CAM May/June 2025 by MediaEdge

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A RESILIENT SECTOR

In an era defined by economic uncertainty, Canada’s apartment market continues to demonstrate remarkable resilience. Despite fluctuating interest rates, inflation pressures, and housing affordability challenges, the sector remains strong. As always, our June issue features the “Who’s Who” of Canadian rental housing, a formidable force of industry leaders in the evolving world of multi-residential real estate. A special shout-out to all the companies that submitted data, and to the individuals who helped compile our 2025 survey results.

In our cover story on page 18, we look at the significance of mid-rise, multi-unit residential developments in Canada, highlighting Capstone’s boutique project in Notre-Dame-de-Grâce, Montreal. The Grâce Hampton, Grâce Clifton, and Grâce Melrose comprise 110 units all tolled, and all three phases are nearing completion. At the other end of the spectrum, we showcase the latest plans for 250 Dundas West, a high-rise rental tower that will bring significant density to the busy downtown corner in Toronto’s Grange Park neighbourhood.

No matter the size of the housing project, developers today are being called upon to build at an accelerated pace while also delivering a broad mix of housing types. This moment presents both challenges and opportunities, requiring a careful balance between construction speed, cost-effectiveness, and sustainable development. Government initiatives, such as funding programs and policy reforms, are shaping the trajectory of new projects, pushing for innovation in building methods and materials. As the landscape of Canadian housing continues to transform, this period will define the direction of the industry for years to come.

Follow us at www.RemiNetwork.com to stay informed of the latest policy, legal, and regulatory changes impacting the sector.

Sincerely, Erin

Ruddy

Editor Erin Ruddy

Art Director Annette Carlucci

Graphic Designer Thuy Huynh-Guinane

Production Coordinator Ines Louis

Contributing Writers Michael Almeyda

National Sales Andrea Almeida Ron Guerra

Digital Media Director Steven Chester

Circulation Adrian Holland For sales information call (416) 512-8186

Canadian Apartment Magazine is published six times a

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Authors: Canadian Apartment Magazine accepts unsolicited query letters and article suggestions.

Manufacturers: Those wishing to have their products reviewed should contact the publisher or send information to the attention of the editor. The opinions expressed are those of the authors of articles and do not necessarily reflect the views of Canadian Apartment Magazine. This information is general and is not a substitute for legal advice. Sworn Statement of Circulation: Available from the publisher upon written request. Although Canadian Apartment Magazine makes every effort to ensure the accuracy of the information published, we cannot be held liable for any errors or omissions, however caused. Printed in Canada.

rent trends 5 Trends Reshaping Canada’s Rental Landscape:

1. AFFORDABILITY

CHALLENGES Rent increases have outpaced wage growth, making housing less accessible for many Canadians.

4. GREEN INNOVATION

2. LIMITED AVAILABILITY A persistent shortage of rental units has intensified competition for tenants, driving up prices and making it harder to secure housing.

Developers are focusing more on energy-efficient designs and smart technology to comply with environmental regulations and meet consumer demands.

3. LIFESTYLE PREFERENCES

More renters are prioritizing walkability, access to public transit, and proximity to work or entertainment hubs.

5. MARKET SHIFTS Despite economic uncertainties, investor interest in high-quality rental properties remains strong as the market adapts to changing demographics and financial pressures.

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Peace of Mind

Rental Market Update

Investor confidence holds strong despite challenges

The rental market continues to navigate economic uncertainty and reduced immigration levels, which have contributed to a slowdown in demand.

A rising vacancy trend driven by new supply deliveries and tempered renter activity has added pressure for landlords, resulting in modest downward adjustments in rental prices in select markets such as Toronto and Vancouver. However, affordability remains a persistent challenge for families, many of whom struggle to secure suitable housing despite some easing in rent costs.

“One notable trend in the market is the reluctance of renters to relocate, as turnover rates remain below the long-term average,” observes Keith

Reading, Director of Research at Morguard. “Higher rent prices in newly vacant units have discouraged movement, leading to longer leasing durations and increased stability in existing rental agreements.”

While rent growth has weakened, market conditions remain relatively stable, supported by sustained investor confidence.

“Many investors continue to express interest in acquiring rental properties expected to perform well over the medium to long term, despite evolving economic uncertainties,” Reading notes.

Source: Morguard

In the investment sector, pricing has largely stabilized, reflecting an equilibrium between buyer and seller expectations. Nonetheless, investment demand continues to exceed available supply, demonstrating the rental sector’s enduring appeal among those seeking long-term opportunities.

As market dynamics shift, industry players will closely monitor evolving economic conditions and policy changes that could further influence rental trends in the months ahead.

RioCan to divest $197M in residential assets

In late May, Toronto-based RioCan Real Estate Investment Trust announced agreements to divest its 50 per cent stake in four residential rental properties within its RioCan Living portfolio. Expected to generate gross sale proceeds of $197.3 million, this move aligns with the Trust’s ongoing monetization strategy, following the sale of Strada in late 2024. Additionally, the company is in advanced negotiations to sell a Toronto residential rental asset, with transactions anticipated to close by Q3 2025.

RioCan’s residential portfolio, valued at approximately $1 billion as of Q1 2025, consists of 13 income-producing properties and two developments. The firm aims to complete these asset sales within 12 to 24 months, maintaining purchase prices in line with its IFRS valuations. Upon finalization of these agreements, RioCan Living will comprise nine income-producing properties and two under development, with a total valuation of roughly $0.9 billion.

