Market Report
Southwestern Ontario Multifamily Market Report
2025 Investment Forecast
Economic Growth and Diversification
a Tailwind for Multifamily Performance
Widespread investment aids apartment rentals. Record population growth and intraprovincial migration among younger generations – aided by a lower local cost of living and hybrid work – have all benefitted multifamily fundamentals in recent years. While the metro’s relative affordability compared with the Greater Toronto Area will continue to support population gains in the years ahead, a more structural driver for apartment performance comes from the evolving job prospects created by a diversifying economy. Not only is the city of Kitchener- Waterloo known to be one of the largest and fastest-growing tech centres in North America, but Hamilton is also emerging as a hub for the health care and life science sectors. Moreover, regions across Southwestern Ontario are attracting large automotive firms looking to expand electric vehicle production. Along with the expected completion of the Gordie Howe International Bridge, the region will play a growing role in facilitating trade with the United States. All of these factors are also complemented by Southwestern Ontario’s large university presence, which generates a talented labour pool and acts as a tailwind for employment growth as well as multifamily demand over both the short and long term.
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