theANNUAL National 2021 - State of the Industry

Page 1

AVR: 2.4%

AVR: 7.2%

2BR: $1515

2BR: $1247

AVR: 3.8%

AVR: 2.5%

2BR: $1215 AVR: 7.2% 2BR: $1103

2BR: $856 AVR: 3.2% 2BR: $1408

East Coast Statistics New Brunswick: AVR: 3.1%; 2BR: $893 Prince Edward Island: AVR: 2.6%; 2BR: $958 Nova Scotia: AVR: 2.1%; 2BR: $1182 Newfoundland and Labrador: AVR: 7.2%; 2BR: $850

TOP

10

PRIMARY MARKETS

by # of suites

1. MONTREAL

6. OTTAWA

2. TORONTO

7. WINNIPEG

3. VANCOUVER

8. HALIFAX

4. QUEBEC CITY

9. LONDON

5. EDMONTON

10. HAMILTON

AVR = Average Vacancy Rate at October 2020 2BR = Average Rent of 2 Bedroom Suite at October 2020 *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)

8 – theANNUAL


4,474,530 TOTAL RENTAL households in Canada in 2016

31.8%

OF CANADIAN households

RENT 46%

Primary Market Secondary Market

54%

CANADA’S PRIMARY MARKET RENTAL STATISTICS Canada’s Primary Market Rental Statistics Bach

1BR

2BR

3BR

Total

Number of Private Apartment Units

138,496

728,466

1,044,403

184,792

2,096,157

Private Apartment Vacancy Rates

4.6%

3.5%

2.8%

2.6%

3.2%

Private Apartment Average Rents

$865

$1,046

$1,125

$1,206

$1,087

Private Apartment Estimate of Percentage Change of Average Rent

4.5%

3.9%

3.5%

3.9%

3.7%

UNIVERSE OF BUILDINGS IN THE PRIMARY MARKETS BY NUMBER OF UNITS

3-5 Units 42% 6-19 Units 26% 20-49 Units 17% 50-199 Units 9% 200+ Units 5%

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

theANNUAL – 9


Eastern Canada

* The vacancy and rent figures are as of October 2020. The year-over-year (YOY) figures shown in green are positive for rental providers, while figures in red are negative, and figures in yellow provide a warning.