“With RioCan Living, we’ve developed a portfolio of transit-oriented, mixed-use properties in Canada’s major markets,” said Jonathan Gitlin, President and CEO of RioCan. “Having achieved its intended scale, we are focused on generating maximum value from this one-of-a-kind portfolio. These strategic dispositions are a significant milestone in the RioCan Living asset monetization strategy, demonstrating the portfolio’s immense value. Given the numerous attributes that differentiate our portfolio in this competitive market, we have full confidence in the Trust’s ability to continue to unlock its intrinsic value. The outcome is increased financial flexibility for RioCan and a simplified business model focused on our core retail business.”

For more information, visit: www.riocan.com

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Canada’s housing market in Q1-2025 Growth, Challenges, and Regional Shifts

The Canada Mortgage and Housing Corporation (CMHC) released its Quarterly Financial Report for Q1-2025, demonstrating strong performance amid a volatile economic climate influenced by global political factors and escalating trade tensions.

The report notes robust multi-unit residential volumes during the first quarter of 2025, totaling $14,171 million—a 2 per cent increase compared to the same period in the previous year—attributing much of this growth to an uptick in the MLI Select product, launched in 2022.

MLI Select provides financial incentives to developers and property owners through a points-based system whereby applicants earn points based on their commitment to affordability, energy efficiency, and accessibility. Projects showing a greater commitment in these three areas are rewarded with enhanced benefits, such as reduced insurance premiums, extended amortization periods, and higher loan-to-value ratios.

In Q1 2025, CMHC insured $10,476 million for MLI Select, reflecting an 11 per cent increase from $9,474 million in the first quarter of 2024.

This past May, Hazelview Investments announced it had secured one of the largest loans issued under the program for a mixed-use, masterplanned community located at Bloor Street West and Dufferin in Toronto.

“Securing this financing reflects our belief that doing the right thing for communities also delivers long-term value for investors,” said Michael Williams, Head of Development at Hazelview Investments. “The scale and structure of this loan allow us to move forward confidently with a project that meets high standards for livability, sustainability, and financial performance.”

Hazelview’s application qualified under both the energy efficiency and accessibility categories of the MLI Select program. Earning it the full 100-point energy efficiency incentive, the project aims to exceed the National Energy Code for Buildings (2017) with savings of roughly 40 per

cent. Accessibility-wise, it earned an additional 20 points through Rick Hansen Foundation Level 1 certification, having complied with CSA B651:23 in ensuring that all homes are 100 per cent visitable and all common areas are barrier-free. When complete, the Bloor and Dufferin development will include several residential buildings, office and retail space, ample green space, private and public streets, key community services, and direct access to the Dufferin subway station. There will be 1,000 rental units in all.

Regional multi-unit starts

According to CMHC’s data, regional trends varied significantly in Q1-2025, with Québec leading the surge in multi-unit housing starts. Between January and April, the province recorded 14,550 housing starts, marking a 55 per cent increase from the previous year. Multi-unit projects, including condominiums and apartment buildings, accounted for the bulk of this growth, with a 71 per cent year-over-year jump in April alone. The Prairie provinces also experienced notable gains, with Saskatchewan nearly doubling its multi-unit starts, reflecting a 100 per cent increase.

Meanwhile, Ontario and British Columbia struggled to keep pace. Ontario’s housing starts declined 10 per cent in April, while its total for the first four months of 2025 was 31 per cent lower than the same

period in 2024. British Columbia faced similar challenges, with multi-unit starts falling 25 per cent year-over-year due to high land and construction costs, as well as cooling demand amid elevated borrowing rates.

These regional disparities highlight the evolving dynamics of Canada’s housing market, where affordability and economic conditions continue to shape development trends. Moving forward, CMHC anticipates a mixed outlook for the remainder of 2025, with regional variations shaping housing trends. It also notes that while demand for multi-unit residential developments remains strong, affordability challenges will likely persist, particularly in Ontario and British Columbia.

“The agency remains committed to housing affordability initiatives, including the Housing Accelerator Fund and Canada Community Housing Initiative, which received increased funding in Q1,” CMHC stated in the report. “It will monitor evolving conditions and update its forecasts accordingly.”

For more on Canada’s housing market, visit www.cmhc-schl.gc.ca

Canada’s Housing Plan What’s in store to incentivize development

On March 31, 2025, the Carney Liberal Government unveiled a housing plan aimed at doubling the pace of home construction in Canada to 500,000 units per year. Describing it as “the most ambitious housing strategy since World War II,” the federal government says it seeks to address the country’s ongoing housing affordability crisis by increasing supply and streamlining development processes.

A key component of the plan is the creation of Build Canada Homes (BCH), a new entity dedicated to overseeing the construction of affordable housing. BCH will provide $25 billion in debt financing and $1 billion in equity financing to support innovative Canadian prefabricated home builders. Additionally, the government will allocate $10 billion in low-cost financing and grants to accelerate the development of deeply affordable housing, supportive housing, Indigenous housing, and shelters.

To encourage rental housing development, the Apartment Construction Loan Program (ACLP) has been expanded by $15 billion in 2025-26, bringing the program’s total to over $55 billion. This funding aims to accelerate the construction of purpose-built rental housing, ensuring more affordable rental options for Canadians.

Another major incentive is the GST waiver on new rental projects, which removes the Goods and Services Tax (GST) for new rental developments, including student residences. Additionally, the government is providing $500 million in low-cost financing for prefabricated and innovative homebuilding techniques, which can help reduce construction costs and speed up project completion.

Meanwhile, the government promises to modernize zoning regulations through the Housing Accelerator Fund, which incentivizes municipalities to streamline approval processes and reduce red tape for rental developments. Together these measures aim to increase rental supply, improve affordability, and make it easier for developers to bring new rental units to market.

