WOMEN IN RENTAL HOUSING LUNCHEON & GOLF HIGHLIGHTS
Photo by Sterling Karamar
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PRESIDENT'S MESSAGE
TONY IRWIN President & CEO FRPO
Looking ahead to a pivotal fall
As the summer season draws to a close, our focus at FRPO shifts to the crucial months ahead. While the summer often provides a moment for pause and reflection, the underlying challenges of housing affordability and supply remain at the forefront of our agenda. With the return of both the federal Parliament on September 15 and the Ontario Legislature on October 20, we are gearing up for a pivotal fall session, ready to continue our vital advocacy work with governments at all levels.
Our message remains clear and consistent: the only sustainable solution to the housing crisis facing Ontarians and Canadians is to build more supply of all housing types, with a particular emphasis on purpose-built rentals. This is the message we continue to advance in every forum and opportunity.
This month, I am honoured to be speaking at RESCON's 5th Annual Housing Supply Summit on September 24, an event FRPO is proud to sponsor. This summit is a critical platform for dialogue, and I look forward to sharing the stage with key industry leaders and policymakers, including Premier Doug Ford and Ontario’s Minister of Municipal Affairs and Housing, Rob Flack. It is also encouraging to see our members, such as Tricon and Fitzrovia, participating and adding their important voices to the conversation. Together, we will reinforce the need for collaborative solutions and a supportive policy environment to get more rental housing built.
Our advocacy extends beyond direct government engagement and into the public conversation. Over the summer, we continued to shape the narrative through key media opportunities. I was pleased to share FRPO’s perspective in recent articles with the Toronto Sun, discussing Toronto's evolving rental housing landscape, and with Storeys, where we addressed the city’s new renoviction bylaw. In both instances, we emphasized that creating a policy framework that encourages, rather than hinders, the creation of new purpose-built rental supply is the most effective path toward improving housing affordability and stability for all.
As we move into this busy fall, please know that your voice and membership are the foundation of our efforts. We will continue to champion our industry, advocate for sensible policy, and work tirelessly to ensure the rental housing sector is recognized as a vital partner in building a prosperous future for Ontario.
Thank you for your continued support.
Tony Irwin President and CEO FRPO
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EVENTS
PM EXPO AT THE BUILDINGS SHOW
Date and Time:
December 3 – December 5, 2025 | 8:00 am – 4:00 pm
The Buildings Show is the place where Canadian construction comes together, uniting 18,000+ industry professionals for accredited educational content, meaningful networking, product and service discovery, and future insights.
RENTAL HOUSING CANADA CONFERENCE
Date and Time:
May 26 – May 28, 2026 | 8:00 am – 4:00 pm
Rental Housing Canada is heading to the nation’s capital. Join them on May 26–28, 2026 at the iconic Rogers Centre in Ottawa for the must-attend event of the year for Canada’s rental housing sector. From
FRPO MAC AWARDS
Date and Time:
December 4, 2025 | 5:00 pm – 9:30 pm
Save the date! For more than two decades, the MAC Awards has celebrated the leaders of Ontario’s rental housing industry, recognizing their unwavering dedication to providing top-notch rental accommodations. With their passionate teams and forward-thinking approaches, MAC Award winners transform their latest project endeavours and innovative ideas into reality. Award submission portal is NOW OPEN
Mark your calendars! Rental Housing Canada’s national conference is coming to Ottawa from May 26–28, 2026, at the Rogers Centre in the heart of the nation’s capital This signature event brings together policy-makers, industry leaders, and service providers for three dynamic days of learning, collaboration, and connection
With a forward-looking program focused on innovation, sustainability, leadership, market trends, and housing policy, the 2026 conference promises to spark important conversations and fresh ideas Expect thoughtprovoking keynotes, expert panels, and meaningful networking opportunities - all designed to help shape the future of rental housing in Canada Stay tuned for exciting programming updates!
Please check www.frpo.org regularly for newly added events.
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MEMBER UPDATE UPDATE
We’re delighted to welcome our newest supplier members to the association this past quarter. This is the perfect time to connect, share expertise, and explore new opportunities. Housing professionals can discover fresh supplier options to support their work, while suppliers have the chance to build lasting partnerships within the rental housing community. Let’s connect and make things happen!
and services our supplier members provide, making it easier than ever for housing professionals to find trusted partners
The directory adds incredible value to your FRPO membership by increasing visibility for supplier members while giving rental housing providers a one-stop hub to connect with experts who can support their business. Whether
you’re looking for third party management, renovations, appliances, paint, technology, or professional services, the digital Supplier Member Directory is your new goto place to discover and connect. You can find the directory under the Membership & Resources tab on our website.
LET’S BUILD ONTARIO
LBO campaign update
As we enter the fall season, the Let’s Build Ontario campaign remains as focused as ever on our primary goal: ensuring a healthy and sustainable rental housing market for all Ontarians. This season often brings a renewed sense of purpose, and for us it’s a time to redouble our efforts in advocating for the policies that will support the creation of more purposebuilt rental homes across the province.