Positive Warning Negative

theANNUAL – 11


State of the Industry Market universe of rental units Primary Secondary

0

5000

10000

15000

20000

25000

St. St. John’s, John’sNL

25,485 16% Rate Type

Oct '19

Oct '20

Vacancy Rates

6.9%

Average Rents

$896

$903

0.8%

$731

$823

$974

$937

*% Chg 0.6% Avg Rent

1.4%

0.8%

1.6%

1.0%

1.6%

**

7.5%

YOY

Bach

1BR

0.6%

9.0%

6.6%

2BR 7.9%

TOTAL RENTAL HOUSEHOLDS

3BR+

84%

6.8%

2nd Primary

Largest Market in Eastern Canada

Secondary

Market universe of rental units Primary

Charlottetown

Secondary 0

St. John’s

1000

2000

3000

4000

5000

6000

10,775 Rate Type

Oct '19

Oct '20

YOY

Bach

1BR

2BR

3BR+

Vacancy Rates

1.2%

2.7%

1.5%

**

3.9%

2.3%

0.7%

Average Rents

$891

$927

4.0%

$621

$819

$978

$1,121

*% Chg 2.9% Avg Rent

3.0%

0.1%

**

3.0%

2.7%

4.5%

57% 43%

6th Primary

12 – theANNUAL

TOTAL RENTAL HOUSEHOLDS

Secondary

Largest Market in Eastern Canada


Market universe of rental units Primary

Halifax

Secondary

0

St. John’s

10000 20000 30000 40000 50000 60000

69,180 Rate Type Vacancy Rates

Oct '19 1.0%

Oct '20 1.9%

24% YOY 0.9%

Bach 1.8%

1BR 1.9%

2BR 1.9%

3BR+ 1.8%

Average $1,113 $1,170 5.1% Rents

$865 $1,016 $1,255 $1,454

*% Chg 3.8% Avg Rent

5.3%

4.1%

0.3%

TOTAL RENTAL HOUSEHOLDS

76%

Largest Market in Eastern Canada

1st Primary

4.1%

4.2%

3.4%

Secondary

Market universe of rental units Primary

Moncton

Secondary

St. John’s

0

3000

6000

9000

12000

15000

19,175 30%

Rate Type

Oct '19

Oct '20

YOY

Bach

1BR

2BR

Vacancy Rates

2.2%

2.8%

0.6%

5.3%

2.2%

2.9%

Average Rents

$831

$896

7.8%

$685

$774

$949

$1,045

*% Chg 2.3% Avg Rent

5.1%

2.8%

5.0%

4.3%

4.6%

**

3BR+

70%

TOTAL RENTAL HOUSEHOLDS

2.3%

3rd Primary

* Estimate of Percentage Change of Average Rent for units reported in both 2019 and 2020. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

Largest Market in Eastern Canada

Secondary

theANNUAL – 13


State of the Industry Market universe of rental units Primary Secondary

0

2000

4000

6000

8000

10000

St. John’s Saint John, NB

15,695 Rate Type

Oct '19

Oct '20

YOY

Bach

1BR

2BR

3BR+

Vacancy Rates

3.3%

3.1%

-0.2%

4.6%

3.1%

2.8%

3.5%

Average Rents

$764

$788

3.1%

$567

$701

$825

$854

*% Chg 3.7% Avg Rent

3.6%

-0.1%

**

3.3%

3.4%

3.3%

63%

37%

TOTAL RENTAL HOUSEHOLDS 4th

Primary

Largest Market in Eastern Canada

Secondary

Market universe of rental units Primary Secondary

0

St. John’s

4000

6000

8000

10000

11,960

Fredericton

29%

Rate Type

Oct '19

Oct '20

YOY

Bach

1BR

2BR

Vacancy Rates

1.4%

2.5%

1.1%

3.5%

2.8%

2.6%

Average Rents

$933

$963

3.2%

$686

$815

$979

$1,217

*% Chg 4.3% Avg Rent

2.6%

-1.7%

2.2%

3.6%

3.2%

2.0%

3BR+

71%

TOTAL RENTAL HOUSEHOLDS

1.1%

5th Primary

14 – theANNUAL

2000

Largest Market in Eastern Canada

Secondary

* Estimate of Percentage Change of Average Rent for units reported in both 2019 and 2020. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.


Central Canada

* The vacancy and rent figures are as of October 2020. The year-over-year (YOY) figures shown in green are positive for rental providers, while figures in red are negative, and figures in yellow provide a warning.

