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AVR: 1.3%

AVR: 7.6%

2BR: $1296

2BR: $1186

AVR: 3.4%

AVR: 2.7%

2BR: $751

2BR: $1067 AVR: 8.9%

AVR: 1.6%

2BR: $1051

2BR: $1208

East Coast Statistics New Brunswick: AVR: 4.1% 2BR: $778 Prince Edward Island: AVR: 1.2% 2BR: $880 Nova Scotia: AVR: 2.6% 2BR: $1048 Newfoundland and Labrador: AVR: 6.6% 2BR: $854

10

6. OTTAWA

2. TORONTO

7. WINNIPEG

3. VANCOUVER

8. HALIFAX

PRIMARY MARKETS

4. QUEBEC CITY

9. LONDON

by # of suites

5. EDMONTON

10. HAMILTON

TOP

1. MONTREAL

8 – theANNUAL


UNIVERSE OF BUILDINGS IN THE PRIMARY MARKETS BY NUMBER OF UNITS

TOTAL RENTAL

households in Canada in 2015 AVR= Average Vacancy Rate at October 2017

OF CANADIAN

Secondary Market

households

RENT

Primary Market

2BR= Average Rate of 2 Bedroom Suite

*In the data that follows, theANNUAL excludes subsidized housing. Secondary figure includes: rented row housing, and the usual secondary rental supply (rented single family homes, doubles, duplexes, accessory suites and rented condos)