The strength of the Let’s Build Ontario campaign— and sector—has always been rooted in the authentic experiences of members. Member stories have proven to be a powerful tool to illustrate the vital role our sector plays, and we continue to see increasing levels of member engagement with this initiative. As we continue to engage with policymakers and the public, we are once again calling on members to share their stories. Submit a resident initiative that you’re proud to spotlight to be featured in Member Story Mondays! Big or small, your stories help humanize our industry and showcase the deep commitment of our members.
To help us amplify the campaign, we’re continuing to encourage members to link to the Let's Build Ontario campaign website from their own corporate sites. This simple action significantly boosts our campaign's reach through search engine optimization, helping us connect with new audiences, grow our supporter base, and strengthen our collective voice in the digital sphere.
Recent reports of rents starting to stabilize in certain Ontario municipalities are welcome, and while this may offer some short-term relief, it does not change the fundamental challenge of housing affordability. The only way to ensure long-term stability and predictability for renters is to address the supply shortage head-on. As we move into the fall, campaign messaging will continue to focus on long-term solutions that promote and accelerate the development of new purpose-built rental housing.
There is also important work to be done in reframing the narrative around renting and the campaign looks to play an important role in shifting the way people think about it. Too often, renting is seen as just a temporary step before buying a house. But for many Ontarians, renting is a practical and smart long-term housing choice. Renting gives you flexibility and freedom from the costs and responsibilities of owning a home. It should be respected as a good housing option, not viewed as a compromise.
As we move into fall, the Let’s Build Ontario campaign will continue to play an important role in advocating for purpose-built rental housing supply and pushing all levels of government to ensure that the creation of new rental homes remains a top priority. Together, we can build a stronger and more affordable Ontario for everyone.
Women in Rental Housing Luncheon
FRPO extends a heartfelt thank you to everyone who attended this year’s sold out Women in Rental Housing Luncheon. Events like this are more than just a chance to connect; they’re critical for fostering relationships, sharing knowledge, and creating
opportunities for women to thrive in our industry We were proud to bring together a record breaking 400 women from across the rental housing sector to network, celebrate achievements, and spark conversations that move our industry forward A special
Primar y sponsor
thank you to our speakers, panelists, sponsors, and primary sponsor Wyse Meter Solutions Inc. for making this event possible. We can’t wait to see how the connections made at this event will grow into tomorrow’s successes.
Guest Speaker
We were honoured to welcome Cher Obediah, Ojibway and Mohawk from Six Nations, as this year’s guest speaker. Cher shared her powerful and moving piece “Beyond the Land Acknowledgement, Transforming Tomorrow,” bringing warmth, wisdom, and creativity to the stage.
As a multidisciplinary artist, filmmaker, author, and speaker, she highlighted the power of self-
knowledge for healing and collective change. Her work supports holistic health, Indigenous culture, youth empowerment, combating domestic violence, and more.
Cher’s message inspired us to embrace our light, recognize our worth, and uplift our communities
Thank you, Cher, for your powerful reminder that empowerment drives transformation.
Cher Obediah Filmmaker, Speaker, Author, Artist
Industry Panel
We were delighted to have Kellie Speakman, JLL Canada, lead an engaging panel featuring women leaders Liza Bauer (Concert Properties), Nicole Alvarez (Minto Group), Belinda Black (Tricon Residential), and Rachel Roenspies (QuadReal Property Group).
They shared honest insights on overcoming imposter syndrome, tackling gender bias, and the challenge of confidently owning their
achievements. The panelists highlighted the value of mentorship, coaching, worklife balance, and leadership styles that empower others. Networking at events like this luncheon was praised as key to building relationships and career growth Each panelist offered inspiring advice for women to carry forward in their roles
Thank you to everyone who joined this inspiring and impactful conversation.
Alvarez
JLL Canada Vice President, Multi Family
Belinda Black Tricon Residential Property Manager
Nicole
Regional Manager Minto Group
Rachel Roenspies Marketing Director QuadReal Property Group
Kellie Speakman
SOHOSQ: REVITALIZING INDUSTRIAL LANDS IN LONDON’S SOHO NEIGHBOURHOOD
Amajor neighbourhood revitalization is under way in London’s SoHo neighbourhood. It’s a city-building project that provides exactly the kind of rental housing Ontario needs right now: high-rise, mixed-use with premium design and amenities, well connected to public space and parkland, and suitable for residents earning a range of incomes.
It’s also the kind of purpose-built rental that Medallion Corporation has been building across Toronto and Southwestern Ontario for the past seven decades. When other developers have shied away from investing in large, multi-phase urban revitalization projects, Medallion has doubled down. And our formula works.
This past spring, we launched the two-tower rental building SOHOSQ in London, becoming the first developer to welcome new residents as part of the revitalization of industrial lands on the former Old Victoria Hospital Lands site.
At 23 and 19 storeys, SOHOSQ at 375 South Street is adding nearly 600 much-needed rental homes to London’s SoHo neighbourhood. That includes 130 suites that are at
or below 30% of London’s median household income, making these rental homes among the most affordable in the city.