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TSALTO’S SMART INTERCOM SYSTEM USES YOUR SMARTPHONE FOR GUEST ACCESS

The XS4 Com iGO provides a new way to let visitors security enter residential buildings

oday’s crowded real estate market relies on strategic solutions to elevate resident experiences and simplify operations for property managers. As technology continues to revolutionize so much of the resident experience, modern intercom systems, like Salto’s XS4 Com iGO leverage new tech like smartphones and QR codes to allow for convenient two-way communication and simpliﬁed access. As a hardwarefree solution, XS4 Com iGO utilizes QR and NFC technology to facilitate secure visitor access and communication for a seamless, superior resident and guest experience.

Along with improving day-to-day living, modern tools like this one provide a tech-forward impression of the building that can raise perceived value, save time, and attract a greater number of residents.

“XS4 Com iGO is a practical solution for properties looking to enhance visitor access without the need for costly video panels or new cabling infrastructure,” explains Preston Grutzmacher, Residential Business Leader, Salto North America.“Visitors use their smartphones, while residents have the XS4 Com door intercom app, ensuring an incredible and secure access experience.”

HOW DOES XS4 COM IGO SIMPLIFY THE RESIDENT EXPERIENCE?

As a hardware-free video intercom solution that connects seamlessly with modern access control technology, XS4 Com

iGO signiﬁcantly simpliﬁes life for residents. Key features include:

• Convenient visitor access: Visitors can simply scan the QR code or tap the NFC tag on the XS4 Com iGO plate or sticker to access the phonebook, eliminating the need for physical keys or traditional intercom hardware.

• Real-time communication: The system enables secure faceto-face video calls between visitors and residents, allowing residents to verify guests visually before granting access.

• Remote management: Managing building access can be handled remotely, even allowing property managers and residents to provide assistance via video call if visitors have trouble entering. The system maintains an audit trail that monitors entry, ensuring comprehensive security coverage.

• Comprehensive audit trail: The system maintains a detailed record that monitors all entry events, ensuring complete security coverage and accountability.

XS4 COM IGO SAVES PROPERTY MANAGERS TIME AND MONEY

The XS4 Com iGO intercom system dramatically simplifies property management operations. With no need to install dedicated hardware in each residential unit, property managers save significantly on installation costs and maintenance. The system eliminates the logistical headaches of managing physical intercoms, reducing service calls for malfunctioning equipment and freeing sta to focus on more valuable tasks. Property managers can also remotely configure and troubleshoot the entire intercom system from a centralized platform, eliminating time-consuming on-site visits. Other benefits include:

• Simpliﬁed management: The XS4 Com cloud platform allows property managers to easily add or remove residents, streamline management of multiple entrances from a single system, and conﬁgure di erent access levels for various users (residents, sta , visitors), saving property managers precious time.

• Reduced infrastructure costs: Without expensive wiring required throughout the building and no need to maintain traditional intercom hardware in each unit, XS4 Com iGO requires signiﬁcantly lower installation costs compared to traditional systems. The solution consists of simple QR code and NFC-enabled plates or stickers that can be mounted at building entrances.

• Professional appearance: The market is competitive, and ﬁrst impressions matter. Modern technology like XS4 Com iGO creates an upscale impression and a clean, minimalist entrance without bulky hardware.

• Enhanced building security: The system o ers heightened security by eliminating unauthorized key duplication, along with swift and simple deactivation of access for moved-out residents. Rather than relying on traditional intercom voice access alone, video veriﬁcation can be completed before allowing access, granting total control over who is coming and going into the building as approved guests. Not only can you see visitors, but historical data is available for your reference with a complete audit trail showing who accessed the building and when. The system also utilizes geofencing technology to ensure visitors can only initiate calls when they are within a certain distance of the property.

• Emergency services access: Emergencies happen, and property managers want to be able to act swiftly and e ciently. This system allows property managers to grant immediate access to emergency responders remotely for critical situations where quick entry is needed.

Technology is vital to today’s modern living. The XS4 Com iGO system transforms residential building entry from an outdated, hardware-dependent process to a modern, smartphone-enabled solution that beneﬁts managers, owners, and residents while enhancing security and convenience.

Salto is a leading global access solutions provider, developing facility access, identity management, and electronic locking technology providing seamless, reliable, and secure experiences. For more information about Salto’s XS4 Com iGO, please visit saltosystems.ca

The Future of Downtown Living

Inside the new vision for 250 Dundas West

by Erin Ruddy

Located at the northwest corner of Dundas and Simcoe within Toronto’s vibrant Grange Park neighbourhood, 250 Dundas Street West is anticipated to stand out as an exceptional mixed-use purpose-built rental tower. The site is a stone’s throw from prominent landmarks including City Hall, Nathan Phillips Square, the Art Gallery of Ontario (AGO), OCAD University, and the University of Toronto.

Arcadis, the design, engineering, and architectural firm behind Dream Unlimited’s project, is optimistic that construction will commence soon following years of meticulous planning. The project faced several setbacks due to COVID-19, particularly the decline in demand for office space as hybrid work models gained traction. Initially proposed in 2018 and approved in 2020, the original plan featured a significant office component. However, last year, the design was revised to eliminate office space in favour of expanding residential and parkland.

“250 Dundas Street offers a unique blend of location, innovative design, and community integration,” says Aamer Shirazie, Associate Principal, Living Studio Manager at Arcadis

Canada. “The development is poised to redefine the residential landscape in one of Toronto’s most dynamic and cosmopolitan areas, placing rental density where it belongs, with immediate access to numerous transit options, including both St. Patrick TTC station and the Dundas Street streetcar line.”