theANNUAL – 9


Eastern Canada

theANNUAL – 11


State of the Industry Market Universe of building and units Primary Secondary

0

St. John’s

5000

10000

Oct ‘16

Oct ‘17

Vacancy 7.9% 7.2% rates

YOY

BACH 1 BR

-.07% 5.1%

Average $879 $866 -1.5% $699 rates

3 BR

7%

7%

11.5%

$786

$941

$871

25000

Total Rental Households

82%

2 BR

20000

21,790

18%

Rate Type

15000

19th

Largest Market in all of Canada

Apartments Secondary

Market Universe of building and units Primary

Charlottetown St. John’s

Secondary 0

2000

4000

6000

8000

10000

9575 53%

Rate Type

Oct ‘16

Oct ‘17

Vacancy 1.7% .9% rates

YOY

BACH 1 BR

+.08% 0%

Average $825 $854 +3.5% $576 rates

12 – theANNUAL

1.1%

2 BR

3 BR

.9%

.6%

47%

24th Apartments

$733

$901

$1022

Total Rental Households

Secondary

Largest Market in all of Canada


Market Universe of building and units Primary

Halifax

Secondary

St. John’s

0

10000 20000 30000 40000 50000 60000 70000 80000

65,012 82% Rate Type

Oct ‘16

Oct ‘17

Vacancy 2.6% 2.3% rates

70% YOY

BACH 1 BR

-.3%

1.2%

Average $987 $1027 +4.1% $780 rates

2 BR

2.1% 2.4%

3 BR

Total Rental Households 11th

3%

Largest Market in all of Canada

Apartments $881 $1109

$1307

Secondary

Market Universe of building and units Primary

Moncton

Secondary

0

St. John’s

5000

10000

15000

20000

17,888 34% 66% Rate Type

Oct ‘16

Vacancy 6% rates

Oct ‘17

YOY

BACH 1 BR

2 BR

3 BR

4.5%

-1.5%

7.5%

4.3%

5.6%

Average $767 $764 rates

4.3%

Total Rental Households 20th

Largest Market in all of Canada

Apartments -0.4%

$584

$676

$803

$930

Secondary

theANNUAL – 13


State of the Industry Market Universe of building and units Primary Secondary

0

St. John’s

3000

6000

61% Oct ‘16

Oct ‘17

BACH 1 BR

15000

Total Rental Households

39% YOY

12000

14,523

Saint John

Rate Type

9000

2 BR

3 BR

Vacancy 8.5% 4.7% rates

-3.8%

4.2%

5.2%

4.4%

4.8%

Average $693 $713 rates

2.9%

$543

$623

$747

$781

22th

Largest Market in all of Canada

Apartments Secondary

Market Universe of building and units Primary Secondary

0

St. John’s

2000

4000

31% 69% Oct ‘16

Oct ‘17

BACH 1 BR

2 BR

3 BR

Vacancy 4.4% 2.2% -2.2% rates

N/A

1.9%

2.7%

Average $826 $848 2.7% rates

$627

14 – theANNUAL

YOY

8000 10000 12000

11,124

Fredericton

Rate Type

6000

2.3%

23rd Apartments

$710

$871

$1087

Total Rental Households

Secondary

Largest Market in all of Canada


Central Canada

theANNUAL – 15


State of the Industry Market Universe of building and units Primary

Quebec City St. John’s

Secondary 0

30000

60000

90000

120000

134,372 Total Rental Households

37% Rate Type

Oct ‘16

Oct ‘17

63% YOY

BACH 1 BR

2 BR

3 BR

Vacancy 4.9% 4.5% rates

-.4% 6.1%

4.4%

4.5%

3.9%

Average $781 $793 rates

1.5% $549

$699

$820

$978

Largest Market in all of Canada

4th Apartments Secondary

Market Universe of building and units Primary

Gatineau St. John’s

Secondary 0

10000

20000

30000

44,779 47%

Rate Type

Oct ‘16

Oct ‘17

YOY

BACH 1 BR

2 BR

3 BR

Vacancy 6.3% 3.8% rates

-2.5%

N/A

4%

2.4%

Average $740 $755 rates

2%

16 – theANNUAL

4%

53%

15th Apartments

$565

$656

$782

$868

Total Rental Households

Secondary

Largest Market in all of Canada


800000

Market Universe of building and units

700000 600000 500000 400000 300000

Primary

200000

Secondary

100000

St. John’s Montréal

0

730,916 23%

Rate Type

Oct ‘16

Oct ‘17

YOY

BACH 1 BR

2 BR

3 BR

Vacancy 3.9% 2.8% -1.1% rates

3.7%

3.3%

2.5%

2.4%

Average $760 $766 rates

$597

$698

$782

$965

.8%

Total Rental Households 77%

1st

Largest Market in all of Canada

Apartments Secondary

Market Universe of building and units

400000 300000 200000

Primary

Toronto St. John’s

100000 0

Secondary

618,872 50% Rate Type

Oct ‘16

Vacancy 1.3% rates

Oct ‘17

YOY

BACH 1 BR

2 BR

3 BR

1%

-.3%

1.2%

.9%

1%

1.1%

Average $1233 $1300 5.4% $1013 $1194 $1404 $1569 rates

50%

Total Rental Households 2nd

Largest Market in all of Canada

Apartments Secondary

theANNUAL – 17


State of the Industry Market Universe of building and units Primary

Ottawa St. John’s

Secondary

0

20000 40000 60000 80000

114,376 Total Rental Households

54% Rate Type

Oct ‘16

Vacancy 3% rates

Oct ‘17

YOY

1.7%

-1.3% 1.6%

Average $1073 $1113 3.7% rates

BACH 1 BR 1.4%

2 BR 2.1%

46%

3 BR

6th

2.4%

Largest Market in all of Canada

Apartments $836

$1023 $1232 $1568

Secondary

Market Universe of building and units

London

50000 40000 30000 20000

Primary

10000 0

Secondary

St. John’s

66,865 35% Rate Type

Oct ‘16

Oct ‘17

Vacancy rates

2.1%

1.8% -.3%

Average rates

$918

YOY

BACH 1 BR

2 BR

3 BR

3.3%

1.9%

1.8%

1.7%

65%

10th Apartments

$952 3.7% $655

18 – theANNUAL

$840

$1041 $1190

Total Rental Households