The development also includes the revitalization of the Colborne building, a heritage property that’s over 125 years old, new pathways to the Thames River Valley, and a large, privately owned public (POP) courtyard that will host a mix of resident and public events.
Medallion is one of the few private developers building in the wider master-plan community on the Old Victoria Lands and SOHOSQ is emblematic of the Medallion approach. We are comfortable going into communities early on, taking on land remediation costs, and closely partnering with city officials to help cities grow outward and upward with high-rise rental towers.
We were an early land holder in densely populated Toronto neighbourhoods like West Queen West, St. James Town, and North York’s Emery Village. As cities in the
Greater Toronto Area (GTA) and Southwestern Ontario have grown, we have developed a mix of infill, medium-sized, and master-plan communities to offer rental to areas in need of different kinds of densification and housing.
We are bringing that approach that has served us so well in the GTA to London. With SOHOSQ, Medallion is offering high-quality purposebuilt rental that sets the tone for a nascent neighbourhood full of new potential.
Generous amenities
SOHOSQ’s towers are designed to give residents views of the Thames River to the southeast. Patios out
By Roua Majeed Abbas, Marketing Manager for New Construction, Medallion Corporation
front provide a welcoming place to sit and hang out, encouraging the kind of street life that makes a neighbourhood safer. Inside, the shared spaces for neighbourly connection and socializing are generous.
Much like our Emery Crossing project in North York, both towers share a spacious amenity floor, including a fitness centre, games room, party room, theatre room, and rooftop terrace overlooking the courtyard with BBQs and gazebos.
Public space is a priority
The urban design prioritizes public space with the new courtyard in between the new podium and the heritage Colborne building. The courtyard can host a variety of events, from pop-up markets and city-run festivals to our own resident appreciation events. As the community develops, new pathways will better connect SOHOSQ residents to park trails and the Thames River.
Heritage preservation for live/work
Once fully restored, the heritage Colborne building will become an office building with a corner space ideal for a neighbourhood shop that will add to the courtyard. Dating back to the 1800s, the yellow brick building also complements the city’s tree-lined vision for Nelson Street as a thriving new district, serving as a landmark connection between SOHOSQ and the future communities and businesses.
Revitalization sets cities up for success
Going into a new neighbourhood early on means closely partnering with municipalities. The redevelopment of the SOHOSQ site is the largest recipient of London’s Brownfield Community Improvement Rebate Plan program.
Medallion’s vision for SOHOSQ respects the city’s past, satisfies a need for high-quality rental housing, and is poised to become an anchor for a future new community. As London continues to grow, it is vital the purpose-built rental market grows along with it to continue to provide housing options for students, families, seniors, and newcomers alike.
FRPO CHARITY GOLF CLASSIC
F R P O C H A R I T Y G O L F C L A S S I C
In Support of Interval House
ANOTHER TERRIFIC YEAR ON THE GREEN FOR A MEANINGFUL CAUSE
ANOTHER TERRIFIC YEAR ON THE GREEN FOR A MEANINGFUL CAUSE
T H A N K Y O U F O R Y O U R S U P P O R T THANK YOU FOR YOUR SUPPORT
REDEFINING PROPERTY MANAGEMENT:
THE STERLING KARAMAR WAY
By The SKPM Team
Through Canada’s evolving rental housing and commercial real estate landscape, Sterling Karamar Property Management (SKPM) has grown into a trusted and strategic partner for owners, residents, and tenants alike.
What began over 35 years ago with founder Marshall Bleiweis has grown into a dynamic, forward-thinking organization now overseeing almost 20,000 residential units and more than 4 million square feet of commercial space across Ontario. Our diverse portfolio reflects a growing client base, with services tailored to meet the unique needs of each property and ownership group.
Today, we are proud to have over 150 corporate team members and 220 site-level professionals, united by a shared mission: delivering excellence in property operations and asset performance.
Built on trust and lasting connections
We understand the importance of relationships, trust, and long-term thinking. We treat every property as if it were our own, and every client as a valued partner.
This philosophy is embedded in our culture and reflected in our daily operations. Clients appreciate our
accessibility and responsiveness—because we don’t just manage buildings, we foster relationships and create long-term asset value.
Whether it’s a small residential complex or a large commercial space, our strategies are tailored to ownership goals and tenant needs. Our commitment to transparency, collaboration, and integrity sets us apart in a competitive industry. And at every step, we balance the business of management with the human side of housing, creating environments where people and communities can thrive.
Operations & strategy: Services that elevate assets
SKPM’s expertise spans the full spectrum of asset and property management:
• Capital project management (CapEx): From major infrastructure upgrades like elevator modernizations to energy-efficient retrofits, projects are managed with precision to protect investments and extend building life cycles.
• Residential & commercial operations: With an eye on reducing turnover, elevating tenant satisfaction, and unlocking hidden value, SKPM tailors strategies
that keep properties competitive and profitable. Market analysis, proactive tenant engagement, and suite improvements ensure assets don’t just keep pace with demand—they stay ahead of it.
