
16
3.3
Rest of Ontario
17
3.2
Richmond Hill
18
3.1
Burlington
19
2.5
Vaughan
20
2
Oakville
21
1.8
Markham
22
1.1 theANNUAL London – 49
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