Positive Warning Negative

theANNUAL – 15


State of the Industry Market universe of rental units Primary

Quebec City St. John’s

Secondary

0

20000

40000

60000

80000

100000

143,935 Rate Type

Oct '19

Oct '20

YOY

Bach

1BR

2BR

66%

3BR+

Vacancy Rates

2.4%

2.7%

0.3%

3.0%

3.3%

2.3%

2.8%

Average Rents

$837

$874

4.4%

$607

$778

$899

$1,067

*% Chg 1.9% Avg Rent

2.8%

0.9%

3.2%

3.2%

2.7%

3.0%

34%

TOTAL RENTAL HOUSEHOLDS 3rd

Primary

Largest Market in Central Canada

Secondary

Market universe of rental units Primary

Gatineau St. John’s

Secondary

0

5000 10000 15000 20000 25000 30000

44,355 Rate Type

Oct '19

Oct '20

57% YOY

Bach

1BR

2BR

3BR+

Vacancy Rates

1.5%

Average Rents

$847

$906

7.0%

$631

$791

$950

$1,035

*% Chg 4.5% Avg Rent

2.4%

-2.1%

2.4%

2.5%

2.2%

2.2%

1.6%

0.1%

3.4%

2.2%

1.4%

TOTAL RENTAL HOUSEHOLDS

1.0%

9th Primary

16 – theANNUAL

43%

Secondary

Largest Market in Central Canada


800000

Market universe of rental units

700000 600000 500000 400000

Primary

300000 200000

Secondary

Montréal St. John’s

100000 0

765,550 27% Rate Type

Oct '19

Oct '20

YOY

Bach

1BR

2BR

3BR+

Vacancy Rates

1.5%

Average Rents

$841

$891

5.9%

$703

$810

$903 $1,112

*% Chg 3.6% Avg Rent

4.2%

0.6%

5.4%

4.6%

3.6%

2.7%

1.2%

4.8%

3.1%

2.1%

TOTAL RENTAL HOUSEHOLDS

73%

2.6%

1st Primary

2.4%

Secondary

Market universe of rental units

Toronto St. John’s

Largest Market in Central Canada

400000 350000 300000 250000

Primary

200000

Secondary

100000

150000

50000 0

715,545 Rate Type

Oct '19

Vacancy 1.5% Rates

45%

Oct '20

YOY

Bach

1BR

2BR

3.4%

1.9%

5.5%

4.0%

2.7%

3BR+

4.7%

-1.8%

4.4%

4.7%

4.5%

TOTAL RENTAL HOUSEHOLDS

2.2%

Average $1,459 $1,528 4.7% $1,204 $1,421 $1,635 $1,848 Rents *% Chg 6.5% Avg Rent

55%

**

* Estimate of Percentage Change of Average Rent for units reported in both 2019 and 2020. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

2nd Primary

Largest Market in Central Canada

Secondary

theANNUAL – 17


State of the Industry Market universe of rental units

70000 50000 30000

Primary

Ottawa St. John’s

10000 0

Secondary

128,285 Rate Type

Oct '19

Vacancy 1.8% Rates

Oct '20

YOY

Bach

1BR

2BR

3.9%

2.1%

3.1%

3.9%

3.7%

52%

3BR+ **

4th

Average $1,281 $1,358 6.0% $1,000 $1,244 $1,517 $1,851 Rents *% Chg 8.2% Avg Rent

4.5%

-3.7%

7.2%

5.4%

5.2%

Primary

2.5%

Largest Market in Central Canada

Secondary

50000

Market universe of rental units

London

TOTAL RENTAL HOUSEHOLDS

48%

40000 30000

Primary

20000

Secondary

10000

St. John’s

0

74,275 Rate Type Vacancy Rates Average Rents

Oct '19 1.8%

Oct '20 3.4%

YOY 1.6%

$1,024 $1,118 9.2%

*% Chg 5.0% Avg Rent

Bach 4.7% $774

1BR 3.5%

2BR 3.1%

3BR+

35% 65%

4.9%

6th

$1,001 $1,207 $1,379 Primary

7.0%

18 – theANNUAL

2.0%

8.5%

7.5%

6.8%

TOTAL RENTAL HOUSEHOLDS

4.5%

Secondary

Largest Market in Central Canada


50000

Market universe of rental units

Hamilton St. John’s

40000 30000

Primary

20000

Secondary

10000 0

86,860 Rate Type Vacancy Rates Average Rents

Oct '19 3.9%

Oct '20 3.5%

$1,133 $1,208

*% Chg 5.3% Avg Rent

YOY -0.4%

Bach 5.3%

6.6%

$898

0.1%

4.9%

1BR 3.4%

2BR 3.2%

3BR+

TOTAL RENTAL HOUSEHOLDS

51% 49%

5.7%

5th

$1,096 $1,291 $1,511

Largest Market in Central Canada

Primary 5.4%

5.4%

5.0%

3.5%

Secondary

Market universe of rental units

40000 30000 20000

Primary

10000 0

Secondary

St.K-C-W John’s

64,350 Rate Type Vacancy Rates

Oct '19 2.1%

Oct '20 2.1%

56% YOY -

Bach 3.1%

Average $1,163 $1,221 Rents

5.0%

$863

*% Chg 5.0% Avg Rent

-1.1%

5.1%

3.9%

1BR 1.9%

2BR 2.1%

3BR+

44%

3.0%

7th

$1,076 $1,295 $1,435 Primary 3.9%

4.0%

TOTAL RENTAL HOUSEHOLDS

2.8%

* Estimate of Percentage Change of Average Rent for units reported in both 2019 and 2020. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