• Marketing & leasing: Data-driven campaigns leverage market intelligence and competitive insights to optimize occupancy and rental income. Our strategies are designed to position each property effectively within its market, aligning rental rates with demand while protecting long-term value. We benchmark against comparable assets to identify pricing opportunities, monitor leasing velocity, and adjust tactics to ensure performance remains ahead of market trends. By approaching leasing as both an operational function and a strategic tool, we maximize revenue potential while supporting the long-term appreciation of every asset we manage.
• Finance & accounting: Ownership groups benefit from clear, transparent reporting and long-range CapEx planning, ensuring financial decisions are both strategic and sustainable. Our team provides detailed budgets, forecasting, and performance analysis, giving owners full visibility into operating results, cash flow, and capital needs. By combining rigorous financial oversight with forward-looking planning, we help optimize investment returns, identify opportunities for cost savings, and support informed decision-making that drives long-term asset growth.
• People & culture: Recognizing that talent is the foundation of success, SKPM invests heavily in training, mentorship, and recognition, fostering an environment where team members thrive. By cultivating leadership, encouraging innovation, and promoting collaboration across corporate and sitelevel teams, we ensure our people have the skills, knowledge, and support to deliver exceptional results. A strong, engaged workforce translates directly into operational excellence.
An ownership mindset in every decision
Our philosophy is simple yet powerful: we act like owners. This mindset drives every decision, from daily operations to long-term planning.
We are proactive—not reactive—anticipating challenges, identifying opportunities, and implementing solutions that align with ownership objectives. For us, property management is not just maintenance—it’s stewardship, strategy, and value creation.
Shaping the future of property management
Today, SKPM is more than a service provider—we are a strategic advisor, trusted partner, and value creator, focused on reshaping perceptions of what property management can be.
Our unique value proposition blends operational excellence, strategic foresight, and client-focused service to deliver measurable asset appreciation. We combine technical expertise with emotional intelligence, ensuring every interaction—whether with a tenant, contractor or owner—is handled with care and professionalism.
Engaging in the future, together
Whether you’re an owner searching for a partner to maximize asset performance, a tenant seeking responsive and thoughtful management, or a professional looking to grow within a dynamic company, SKPM is ready to welcome you.
Proud of its legacy and energized by the future, Sterling Karamar Property Management continues to set the standard for excellence in Canadian property management.
FROM BEST PRACTICE TO REGULATION:
HOW CERTIFICATION PROTECTS RENTAL HOUSING PROVIDERS
By Dilan Cetinkaya, Director, Certification CRB Program, FRPO
This year, the City of Toronto approved a new colourcoded system under its RentSafeTO program, grading apartment buildings on their state of repair and management. Beginning in 2026, signs will be posted at building entrances: green for good repair, yellow for minor infractions, and red for serious health or safety violations.
For housing providers, this is a reminder that transparency and accountability are no longer optional. Regulations are becoming more visible, more frequent, and more demanding. Certification programs such as the Canadian Certified Rental Building™ (CRB) Program help owners and managers stay ahead of these changes while delivering tangible business value.
Certification as risk management
CRB standards already align with many RentSafeTO requirements: fire safety, preventive maintenance, resident communication, and environmental management. Certified properties are subject to regular audits, ensuring these practices are consistently applied. This proactive approach reduces:
• Legal risk from code or bylaw violations
• Reputational risk from public non-compliance scores
• Operational risk from costly service failures
When best practice becomes law
What begins as voluntary often becomes mandatory. Energy benchmarking, climate disclosures, and now public building grading all started as “best practices.” Certification helps providers anticipate these shifts by embedding accountability, sustainability, and service standards before regulations demand them.
Business value beyond compliance
Getting ahead of regulation isn’t only about avoiding penalties—it creates measurable value:
• Lower operating costs through energy and water efficiency
• Climate resilience that protects long-term asset performance
• Investor confidence with third-party verified ESG practices
Future-proofing portfolios
As public transparency increases, housing providers can’t afford to wait until regulations catch up. Certification ensures portfolios are managed at a level that exceeds minimum expectations, building trust with residents, assurance for investors, and stability for owners.
By committing to certification, providers demonstrate that they are not reacting to regulation but leading the way. In an industry where today’s best practices are tomorrow’s legal requirements, certification is more than compliance—it’s a strategy for resilience and longterm success.
RentSafeTO at a glance
What it is: Toronto’s apartment building standards program for buildings with 3+ storeys and 10+ units
How it works: Owners register annually; City staff audit every 2 years
What’s changing: Starting 2026, colour-coded signs at entrances:
• Green – Good repair
• Yellow – Minor issues
• Red – Serious violations
Heavier penalties and faster enforcement for high-risk or repeat offenders
Why it matters: Public grades increase reputational risk for poorly managed buildings
How CRB helps:
• Standards already align with RentSafeTO requirements.
• Regular audits keep properties prepared and compliant.
• Certification future-proofs members as voluntary practices evolve into regulations.
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100 Sheppard Avenue East, Suite 300
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markl@canmarcontracting.com
CMHC ONTARIO BUSINESS CENTRE
Attn: Guy-Anne Duval
T: 613-748-2000
F: 416-250-3204
gduval@cmhc-schl.gc.ca
COINAMATIC CANADA INC.