Offering a mix of unit sizes, from studio to three bedrooms, the proposal also includes 34 affordable rental units, atgrade retail space fronting Dundas Street, and an 8,000-square-foot park that will comprise over 30 per cent of the site area.

Shirazie explains that 250 Dundas Street was envisioned to encourage long-term

tenancies—hence a design that features unique spaces and characteristics that typically aren’t associated with apartment buildings.

“Purpose-built rentals have historically seen more unit ‘churn’, or turnover, than condos,” he says. “Our goal is to minimize that turnover and attract long-term residents, which is better from a community growth and development perspective, as well as for operations.”

This is achieved in a few ways. For instance, architecturally Arcadis aims higher with elevated aesthetics, large hotel-style lobbies and curated amenity spaces to facilitate more connection between residents. According to Shirazie, purpose-built rental buildings also require

more “functional design sensitivity” compared to condominiums, demanding additional considerations such as strategically located and visible leasing offices that can be accessed off a main street, larger service bays, and wider corridors built with more durable materials to respond to higher unit turnover rates.

“For these developments, we devote a great deal of time to understanding client and project needs to create units that maximise views and access to light while also responding to typical rental-specific requirements,” he says. “This includes increased storage and split bedrooms in multi-bedroom units.”

Low-carbon construction

As part of the company’s overriding sustainability efforts, Arcadis is focused on managing the amount of embodied energy required to construct buildings. It achieves this in a variety of ways: 1) by working closely with structural engineers to minimize the number of structural transfers used; 2) by working collaboratively with local sub-trades to better detail buildings to reduce material wastage through modularization; and 3) where possible, by specifying high-performing locally sourced materials.

“Also, by designing buildings with low windowto-wall ratios and no balconies—or fewer, strategically located balconies—we can mitigate operational emissions and reduce energy usage tremendously,” he points out. “We typically work closely with the consultant team to combine envelope design strategies with the use of energyefficient mechanical systems and appliances in units, green roofs, bird-friendly glass, EV parking stalls and other details to create more sustainable buildings.”

As tenants increasingly prioritize sustainability, as do developers, Arcadis’ multifamily properties are integrating more energy-efficient systems and smart home technologies as standard features, including high-efficiency HVAC systems, LED lighting, smart metering, and renewable energy solutions like solar panels. From location, to design, to a greener, more eco-conscious living environment, 250 Dundas aims to deliver it all. Follow

BALANCING DENSITY AND LIVABILITY

Exploring the benefits of mid-rise residential construction

DENSITY LIVABILITY

By Erin Ruddy

Housing has been a focal point in Canadian discourse for many years, with home prices, zoning reforms, and incentives for multi-unit housing development all part of the wider conversation. Lately, housing diversity has taken centre stage, as cities seek to adapt to demographic fluctuations and economic changes. While high-rise residential buildings offer the ability to house more residents within a compact area, not all urban settings are conducive to these developments—and living in highrise communities isn’t for everyone.

A“t Capstone, we believe mid-size rental projects strike a meaningful balance between urban density and humanscale design,” says Andrew Pascal, founding partner and CEO at Montreal-based Capstone Developments. “They are neighbourhood friendly and thought-fully scaled. Mid-sized buildings integrate naturally into the existing fabric of many communities, while still contributing much-needed rental housing.”

Furthermore, smaller-scale residential projects are a form of densification that people actually support because they don’t overwhelm infrastructure or erode the character of older neighbourhoods. In fact, Pascal says more often than not, they enhance it, offering thoughtful housing options that align with local needs and municipal goals.

Ranging from five to fourteen storeys, the City of Toronto describes mid-rise properties as “bigger than houses but smaller than towers.” Typically, these buildings are tall enough to maintain the urban aesthetic but low enough to let the sun in and open the view to the sky from the street.

“Mid-rise projects are best suited for areas seeking to balance density and livability,” Pascal says. “They are large enough to be impactful,

yet small enough to remain rooted in community values.”

Recently, Capstone obtained zoning approvals to move forward on several low- and mid-rise rental projects in Montreal. The firm is active in boroughs such as Rosemont, Lachine, Verdun, and Pointe-Saint-Charles. One notable project in Notre-Dame-de-Grâce (NDG) comprises three boutique-style, low-rise buildings—Grâce Hampton, Grâce Clifton, and Grâce Melrose— totalling 110 purpose-built rental units.

Calling it “a testament to our commitment to revitalizing urban spaces,” Pascal says the project reflects Capstone’s dedication to delivering contextually sensitive, community-focused developments that respond to Montreal’s evolving housing needs. For this initiative, the process involved assembling and rezoning four former industrial properties for residential purposes.

“Each was designed to harmonize with NDG’s architectural character and align with the neighbourhood’s vision for sustainable densification and urban renewal,” he explains, adding that units range from studio to four bedrooms, and amenities will include private balconies, rooftop terraces, indoor parking, and high-speed internet.

The project is nearing completion, and all three phases are almost fully leased.

Embracing new market dynamics

Since COVID-19 swept in and altered market conditions a few years ago, purpose-built rental development has weathered many challenges.

“Rapidly rising construction costs and interest rates made it difficult to underwrite new projects,” Pascal reflects. “Construction starts slowed to an almost full stop, and contractors began competing more aggressively for fewer jobs, leading to some softening in construction pricing.”

These conditions led to widespread delays at a time when demand for rental housing was stronger than ever; meanwhile, many would-be homebuyers found themselves priced out of ownership, putting more pressure onto an already undersupplied rental market. Now, with demand cooling and capacity opening up, Capstone has embarked on a new era of building.