Largest Market in Central Canada

Secondary

theANNUAL – 19


State of the Industry Market universe of rental units Primary Secondary

St. Catharines St. John’s

0

10000

20000

30000

45,735 Rate Type Vacancy Rates Average Rents

Oct '19 2.3%

Oct '20 2.7%

$1,028 $1,075

*% Chg 4.0% Avg Rent

YOY

Bach **

0.4%

1BR 2.5%

4.6%

$774

$958

1.6%

5.7%

5.7%

2BR 2.9%

TOTAL RENTAL HOUSEHOLDS

35%

3BR+

65%

1.9%

8th

$1,137 $1,260 Primary

5.6%

6.1%

7.1%

Secondary

Market universe of rental units

25000 20000 15000 10000

Primary

Windsor St. John’s

Largest Market in Central Canada

5000

Secondary

0

37,675 Rate Type

Oct '19

Oct '20

YOY

Bach

1BR

Vacancy Rates

2.9%

3.6%

0.7%

6.7%

3.9%

Average Rents

$870

$937

7.7%

$699

$896

*% Chg 7.5% Avg Rent

8.4%

0.9%

10.9%

8.3%

2BR 2.5%

3BR+

41% 59%

**

10th

$1,027 $1,214 Primary

20 – theANNUAL

8.7%

5.7%

TOTAL RENTAL HOUSEHOLDS Largest Market in Central Canada

Secondary

* Estimate of Percentage Change of Average Rent for units reported in both 2019 and 2020. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.


Western Canada

* The vacancy and rent figures are as of October 2020. The year-over-year (YOY) figures shown in green are positive for rental providers, while figures in red are negative, and figures in yellow provide a warning.