Attn: Don Neufeld
C: 403-815-8672
301 Matheson Boulevard West
18 York Street, Suite Toronto, ON M5J 2T8
2025 MID-YEAR RENTAL MARKET UPDATE
Mississauga, ON L5R 3G3
F: 905-755-8885
dneufeld@coinamatic.com
By Jordan Nanowski, Lead Economist (GTA), Canada Mortgage and Housing Corporation
CMHC has released its 2025 Mid-Year Rental Market Update, offering new insights into rental conditions across Canada, using alternative data sources and market intelligence from industry experts to build upon our 2024 Rental Market Report. The following is a condensed version of the report, with a focus on Torontospecific insights.
34 Leading Road, Unit
Etobicoke, ON M9V
creating challenging environments for landlords and property managers.
DIVERSO ENERGY
• Despite slower rent growth and rising supply, affordability remains a challenge in Toronto as turnover continues to push up rents in occupied units.
Attn: Jon Mesquita
T: 226-751-3790
Elevated supply contributes to lower advertised rents
Highlights
366 Westpark Crescent
Waterloo, ON N2T 3A2
• Since October 2024, advertised rents are declining due to increased supply. Going forward, vacancy rates are expected to rise further this year, adding more downward pressure on rents.
jon@diversoenergy.com
• A sluggish job market and decelerating migration are
8200 Keele Street
Rental supply has been rising, shown by rapid growth in the number of listings and newly completed structures. As a result, Toronto advertised rents saw year-over-year declines in Q1 2025 by 3.7% in purpose-built and 1.7% in condominium apartment rentals (see Figures 1 and 2).
Concord, ON L4K 2A5
Figure 1: Year-over-year change in asking rents for a 2-bedroom purpose-built rental apartment
Attn: Lauri Alty
202 - 225 Pinebush Road Cambridge, ON N1T 1B9
T: 519-624-9965
lalty@efficiencyengineering.com 500 Consumers Road North York, ON M2J
550 Alden Road Unit 110 Markham, ON L3R 6A8
FIRETRONICS 2000 INC.
Attn: David Morris
T: 905-470-7723
davidmorris@firetronics.ca
100 University Avenue North Tower, Suite 700 Toronto, ON M5J 1V6
National Apartment Group - Ontario
Ontario’s multifamily investment market continues to outperform the broader commercial real estate sector on a relative basis. Notwithstanding an evolving macro environment, investor sentiment for multifamily assets remains positive due to the sector’s defensive investment profile, robust supply-demand fundamentals, consistent formation of equity capital, as well as the relative availability and cost of debt. As of Q3 and at the onset of Q4 2025, multifamily assets continue to weather the impact of various headwinds and are well-positioned within the current environment due to stable and continued cashflow growth.
For additional info on cap rates, valuations, and market trends in the current investment landscape, please reach out to a member of CBRE’s National Apartment Group.
2380–2382 Kingston Road
39 Suites + 1 Retail Unit
For
2 Properties | 119 Suites
LISTING
2
LISTING 91 Cosburn Avenue & 2278 Weston Road
Representative 1350 & 1400 Winding Trail
2: Year-over-year change in asking rents for a 2-bedroom condominium rental apartment
Landlords are reporting that vacant units are taking longer to lease, especially in the case of new purposebuilt rental units in Toronto due to additional competition from well-supplied secondary rental markets. Owners in the secondary rental market are often more inclined to lower rents to avoid vacancies, placing less emphasis on capitalization rates. In contrast, purpose-built rental operators are responding to market conditions by offering incentives to new tenants such as one month of free rent, moving allowances, and signing bonuses. Nevertheless, some operators anticipate they may need to lower rents over the next couple of years.
CMHC data indicates a large supply of under construction rental apartments in Toronto (21,552 as
of July 2025), much of which has been encouraged by government initiatives.
Rent increases for occupied units still reflect strong demand
While advertised rents have begun to ease, this hasn't yet translated into lower rents paid by all tenants. According to Statistics Canada’s Labour Force Survey data, the average rents for 2-bedroom occupied units in the seven largest CMAs were higher in Q1 2025 compared to the same period a year earlier (see Figure 3). This is primarily due to more tenants paying higher rents at turnover in recent years, thereby driving overall rent growth.
4 Based on data from CMHC’s Rental Market Survey.
5 Based on data from CMHC’s Rental Market Survey.
6 The
Figure
Figure 3: Year-over-year change in rents for a 2-bedroom occupied rental unit
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In markets with low turnover and strict rent regulations, such as Toronto, rents often rise sharply when units become available. Landlords adjust rents to match current market rates, which are typically much higher than the regulated rents of the previous leases. These increases may also help offset increases in operating costs and cover rising turnover-related costs such as renovations and repairs.
We noticed this dynamic by analyzing rent-controlled markets—Ottawa and Toronto—comparing buildings completed after November 2018 (exempt from rent control) with similar buildings constructed between 2011 and 2017 (subject to rent control). In both cities, when units in rent-controlled buildings turned over, rents were typically raised to match those in newer, exempt buildings.