“We saw an opportunity to re-evaluate project economics more favourably,” he says. “Today, with interest rates easing, we’re seeing renewed momentum and greater clarity around project viability. This shift is paving the way for a new wave of purpose-built rental developments to move forward. It’s an encouraging shift, and one that’s long overdue.”

That said, zoning remains a critical factor in shaping what developers can build, and many of the sites Capstone pursues are located in urban areas. While zoning regulations can pose slowdowns and challenges, the firm is dedicated to bringing these critical developments to life.

“Mid-rise projects add much-needed supply in a form that fits well within existing neighbourhoods—supporting walkable, transit-connected communities, and delivering the right urban scale of density to meet growing demand,” says Pascal. “At Capstone, we focus on unlocking density through project entitlements and zoning procedures while working closely with municipalities to ensure our projects align with both local planning goals and broader housing needs.”

A cost-effective alternative

From Capstone’s perspective, mid-size rental projects offer several advantages over high-rise buildings in terms of both cost and lifestyle. The firm frequently uses wood-frame construction, which is more cost-effective compared to concrete or steel structures. These projects typically require only a single level of underground parking, thereby reducing excavation and foundation expenses and promoting a more efficient and financially balanced development model.

Small and mid-sized projects are also favoured for their shorter construction timelines, allowing new homes to enter the market faster. Due to their smaller footprint, they are generally designed without high-cost amenities such as gyms, pools, conference rooms, and doormen, instead focusing on providing high-quality units within a more cost-effective operational model. This approach enhances the project’s financial sustainability and accessibility to a broader range of renters.

Sustainable and responsible development

Meanwhile, there’s growing demand in Canada for homes that reflect a commitment to sustainability and responsible development, and in many ways, mid-size projects are uniquely positioned to deliver on these values. While high-density towers will always serve an important purpose, it’s about “expanding the delivery toolkit” and building projects that make sense for both the neighbourhood and the environment.

“Mid-rise development enables well-integrated, human-scaled housing that complements denser urban nodes and provides cities like Montreal with a practical, proven way to meet today’s housing challenge,” Pascal says. “Meeting current demand requires construction methods that are efficient, cost-effective, and scalable. Wood-frame construction stands out as one

“Mid-rise development enables wellintegrated, human-scaled housing that complements denser urban nodes.”

of the most effective tools for delivering much-needed housing across both urban and suburban settings.”

Why wood-frame construction supports today’s housing goals:

• Faster delivery – Accelerates timelines from approval to occupancy, helping bring units online when they’re most needed

• Lower construction costs – Significantly reduces hard costs compared to concrete, improving project viability and enabling more attainable housing.

• Design flexibility – Allows for efficient layouts and high-quality finishes that align with modern livability standards.

• Sustainability edge – While not the core driver, wood construction offers the added benefit of reduced embodied carbon.

“Wood-frame housing is not a substitute for towers—but a critical complement,” Pascal concludes. “It enables faster, more affordable delivery of thoughtfully designed homes in locations that traditional high-rise can’t always reach.”

• Contextual density – Facilitates infill growth with a built form that fits comfortably within established neighbourhoods.

Andrew Pascal, Partner and Robert Tortorici, Partner.

ARE YOU BENCHMARKING YOUR RESULTS?

by Peter Altobelli, Vice President & General Manager, Yardi Canada Ltd.

Vacancy rates are rising. New builds are increasing. And renter expectations? They’ve evolved faster than many property managers anticipated. According to Yardi’s latest Canadian Multifamily Report, the national vacancy rate reached 4.0% in Q1 2025 — the highest it’s been since 2021. With thousands of new rental units coming online, standing out in a saturated market has never been more critical. Data from simplydbs further reinforces this shift, showing that 92% of Canadian renters now prefer to engage with rental communities online.

So the question isn’t just whether your portfolio is performing — it’s whether your digital experience is keeping up.

Being online isn’t enough — you need to be engaging

Today’s renters aren’t simply browsing — they’re judging. Your online presence is often their first impression. Across Canada, forwardthinking residential managers are seeing stronger results when their websites go beyond static listings and deliver intuitive, mobile-first experiences. This includes everything from SEO-optimized content to dynamic availability, clear pricing and lifestyle-rich media.

Property managers who prioritize seamless user journeys — especially those who integrate features like virtual tours, real-time unit availability and accessibility tools — are increasing both site traffic and lead-tolease conversion rates.

From click to commitment: converting with confidence

Getting renters to your site is just the first step. Converting them requires both immediacy and trust. A 2024 Yardi study found that communities using AI-powered leasing assistants experienced a 25% increase in conversion rates. Why? Because these tools respond instantly, 24/7, and help applicants navigate their leasing journey without friction.

Fraud prevention tools are also playing a major role in increasing operational efficiency. According to simplydbs, more than half of Canadian housing providers reported an increase in fraudulent applications last year. By verifying applicant identity within seconds — even before a tour is scheduled — leasing teams are reducing manual

review, saving time and protecting against risk. These safeguards don’t just screen out bad actors. They streamline the process for legitimate renters, too.

Retention starts with responsiveness

Attracting and signing renters is important — but keeping them satisfied is where long-term value lives. Maintenance has emerged as one of the biggest differentiators. Property managers using intelligent maintenance management systems are giving residents more control over how they communicate issues, while also empowering site teams to triage and respond more effectively.

These systems make it easier to prioritize work orders, assign tasks and close tickets faster. One Canadian residential company saw marked improvements in resident satisfaction and team productivity after implementing a digital-first maintenance strategy. When residents feel heard — and when fixes happen fast — renewals rise and reviews improve.

