Market Report
Southwest Ontario Multifamily Market Report
3Q 2024
Investment by Federal Government
Could Transform Southwestern Ontario
Multifamily demand to be well-supported. Various forms of investment from Canada’s federal government will likely benefit multifamily performance over the long term. These projects include the 2025 completion of the Gordie Howe Bridge — expanding trade and tourism capacities with the United States — as well as recent commitments by Stellantis, Volkswagen and Honda to open state-of the-art EV battery manufacturing plants within the region amid hefty government incentives. These investments combined will expand labour opportunities within Southwestern Ontario and lead to higher incomes. In addition, as a more budget-friendly destination compared to the neighbouring Greater Toronto Area, the region has experienced a steady inflow of net positive intra-provincial migration in recent years. With a large share of these new arrivals being young adults, they have widened the gap between household formation and total housing completions. Consequently, these factors combined paint a positive long-term outlook for the metro’s apartment rental sector.
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