High turnover rents reduce tenant mobility
Higher turnover rents in Toronto have decreased tenant mobility, leading to longer average tenancy periods and resulting in more substantial rent increases when tenants do move. In 2024, the rent difference between vacant and occupied 2-bedroom units reached 44% in Toronto, the highest among major cities. Edmonton, with higher turnover and no rent control, had the smallest gap (5%).
In October 2024, Toronto’s 2-bedroom turnover remained at the lowest rate recorded by our Rental Market Survey since data collection began in 2016. However, since then, stakeholders have indicated an uptick in turnover because of higher vacancies and incentives encouraging tenants to move. This is supported by an increase in the availability rate for newer purpose-built rentals in Toronto . This rate has recently grown faster than the vacancy rate since the fall, which indicates a rise in tenant turnover.
Vacancy rates set to rise further
Over the rest of 2025, the rental market is expected to be influenced by slower population growth and changing employment conditions. As demand struggles to keep pace with new supply, the market will remain in a period of adjustment. This is particularly true in Ontario in general, due to lowered international migration targets, especially in areas near postsecondary institutions.
Newer purpose-built rental properties will face more pressure from longer lease-up phases and increased vacancy rates. While the market may have abundant supply in the short term, there is still a need to maintain momentum in new rental supply to meet the needs of projected future population growth and to achieve better affordability outcomes for existing households.
Rent burden still growing
Stakeholders have noted increasing financial pressures on renters. As affordability pressures persist, more tenants are expected to turn to shared living arrangements, further boosting demand for 3+ bedroom apartments. This shift may make it harder for smaller units to attract tenants as households prioritize spacesharing to save money.
To monitor monthly rental affordability, we calculated two different rent-to-income ratios :
• Rent-to-income ratio using average market rents: This uses average rents for 2-bedroom units from the Labour Force Survey. These rents reflect broader conditions in the rental market.
• Rent-to-income ratio using advertised rents: This uses average advertised rents for 2-bedroom units from online rental listings. These rents represent the actual prices faced by new renters entering the market.
The rent-to-income ratios based on Labour Force Survey rents (see Figure 4) are the highest in Vancouver, followed by Toronto. Since the COVID-19 pandemic in 2020, rentto-income ratios have steadily increased across markets. This shows that rental affordability has been getting worse over time.
The rent-to-income ratios based on advertised rents, which are available from 2022 onward, generally increased until 2024. In 2024, the ratios began to decline in the most unaffordable markets. This trend aligns with the recent softening in the rental market.
7 Urbanation, UrbanRental, 2025Q1
8 Both ratios use the same income measure, based on average full-time wages by census metropolitan area (CMA) from the Labour Force Survey (LFS), assuming two full-time earners to represent gross household income.
Figure 4: Occupied dwelling rent burden growing in major Canadian markets Rent-to-income ratios with Labour Force Survey rents (March)
HOW TO COMPETE HARDER IN A SOFT RENTAL MARKET
By Sheryl Erenberg, President, Sheryl Erenberg & Associates
Every leasing consultant knows it’s a tough rental market out there. Below-market investor condos have led to more inventory, giving renters more choices, and forcing landlords to lower their prices to attract prospects. What is now a renters’ paradise has become the rental agent’s challenge. With a few simple adjustments, you can still be a strong competitor in a soft market. Use this time as an opportunity to hunker down and focus on your three Ps: your people, your property, and your promotions.
YOUR PEOPLE
Ensure your staff are (and remain) motivated. Prolonged periods of slow traffic can take a toll on anyone’s mojo. So, think about ways to keep your staff motivated and upbeat. Ideas can include creating new leasing contests for them (and making these easy to win), adjusting monthly lease targets, and involving staff in planning tenant events to keep them focused on tasks other than the number of deals they close.
Sharpen your staff’s training skills. Use this quieter time to work on how your staff qualify prospects, improve their presentation skills when touring your property, check in on how they build rapport, and review how they follow up with prospects. Go back six months or more on your past traffic contacts and create a contest that rewards the leasing consultant who converts the most past traffic into appointments.
YOUR PROPERTY
Stand out from the crowd. Make your landscaping jaw-dropping, your common areas memorable, and your model suite stunning. This may involve staging a suite, getting new planters, sprucing up common areas with a local artist’s works, and repurposing common areas for more desirable needs—think secure parcel delivery rooms or workfrom-home spaces.
Know your competition. If a prospect tells you they are offering two months free down the street, would you know if it’s true? Stay on top of prices and deals at competitive buildings every week.
YOUR PROMOTIONS
Don’t reveal all your incentives before a prospect has seen your suites. Get your prospect interested in your property first. Then, seal the deal with a value-driven incentive like a price reduction on their first few months, or a loaded Metrolinx, grocery or DoorDash card.
Refresh your digital ads and signage. This will help you stand out and get prospects to take another look at you. Don’t forget your A-frames: add a topper with a new message.
Double what you pay for tenant referrals and eblast the new amount. People want to live close to friends and family, so leverage your huge referral pool. If you can, get photos of the referrals and the residents who referred them, and use these photos in your promotional materials, on your tenant portal, and on social channels.
