Canadian multi-family real estate market performance remains exceptional as demand exceeds supply, says Yardi in a new report.
And, conditions are likely to continue for the foreseeable future, says Yardi in its quarterly Canadian multi-family market report.
Rent growth continued to escalate in the third quarter as the average in-place rent rose $26 to an all-time high of $1,457 for a one-bedroom suite. (Yardi defines in-place rent growth as monthly rent per unit for all leases, including new lease rents, renewal lease rents and existing leases.)
Year-over-year rent growth increased for the seventh straight quarter, to 6.1%. Nationally, Alberta led provinces in rent growth as it rose 3.1% in the third quarter and 9% year-over-year.
Among large markets, Calgary led with 3.7% growth in the third quarter and 12.6% year-over-year, while Toronto and Edmonton tied for second (6.2%) and Hamilton (6%) ranked third.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.