Southwest Ontario Retail Market Report

Connectivity to aid retail sector. Southwestern Ontario saw its population grow by a historical rate of 3.0 per cent in 2023, fueled by record immigration, hybrid work and the region’s lower cost of living. Looking ahead, healthy gains are likely to sustain. The metro has a diverse economy with growing job prospects and has also seen investment in infrastructure enhance overall connectivity. Residents have long had access to Toronto’s GO network, which is in the process of expanding all-day operations. More regional-based projects have also reached completion. The ION light-rail system, for example, connects Kitchener to Waterloo and has future plans to expand to Cambridge. In addition, Guelph is in the early stages of a potential passenger train also connecting to Cambridge, which would join all major cities in the Western Greater Golden Horseshoe. If materialized, these projects will further advance Southwestern Ontario’s reputation as a lower-cost alternative to Toronto, supporting long-term population growth and retail property performance.