Go hard-sell. Advertise your net effective rents [the discounted price after calculating one or two months free over a 12-month period].
Have a retention program. Do not allow good tenants to leave. In most markets, giving sitting tenants any current market incentive is still less expensive than the vacancy loss that would be incurred if they left.
These are just a few ways you can stay competitive in a soft market. By listening to your current residents and prospects, you’ll undoubtedly uncover even more ways to improve. One thing is for sure: the same old, same old won’t cut it in today’s market, so start shaking things up!
TRANSFORMING 240 MARKLAND DRIVE, ETOBICOKE:
A BLUEPRINT FOR DECARBONIZING MULTIUNIT RESIDENTIAL BUILDINGS
By Blair Gamracy, B.Arch.Sci., RRO and David De Rose, MASc, PEng,
From aged to ahead of the curve
In the heart of Etobicoke, Ontario, a tired 1960s apartment building was ready for its next chapter. The building’s exterior was marked by aged masonry walls, leaky windows, and a failing roofing system (see Figure 1). The mechanical systems within the building were also outdated and inefficient. Where some saw decline, one developer saw possibility: a chance to transform this building into a model of sustainable living.
What followed was a pioneering renovation that breathed new life into the aging structure while setting a benchmark for low-carbon multiunit residential buildings (MURBs). On the adjacent parcel—an undeveloped piece of land—the developer saw the opportunity to construct a complementary new MURB. Together, these initiatives marked the beginning of a transformation focused not only on revitalization and growth, but also on easing the strain of the industry’s electrification movement on local infrastructure.
Figure 1. East elevation, preconstruction.
What is decarbonization in the built environment?
Decarbonization refers to the process of reducing or eliminating carbon dioxide emissions produced by various human activities, particularly those associated with the combustion of fossil fuels such as natural gas. Decarbonization is essential for mitigating climate change by curbing the release of greenhouse gases (GHGs), which contribute to global warming and related environmental impacts.
Decarbonization within the built environment focuses on lowering GHGs primarily through fuel switching a building’s mechanical systems from fossil fuels to electric power. The building envelope plays a significant role, as load reduction is required to enable this change. Deep retrofits on existing building envelope systems are often required to improve energy efficiency and reduce overall demand and reliance on carbon-intensive fuels.
Components that needed attention
Before renovations began, the building had numerous issues:
• Exterior walls: The brick and concrete shear walls were deteriorating and poorly insulated, resulting in energy loss.
• Windows and doors: Single-pane windows and inswing wood doors leaked air and water and led to complaints regarding tenant comfort.
• Roof: The original roofing system was poorly insulated and had multiple active leaks.
• Mechanical systems: Outdated electric baseboards and inefficient ventilation meant high energy bills and uneven comfort levels.
BSS, Synergy Partners
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Implementing strategic design and innovation
The success of the decarbonization efforts hinged upon innovative design interventions that addressed both aesthetic and performance considerations. The following strategic interventions allowed the design team to optimize the building envelope and effectively integrate advanced mechanical systems:
• Exterior walls: The exterior walls were overclad with a drained exterior insulation and finish system (EIFS). EIFS is lightweight and enhances resistance to air and water leakage, significantly reduces overall energy consumption, and protects the masonry and concrete shear walls from further deterioration (see Figure 2).
• Windows and doors: Thermally broken aluminumframed windows and doors with double-glazed insulated glazing units (IGUs) were installed. The new systems have increased air and water leakage resistance, enhancing resilience and reducing overall energy consumption. Additionally, the thermally broken frames and IGUs improve tenant thermal comfort and reduce the risk of condensation on the window systems.
• Roof: A new protected membrane roofing (PMR) system was installed with increased insulation, improving the system’s thermal performance. The original gravel ballast was reused, minimizing waste.
• Mechanical systems: The electric baseboard heaters were replaced with ground-source heat pumps fed by a geothermal exchange field. Heat pumps were packaged with Energy Recovery Ventilators (ERVs) to provide suite-dedicated ventilation. The rooftop makeup air unit (MUA) was scaled back to only provide ventilation to the corridors.
2. Exterior insulation and finish system installation on the west elevation.
Challenges along the way
Navigating challenges is an inherent part of any project, especially ones as comprehensive as the deep retrofit executed at this building:
• Working in an occupied building: Replacing windows and HVAC systems while residents were still living in the building required careful coordination and clear communication. Town halls and resident meetings kept residents informed and minimized disruption.
• Fire safety regulations: Using foam insulation in exterior cladding required temporary fire safety measures during construction. This meant implementing fire watches and adhering to strict installation sequences.
• Pandemic disruptions: With planning starting in 2020 and construction continuing through the pandemic, supply chain delays and labour shortages added complexity. The project stayed on course through flexible scheduling and proactive procurement.
Real results that matter
After the retrofit was complete, the transformation was measurable and meaningful:
• Energy efficiency: The building saw energy consumption and winter peak electric demand in Q1 2023 drop by 56% and 54%, respectively, compared to Q1 2022.
• Resident comfort: Better insulation, sealed windows, and even indoor temperatures make living conditions more comfortable and stable.
