Domestic institutional investors and private capital are expected to maintain strong interest in Canadian self-storage assets despite some key challenges, says SmartStop’s head of Canadian investment.

In an interview with Connect, Bliss Edwards cited stable cash flow, operational upside and limited supply in many major markets as key reasons for her company’s optimism.

Her comments come as virtually all Canadian commercial real estate asset classes face potential severe disruptions due to Canada-U.S. trade tensions, global geopolitical uncertainty, particularly the war in Iran, changes in Canada’s immigration policy and other risks.

Edwards, also a SmartStop executive vice-president, said investor participation in alternative real estate sectors remains lower in Canada than in the U.S., leaving room for further growth. She added that recent transactions in the sector show some buyers, such as Brookfield Asset Management and QuadReal Property Group, are willing to pay premiums to gain scale and establish a presence in self-storage markets where they were previously absent.

“My outlook for the Canadian self-storage market as a whole would be that it is going to be very stable for the next year to two years with respect to occupancy and [rental] rate growth while we right-size our population growth and immigration numbers,” she said. “But long term, the fundamentals that make Canada really good are still there. It’s still a country where we still do have population growth. We have the six major metropolitans that are all under-supplied and we have buying habits that are similar to the U.S.

“So, my outlook for the Canadian self-storage market is still very positive.”

Edwards’ sunny outlook comes despite a near-term moderation in population growth and immigration. Over the longer term, she added, Canada will continue to benefit from population growth.

She identified the Greater Toronto Area, Greater Vancouver region and Greater Montreal Area as standout markets for continued investment because of low supply per capita and strong demand drivers such as condo living and longer-term renting.

In British Columbia, Edwards said, Vancouver remains an attractive long-term market despite development challenges tied to land values, property taxes and geographic constraints. She said the region’s limited land supply and continued desirability as a place to live should support future self-storage ownership and development.

SmartStop is continuing to target Canada’s six largest metropolitan areas and other major growth markets where population gains are strongest. Edwards said the REIT currently has about 1.3 million square feet of self-storage space under construction nationwide, representing nearly 11,000 units, with the latest projects expected to open by December 2027.

Edwards earned a 2025 Canadian Women in Real Estate Award from Connect.

Ladera Ranch, Calif.-based SmartStop is a self-managed REIT with more than 460 owned and managed self-storage facilities located across North America, including upwards of 50 in Canada. The REIT has approximately 35 msf of rentable space.

Pictured: SmartStop storage facility in Brampton, Ont.

Photo: Courtesy of SmartStop