Positive Warning Negative

theANNUAL – 21


State of the Industry 80000 70000 60000 50000 40000 30000 20000 10000 0

Market universe of rental units Primary

Winnipeg

Secondary

St. John’s

100,150 Rate Type Vacancy Rates Average Rents *% Chg Avg Rent

Oct '19 Oct '20 YOY 3.1%

3.8%

$1,070 $1,107

Bach

1BR

2BR

0.7%

3.9%

4.3%

3.5%

$757

$991

-0.5%

3.5%

3.0%

3BR+

3.4%

62%

38%

2.5%

TOTAL RENTAL HOUSEHOLDS 4th

$1,262 $1,578 Primary

3.5%

3.0%

3.0%

1.5%

Secondary

Market universe of rental units

20000 15000 10000

Primary

Saskatoon St. John’s

Largest Market in Western Canada

5000

Secondary

0

34,305 Rate Type Vacancy Rates Average Rents

Oct '19 Oct '20 YOY 5.7%

5.9%

$1,046 $1,078

*% Chg 2.0% Avg Rent

0.2%

Bach 5.0%

1BR 5.3%

3.1%

$729

$957

-

2.1%

2.1%

2BR 6.5%

3BR+

42%

6th

$1,166 $1,287

22 – theANNUAL

2.0%

TOTAL RENTAL HOUSEHOLDS

3.9%

Primary 2.0%

58%

0.6%

Secondary

Largest Market in Western Canada


15000

Market universe of rental units

Regina

12000 9000

Primary

6000

Secondary

3000

St. John’s

0

28,575 Rate Type Vacancy Rates Average Rents

Oct '19 Oct '20 YOY

Bach

1BR

2BR

49%

3BR+

51% 7.8%

7.5%

$1,035 $1,061

*% Chg -0.5% Avg Rent

9.8%

-0.3%

8.3%

2.5%

$757

$949

1.0%

0.8%

0.5%

7.0%

TOTAL RENTAL HOUSEHOLDS

4.7%

7th

$1,152 $1,332 Primary

0.5%

0.8%

1.3%

Secondary

Market universe of rental units Primary

Edmonton

Largest Market in Western Canada

Secondary

St. John’s

80000 70000 60000 50000 40000 30000 20000 10000 0

151,710 Rate Type Vacancy Rates Average Rents

47% Oct '19 Oct '20 YOY 4.9%

7.2%

$1,144 $1,153

*% Chg 0.9% Avg Rent

2.3%

Bach 8.2%

0.8%

$881

**

-0.7%

1BR 6.9%

2BR 7.4%

53%

3BR+ 5.8%

2nd

$1,031 $1,272 $1,385 Primary

**

**

**

TOTAL RENTAL HOUSEHOLDS

-0.7%

* Estimate of Percentage Change of Average Rent for units reported in both 2019 and 2020. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

Largest Market in Western Canada

Secondary

theANNUAL – 23


State of the Industry Market universe of rental units

Calgary

100000 80000 60000

Primary

40000

Secondary

20000

St. John’s

0

140,370 Rate Type Vacancy Rates Average Rents *% Chg Avg Rent

30% Oct '19 Oct '20 YOY 3.9%

6.6%

$1,181 $1,195

Bach

2.7%

5.9%

1.2%

$883

**

**

1BR 6.8%

2BR 6.3%

TOTAL RENTAL HOUSEHOLDS

70%

3BR+ 7.3%

3rd

$1,087 $1,323 $1,296 Primary

1.7%

**

**

**

**

Secondary

Market universe of rental units

250000 200000 150000

Primary

100000 50000

Secondary

Vancouver St. John’s

Largest Market in Western Canada

0

348,700 Rate Type Vacancy Rates Average Rents *% Chg Avg Rent

Oct '19 Oct '20 YOY 1.1%

2.6%

$1,469 $1,508

1.5% 2.7%

Bach 2.9%

1BR 2.5%

2BR 2.7%

3BR+

32% 68%

3.6%

1st

$1,258 $1,415 $1,792 $2,206 Primary

4.7%

24 – theANNUAL

2.0%

-2.7%

3.3%

2.0%

1.5%

TOTAL RENTAL HOUSEHOLDS

**

Secondary

Largest Market in Western Canada


Market universe of rental units

Victoria

Primary 0

Secondary

5000

10000

15000

20000

25000

30000

35000

60,745 45% Rate Type Vacancy Rates Average Rents *% Chg Avg Rent

Oct '19 Oct '20 YOY 1.0%

2.2%

$1,221 $1,275

1.2% 4.4%

Bach 2.1%

1BR 2.1%

2BR 2.4%

TOTAL RENTAL HOUSEHOLDS

55%

3BR+ 0.9%

Largest Market in Western Canada

5th

$1,015 $1,185 $1,507 $1,758 Primary

3.4%

3.3%

-0.1%

5.3%

3.7%

3.3%

4.2%

Secondary

Market universe of rental units Primary

Kelowna St. John’s

Secondary

0

3000

6000

9000

12000

15000

21,700 32% Rate Type

Oct '19 Oct '20 YOY

Bach

1BR

2BR

Vacancy Rates

2.7%

Average Rents

$1,222

$1,255

2.7%

$1,038

$1,144

$1,391

$1,596

2.4%

3.4%

1.0%

4.9%

2.2%

3.1%

3.9%

*% Chg Avg Rent

2.1%

-0.6%

6.4%

1.5%

1.3%

68%

3BR+

TOTAL RENTAL HOUSEHOLDS

1.3%

8th Primary

* Estimate of Percentage Change of Average Rent for units reported in both 2019 and 2020. ** Indicates data suppressed to protect confidentiality or data not statistically reliable.

Largest Market in Western Canada

Secondary

theANNUAL – 25