Figure
• Climate resilience: The building tenants will benefit from increased building resilience during extreme weather.
• Grid-friendly design: Lower summer and winter peaks ease strain on the power grid, supporting wider electrification without costly infrastructure expansion.
• Zero-carbon certified: In November 2023, the building earned a Zero Carbon Building certification from the Canadian Green Building Council, a major achievement in sustainability leadership.
Figure 3. West elevation of existing MURB and north elevation of new MURB, summer 2025.
Why this project matters
The transformation of 240 Markland Drive shows that deep decarbonization is possible and scalable across Canada’s aging housing stock. It’s not just about one building; it’s a blueprint for lowering carbon emissions, improving resident well-being, and reducing strain on our electrical grid (see Figure 3).
This building stands as a beacon of what’s possible, and hopefully encourages other developers, designers, and communities to embrace the challenge of transforming our built environment for the better. With vision, collaboration, and technical innovation, we can transform more aging MURBs into sustainability leaders, driving progress toward a low-carbon future for all.
We are proud to have played a key role in this project and look forward to bringing the same level of dedication and expertise to future opportunities. To learn more about our work or to connect with the Synergy team, please contact us at bgamracy@synergypartners.ca or dderose@ synergypartners.ca.
SAFETY AND PREVENTION IN ONTARIO APARTMENT BUILDINGS: COOKING FIRES AND WINTER HAZARDS
By Blaze Gentile, National Account Manager, RONA
Fall and winter are right around the corner. While many of us will be thinking about slowing down and cozying up with our favourite comfort food, you, along with other rental housing providers in Ontario and across Canada, will likely be shifting your focus to two critical areas impacting their properties and teams: cooking-related fires and slip-and-fall incidents during winter. These risks threaten resident safety and impact insurance costs and operational efficiency; however, there are targeted strategies that can significantly reduce their impact.
Cooking fires: Ontario’s leading residential fire hazard
To understand the full scope and impact of cookingrelated fires, the Office of the Fire Marshal (OFM) conducted a comprehensive one-year survey analyzing all reported incidents across Ontario. Leaving a burner unattended was revealed to be the leading behavioural factor, contributing to 69% of cases. Oil and grease fires accounted for 50% of all stovetop-related incidents. The data also showed that stovetop fires were twice as
likely to occur in multi-residential buildings compared to detached homes, and three times more likely in subsidized housing. Ontario’s senior population was identified as particularly at risk. The financial impact of these incidents is significant. The average dollar loss per stovetop fire in multi-residential buildings was $3,670. Of course, it’s important to have fire prevention strategies in place in high-density living environments. But what else can be done to further reduce the risk of these incidents?
Knowing the right products to implement is a great place to start. Innovative solutions like fire-prevention stovetop burners combine enhanced safety features with reliable cooking performance. They offer a practical and effective way to reduce fire incidents in multiresidential settings.
Smoke alarms and CO detectors also serve as critical life safety tools in Ontario homes when it comes to fire or carbon monoxide incidents.
They provide early warnings, which help reduce injury, property damage, and fatalities. Making sure these
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prevention and risk management.
As many rental housing providers shift their focus to annual and bi-annual inspections, it is the perfect time to review your corporate fire prevention and detection procedures and establish a clear, consistent inspection and replacement protocol.
Ice melt and rock salt: Essentials in preventing winter slip-and-falls in Ontario
Fire isn’t the only major risk factor you need to contend with. Despite the beauty of Ontario’s winter season, it brings about many unique challenges, including the increase of slip-and-fall injuries caused by icy conditions on walkways, driveways, and entrances.
According to the Public Health Agency of Canada, 61% of fall-related injuries are caused by slipping while walking, and nearly one in five of those occur on ice or snow. Emergency departments across Ontario report a sharp increase in visits during winter months, with seniors and young adults being the most affected.
These incidents are not only painful but costly. For property managers and municipalities, the legal and
financial risks are significant under Ontario’s Occupiers’ Liability Act, which requires safe maintenance of public and private walkways.
Using ice melt or rock salt can effectively reduce the risk of falls. Rock salt is affordable and provides immediate traction, but its effectiveness drops in temperatures below -9°C. Overusing it can also damage concrete and vegetation. Luckily, there are other solutions.
Ice melt products, typically made from calcium or magnesium chloride, can stand up to harsh Ontario winters, with some being effective in temperatures as low as -32°C. These solutions act faster, are less corrosive, and are often safer for pets and landscaping.
They can generate heat upon contact with ice, making them ideal for high-risk areas like residential communities. To be effective, ice melt needs to be applied before snowfall and reapplied often during prolonged periods of cold weather.
Ice melt and rock salt are more than just a maintenance solution; they are a strategic investment in safety. They help prevent injuries, reduce liability, and maintain resident trust, making them essential components of your winter risk management in Ontario.
From trusted fire detection and prevention products to high-performance ice melt and winter accessories, RONA offers you the resources and expertise needed to protect residents, reduce risk, and maintain your properties. Partner with RONA to prepare your properties for fall and winter because safety starts with the right tools and the right support. Visit your local RONA or shop online to get started today.
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