Boardwalk REIT is staying focused on maintenance and upgrades despite a foray into development, says its president and CEO.

Sam Kolias, the apartment REIT’s chairman and CEO, told CBC that new construction is too expensive and too challenging for the company’s liking.

“We’ve got a much smaller allocation of our capital for brand new supply,” he said.

Calgary-based Boardwalk owns about 33,000 apartment units primarily in Alberta. The REIT’s 200-property portfolio also includes assets in B.C., Saskatchewan, Ontario and Quebec.

A regulatory filing shows that Boardwalk has adjusted its growth strategy by starting to develop projects in Greater Victoria and Brampton, Ont. Boardwalk has traditionally avoided development, but the REIT adjusted its tweaked its strategy because of surging apartment demand, CBC reported.

Boardwalk ranks among Canada’s top REITs in year-over-year revenue gains, CBC noted.