Get ready for what’s next

From awareness to retention, the full renter lifecycle is shifting. Are you evolving with it? Building a strong digital foundation, streamlining operations and strengthening trust at every touchpoint is key to success in today’s market.

Learn more at yardi.com.

IN THE CANADIAN APARTMENT INDUSTRY

MetCap Living k nows the impor tance of your proper ty investment With over 37 years in professional proper ty management and experience in owning and managing all aspec ts of multi-unit housing, we have the exper tise to boost your NOI. From Marketing, Leasing, Utilities and Site Management, Collec tions and Accounts Receivable, we tailor our ser vices to your needs.

We manage over $4 Billion in assets owned by private families and institutional investors. Our focus is on revenue growth and vacanc reduc tion, while maintainting stric t control over expenses. We also have three engineers on sta for those di cult capital projects!

To ensure the health of your bottom line, contac t:

CANADIAN APARTMENT WHO’S WHO 2025

Industry Hot Topics

CLV Group poised to expand multifamily portfolio

Ottawa-based CLV Group is poised for a 74 per cent expansion of its multifamily portfolio through an agreement to purchase the assets of InterRent Real Estate Investment Trust (REIT) and take them private. The REIT’s board of directors has tentatively accepted a CAD $4 billion cash offer in the form of a $13.55 per unit payout and the assumption of net debt, but the deal still requires unitholder and regulatory approval.

As well, it comes with a potential sweetener via a 40-day go-shop period in which the REIT can entertain offers from other purchasers. CLV Group and its partner in the proposed acquisition — the global investment management firm, GIC — would then have the option of matching any of those bids. However, $13.55 per unit already represents a 29 per cent premium on the REIT’s volume weighted average price (VWAP) for the 90-day period ending May 29, 2025.

“We are pleased to provide immediate and certain premium value to our unitholders through this all-cash transaction with CLV Group and GIC, while also allowing InterRent to solicit superior proposals through a go-shop period of 40 days,” says Brad Cutsey, chief executive officer and trustee of InterRent.

Single-family outpace multifamily growth

Canada’s rental housing landscape is shifting, with singlefamily rental (SFR) households growing at a faster rate than multifamily rentals. According to new research from Pointe2Homes, SFR households increased by nearly 15 per cent nationwide, surpassing the 9.4 per cent growth seen in multifamily rentals.

Comparing data from Statistics Canada in 2016 and 2021, analysts for the study speculate that the rise in SFR occupancy was driven by affordability challenges, rising mortgage costs, and shifting lifestyle preferences. Many Canadians are opting for rental homes that offer more space and flexibility without the commitment of homeownership.

The study also notes solo renters are playing a significant role in this shift, with one-person households in single-family rentals increasing by 19.6 per cent, nearly double the growth rate of solo apartment renters.

“The historical trend in Canada has been that people want to form independent house-holds,” said Dr. Nathanael Lauster, associate professor of sociology at the University of British Columbia. “But when housing is scarce and expensive, they adapt by living in ways they wouldn’t otherwise choose.”

Ontario and Québec are leading the charge, with eight Ontario cities and two Québec cities experiencing over 50 per cent growth in SFR households. Markham, Mirabel, and Richmond Hill have seen the largest increases, with Markham’s SFR households surging by nearly 70 per cent. Even major urban centres like Toronto, Ottawa, and Calgary recorded significant gains, each adding over 8,800 new single-family renter households.

The study highlights that newly constructed homes are increasingly being rented rather than purchased. For instance, 55.1 per cent of homes built in Montréal between 2016 and 2021 were rented by 2021, with Toronto and Vancouver following closely at over 42 per cent.

Unitholders will consider the proposal in a special meeting sometime in the third quarter of 2025. Acceptance of the offer will be contingent on the approval of at least two-thirds of voters, which must include a majority of the unitholders who have no interest in CLV Group, GIC or any of their affiliates. With unitholder and regulatory approval, and the consent of Canada Mortgage and Housing Corporation (CMHC) and certain existing lenders, it’s anticipated the deal would close in late 2025 or early 2026.

“We are delighted to partner together with GIC on this transformative transaction, combining our 50 years of operating experience and GIC’s strong track record as a long-term investor in Canada and around the world,” says Mike McGahan, CLV Group’s president and chief executive officer. “We look forward to continuing to deliver exceptional value to residents through the operational excellence of our combined CLV and InterRent teams.”

As of April 2025, InterRent holds roughly 13,400 rental housing units in 123 buildings, largely located in the Greater Toronto and Hamilton Area, Greater Montreal, Ottawa and Greater Vancouver. CLV Group currently has more than 7,700 multifamily units as part of portfolio of CAD $3 billion in assets under management.

Mixed-use community coming to Waterloo

The City of Waterloo has approved the sale of the city-owned Former Kraus Lands to Urban Legend Developments (ULD), for building a mixed-use community for nearly 5,000 residents.

The 34-acre greenfield site, located near University Avenue and Woolwich Street, will feature a mix of affordable and attainable housing options and commercial amenities like a grocery store, retail promenade, event space, public trails and green space.

Plans call for 1,800 new homes, with 100 permanently affordable options—30 rental and 70 ownership units—offered in a mix of one- and two-bedroom layouts. A built-in legal frame-work will ensure these homes remain affordable in perpetuity.

Sustainability is also embedded throughout, with features such as green roofs, solar panels, permeable pavement, rooftop water storage, LED lighting, and more than 2,000 new trees. The neighbourhood will also include EV0charging stations, naturalized stormwater systems, and green building elements like oversized windows and natural ventilation. At least 25 per cent of the site will remain dedicated to parks, open space, and trails, including a universally designed park and preserved natural buffers.