Secondary

Largest Market in all of Canada


Market Universe of building and units

50000 40000 30000 20000 10000 0

Primary Secondary

Hamilton St. John’s

77,289 45% Rate Type

Oct ‘16

Oct ‘17

Vacancy 3.8% 2.4% rates Average $967 rates

YOY

BACH 1 BR

-1.4% N/A

2 BR

Total Rental Households

55%

3 BR

2.2% 1.7%

N/A

$905 $1103

$1345

9th

Largest Market in all of Canada

Apartments

$1020 5.5%

$650

Secondary

Market Universe of building and units

40000 30000 20000

Primary

10000

Secondary

St.Tri-City John’s

0

57,809 53% Rate Type

Oct ‘16

Vacancy 2.2% rates

47%

Oct ‘17

YOY

BACH 1 BR

2 BR

3 BR

1.9%

-.3%

3.2%

1.8%

3.2%

Average $1007 $1040 rates

1.7%

Total Rental Households 12th

Largest Market in all of Canada

Apartments 3.3% $736

$917

$1093 $1291

Secondary

theANNUAL – 19


State of the Industry Market Universe of building and units Primary

0

Secondary

St. Catharines St. John’s

5000 10000 15000 20000 25000

39,296 Total Rental Households

40% Rate Type

Oct ‘16

Oct ‘17

YOY

Vacancy 2.2% rates

1.5%

-.7%

N/A

1.4%

1.6%

.9%

Average $904 rates

$931

3%

$642

$822

$993

$1141

BACH 1 BR

2 BR

60%

3 BR

Largest Market in all of Canada

14th Apartments Secondary

Market Universe of building and units

20000 15000 10000

Primary

Windsor St. John’s

5000 0

Secondary

31,709 48%

Rate Type

Oct ‘16

Oct ‘17

YOY

BACH 1 BR

2 BR

3 BR

Vacancy 2.9% 2.4% rates

-.5%

3.3%

2%

4.9%

Average $753 $772 rates

2.5%

20 – theANNUAL

2.4%

52%

16th Apartments

$557

$720

$868

$1035

Total Rental Households

Secondary

Largest Market in all of Canada


Western Canada

theANNUAL – 21


State of the Industry Market Universe of building and units

60000 40000 20000

Primary

Winnipeg

0

Secondary

St. John’s

84,234 34% 66% Rate Type

Oct ‘16

Oct ‘17

YOY

Vacancy 2.8% 2.8% 0% rates

BACH 1 BR 2.7%

Average $927 $970 4.6% $655 rates

2 BR

3.0% 2.6%

Total Rental Households

3 BR

Largest Market in all of Canada

8th

2.9% Apartments

$880 $1107 $1390

Secondary

Market Universe of building and units Primary

Saskatoon St. John’s

0

Secondary

5000

10000 15000 20000

31,750 43% 57% Rate Type

Oct ‘16

Oct ‘17

YOY BACH 1 BR

2 BR

3 BR

Vacancy 10.3% 9.6% rates

-.7% 7.6%

9.9%

8.4%

Average $1019 rates

-2%

$999

22 – theANNUAL

9.6%

17th Apartments

$684

$896

$1082 $1129

Total Rental Households

Secondary

Largest Market in all of Canada


Market Universe of building and units Primary

Regina

Secondary

0

St. John’s

5000

10000

15000

24,175 52% Rate Type

Oct ‘16

Oct ‘17

YOY

BACH 1 BR

2 BR

-.7%

7.6%

9.6%

9.9%

Average $1019 rates

-2%

$684

$896

$1082 $1129

$999

48%

3 BR

Vacancy 10.3% 9.6% rates

Total Rental Households 18th

8.4%

Largest Market in all of Canada

Apartments Secondary

Market Universe of building and units

150000 120000 90000 60000

Primary

Edmonton

30000

Secondary

0

St. John’s

145,527 45% Rate Type

Oct ‘16

Oct ‘17

YOY

BACH 1 BR 2 BR

3 BR

Vacancy 7.1% rates

7%

-.1%

7.3%

5.9%

Average $1113 rates

$1101 -1.1% $839

7%

7%

55%

Total Rental Households 5th

Largest Market in all of Canada

Apartments $989 $1215 $1376

Secondary

theANNUAL – 23


State of the Industry Market Universe of building and units

Calgary

120000 90000 60000

Primary

30000 0

Secondary

St. John’s

135,302 27% Rate Type

Oct ‘16

Vacancy 7% rates

Oct ‘17

YOY

6.3%

-.7%

BACH 1 BR 5.6%

Average $1143 $1128 -1.3% $825 rates

5.8%

2 BR 6.9%

Total Rental Households

73%

3 BR

7th

7.1%

Largest Market in all of Canada

Apartments $1025 $1247 $1254

Secondary

Market Universe of building and units

250000 200000 150000 100000

Primary

50000 0

Secondary

Vancouver St. John’s

303,812 36% Rate Type

Oct ‘16

Oct ‘17

YOY

BACH 1 BR

2 BR

3 BR

Vacancy .7% rates

.9%

.7%

.8%

1%

1.6%

.9%

Average $1223 $1297 6.1% $1060 $1223 $1552 $1801 rates

24 – theANNUAL

Total Rental Households

64%

3rd Apartments Secondary

Largest Market in all of Canada


Market Universe of building and units

Victoria

30000 20000 10000

Primary

0

Secondary

St. John’s

53,371 46%

Rate Type

Oct ‘16

Oct ‘17

YOY

Vacancy .5% rates

.7%

.2%

BACH 1 BR 1%

Average $994 $1072 7.8% $850 rates

.7%

2 BR .7%

Total Rental Households

54%

3 BR

13th

0%

Largest Market in all of Canada

Apartments $988 $1288 $1568

Secondary

Market Universe of building and units Primary

Kelowna St. John’s

0

5000

10000

15000

Secondary

18,903 24%

Rate Type

Oct ‘16

Oct ‘17

YOY

BACH 1 BR

2 BR

3 BR

Vacancy .6% rates

.2%

-.4%

0%

.2%

0%

Average $976 $1043 6.9% $859 rates

.2%

Total Rental Households

76%

21st

Largest Market in all of Canada

Apartments $937

$1151 $1269

Secondary

theANNUAL – 25

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