The Former Kraus Lands were made available through a request for expression of interest issued in June 2020. Following a multi-year process involving collaboration, public and First Nations engagement, and project refinement, ULD was selected to lead the transformation of the site.

“Our team is thrilled to be working alongside the City of Waterloo on such a transformative project,” said Paul Leveck, president of ULD. “This is an incredible opportunity to help real-ize the City’s long-term planning goals—bringing muchneeded housing, delivering inclusive community spaces, and setting a new standard for sustainable neighbourhood design in Waterloo.”

Construction of this new community will take place over the next 10 years. The next stage will focus on detailed design and planning approvals, laying the groundwork for site servicing and the first phase of residential construction. Ongoing consultation with key groups including First Nations will continue, as well as public consultation to align with the various planning phases of the site.

Montreal shopping site to become $3.5B mixed-use community

Avast site in the east of Montreal, currently occupied by two shopping centres, will be redeveloped into a transit-connected mixed-use neighbourhood. The project will unfold over seven phases spanning 15 years and require a total investment of $3.5 billion.

Groupe MACH is planning to include 7,000 residential units as well as a structuring linear park for the LANGELIER project. The neighbourhood will span 1,450,000 square feet, comparable to 25 football fields, at the intersection of Jean-Talon Street and Langelier Boulevard.

Out of the first phase will come five residential towers totaling 1,000 housing units (condo-miniums and rentals) and 250 social and community housing units dedicated to students. It will also feature a 75,000-square-foot cultural centre composed of a library, multifunctional rooms, and a 250-seat performance hall, which will be arranged around a public square centred on the future metro station. All gentle mobility paths of the project converge towards this square. Completion of this phase is expected to coincide with the opening of the new station, scheduled for 2031.

Currently, the site stands as a major heat island. The proposal aims to transform it into a people-centric urban hub that emphasizes environmental sustainability, promotes active mobility and fosters social diversity. The constructed areas will total about 5.8 million square feet.

“This is the largest mixed-use development in Greater Montreal in recent years,” said Daniel Arbour, vice-president, Major Projects, Groupe MACH. “Our vision is centred on human-scale urbanism, aiming to revive a declining urban landscape.”

The new neighbourhood will also entail a Quebec first: the creation of a residential complex through a limited partnership between Groupe MACH and Transgesco, which will leverage the assets of the Société de transport de Montréal. Two residential towers will directly link to the future blue line station at Langelier.

This partnership was possible through adoption of Bill 61 last December, which permits transport companies to partner with third parties for the construction of real estate projects and establish subsidiaries for this purpose.

What also makes the project unique is designing a mixed-use community of this scale with gentle mobility—particularly pedestrian mobility—as a guiding principle and closely integrating it with major infrastructure like public transportation.

Groupe MACH is promising to give residents direct access to public transit, no matter where they are located within the community. Adding a network of continuous pedestrian paths, secure bike lanes, and seamless routes linking shops, residences, and public and community spaces will permit individuals to traverse the entire area and reach the metro station within eight minutes on foot

Montreal’s crackdown on short-term rentals

Montreal has introduced strict new rules for short-term rentals in an effort to ease the housing crisis and crack down on unauthorized listings. In March 2025, city council passed a bylaw restricting short-term rentals of principal residences to just three months a year, from June 10 to September 10. Outside of this period, only full-time Airbnb units operated by commercial enterprises will be permitted, and violators will face fines of $1,000 to $2,000. Hosts are required to obtain a $300 permit and register with the province. Principal residences may only be rented for periods of 31 days or less.

The new enforcement measures come after a tragic fire in Old Montreal in 2023 that resulted in the deaths of seven individuals, six of whom were residing in illegal Airbnb rentals. In response to the incident, the Province of Quebec enacted legislation mandating platforms such as Airbnb to display tourism license numbers on their listings. Montreal city officials report that illegal short-term rentals have persisted despite these regulations, noting that as of January 2025, over half of the 4,000 short-term rental units in Montreal were not authorized to operate.

Residential rents down slightly from 2024 peak

The average asking rent for residential properties in Canada reached $2,129 in May, remaining virtually unchanged from April, according to the latest National Rent Report from Rentals.ca and Urbanation. While rents have declined 3.3 per cent year-over-year, marking the eighth consecutive month of annual decreases, they remain 12.6 per cent higher than three years ago.

“The easing in rents this year across most parts of the country is a positive for housing affordability in Canada following a period of extremely strong rent inflation lasting from 2022 to 2024,” said Shaun Hildebrand, President of Urbanation. “Rents have recently been impacted by the combination of a surge in supply from new apartment completions, as well as a slowdown in population growth and a heightened level of economic uncertainty.”

Among property types, condo rentals saw the strongest monthly growth, rising 0.8 per cent to $2,192, while house and townhome rentals increased 0.3 per cent to $2,196. Purpose-built rentals edged down 0.1 per cent to $2,117, with an annual decline of 2.0 per cent.

Three-bedroom purpose-built apartments remained the strongest-performing segment, with rents increasing 3.9 per cent year-over-year to $2,743. Meanwhile, studio rents saw the largest annual decline, dropping 5.1 per cent to $1,762

“By adopting its bylaw on short-term tourist accommodation, Montréal is seeking to increase the supply of housing within city limits by encouraging the return of many dwelling units to the rental market,” the official website states.

On the flipside, short-term rental platforms worry that the new restrictions will hurt tourism, raise hotel prices, and deter Quebecers from traveling. Airbnb has criticized the regulations, pointing out that 140,000 people used its rentals in Montreal in 2024, and a three-month annual rental limit may harm tourism and the city’s ability to host major events.

“Instead of enacting extreme and short-sighted restrictions, the City of Montreal should pursue sensible regulations that balance the needs of residents, hosts, and the broader tourism economy,” said Alex Howell, Policy Lead, Airbnb, Canada. “We strongly urge policymakers to reverse this economically damaging law and work collaboratively to support responsible short-term rentals that benefit the city, its economy, and its people.”

SMART SOLUTIONS FOR SOUND PROBLEMS

Tackling noise in apartment living using surveillance tools

Noise complaints are a common issue in apartment buildings, requiring landlords and property managers to allocate time and resources to address them. Whether it’s loud music, social gatherings, pets, or construction activities, unresolved, recurring noise issues can hurt tenant satisfaction, increase turnover, or trigger formal disputes.

Multi-residential buildings, especially those located in densely populated areas, tend to experience higher levels of ambient and activity-related noise,” observes Michael Almeyda, Business Development Manager at Axis Canada. “These buildings are ringed by urban life— traffic, public transit, nightlife, and local businesses. From within, residents are also subject to noise from elevators, pipes, creaking floors, and even exterior factors like wind. While a number of these noises are simply a part of the city life, noisier disturbances like booming music, yelling, or barking dogs can generate complaints.”

Som etimes these grievances can be a symptom of a bigger problem like underlying neighbour tensions, design limitations, or policy gaps—all of which can be difficult to assess without objective data.

“In today’s more complicated vertical communities, noise management isn’t just about quiet hours,” says Almeyda. “It’s about better design, smarter policy, and the right technology working together.”

Innovative ways to combat noise complaints

Advancements in technology are bringing more innovative solutions to the table, helping building owners manage noise

complaints more equitably and effectively than past systems and protocols could.

“The integration of intelligent audio analytics and event-triggered video surveillance is particularly successful,” Almeyda notes. “Intelligent audio analytics can identify disruptive sound patterns, such as shouting, loud music, or other sounds like car alarms or breaking glass. These analytics are designed to detect specific frequency changes—not voices or conversations. This represents a significant advancement in balancing privacy with proactive response.”

When paired with event-triggered video monitoring, property managers and security

officers can get a much clearer picture of what’s going on.

“Let’s say a loud argument breaks out near the lobby,” he suggests. “The system would capture it visually and provide the context needed to decide whether action is necessary. It decreases dependence on subjective tenant reports and enables quicker, evidence-based decisions.

Furthermore, these systems can facilitate trend analysis over time, allowing users to document repeated noise incidents on a dashboard, and in turn enabling various planners to visualize patterns that inform decisions, such as soundproofing targeted areas, updating quiet-hour regulations, or even redesigning spaces to mitigate in-unit noise. Crucially, this enhances operational efficiency through the use of business intelligence.

“In terms of privacy, we understand that tenants are cautious when it comes to surveillance,” he points out. “That’s why it has to be a built-in priority, and not an afterthought. The technologies being used today are designed specifically to avoid intrusion. Audio analytics systems, for instance, do not capture or store conversations – they identify sound patterns without recording speech. Similarly, video surveillance in shared spaces often includes privacy masking, which can blur areas or individuals not relevant to a triggered event.”

But ultimately, the use of technology alone doesn’t earn trust; communication must be central from the get-go.

“It’s important that residents understand what’s being used, where it’s being used, and why,” Almeyda points out. “We always recommend clear signage, updates during onboarding, and open channels to explain how the systems work and how data is protected. This level of transparency helps reduce

privacy isn’t just a checkbox it becomes a reassurance.”

Michael Almeyda is Business Development Manager at Axis Canada. With 17+ years of industry experience, he’s led notable projects in healthcare and education, leveraging his expertise to enhance safety and communication. For more info on innovative surveillance tools, visit www.axis.com

LEVERAGING TECHNOLOGY FOR SUCCESS

Digital Solutions for Modern Property Management

Technology is a game-changer for property managers, helping streamline operations, reduce costs, and improve tenant satisfaction. Here are some smart new solutions worthy of your consideration:

IMPROVED PROPERTY ACCESS

ButterflyMX goes beyond an intercom system to deliver seamless access management for multifamily, commercial, gated communities, and student housing. Described as a “complete property access solution” the platform simplifies security and convenience, allowing residents to open doors, gates, and elevators using their smartphones. ButterflyMX effortlessly integrates with access control and property management systems, leading to lower costs while enhancing resident satisfaction. For more information, visit: butterflymx.com

AUTOMATED RENT REPORTING

Zenbase offers an automated rent reporting and split rent payment solution designed to improve financial wellness for renters while enhancing operational efficiency for property managers. Renters can build their credit by having their rent payments reported to Equifax, helping them leverage their largest monthly expense to boost their credit score. Additionally, Zenbase allows tenants to split their rent payments into smaller, manageable installments, reducing financial stress and avoiding late fees. The platform integrates seamlessly with property management systems, streamlining cash flow and improving resident retention. For more information, visit: myzenbase.com

CLOUD-BASED MANAGEMENT SOFTWARE

Building Stack is a Canadian property management software designed to streamline operations for landlords and property managers. The cloud-based platform covers the entire tenant lifecycle, offering features such a tenant portal for easy communication and maintenance requests, online payment processing, expense tracking, and credit checks. Building Stack is widely used across residential and commercial properties in Canada, helping property managers improve operational efficiencies. For more information, visit: buildingstack.com