Updates On Rents Across The Country

[00:00:00] Welcome to The Canadian Real Estate Investor, where hosts Daniel Foch and Nick Hill navigate the market and provide the tools and insights to build your real estate portfolio.

[00:00:12] We are going to be analyzing Canada's rental market landscape for the fall of 2024 and looking at trends, patterns, and data that will ideally help us make more informed investment decisions for 2025.

[00:00:28] 2024 has been a volatile year for investors, landlords, and renters alike. It was a year of change that has left us questioning a few things.

[00:00:42] What happens when record-breaking supply meets unprecedented demand?

[00:00:48] Why are new tenants facing staggering 23.5% rent hikes?

[00:00:55] And how is the recent cap on international students affecting rental markets across the country?

[00:01:03] Welcome back to the Canadian Real Estate Investor Podcast. My name is Nick Hill. I'm joined by Daniel Foch.

[00:01:08] And today we are covering and breaking down CMHC's fall rental market report, which shares detailed insights on major markets across the country.

[00:01:20] From Victoria to Halifax, we will explore how 18 major markets are navigating these changing times.

[00:01:29] We'll uncover why Calgary is outpacing all other urban centers in rent growth and why Toronto, surprisingly, is showing the lowest rent increases among major cities.

[00:01:42] So stay with us as we break down these crucial developments and what they mean for renters, landlords, and the future of Canada's rental housing market.

[00:01:50] Let's start with the highlights from the report here, Nick.

[00:01:54] Yeah, for sure, Dan.

[00:01:54] So the rental market conditions across Canada's large urban centers remained tight despite lessening market pressures in some of these centers due to record level growth in supply outpacing strong demand.

[00:02:10] The average vacancy rate, for instance, for purpose-built rental apartments rose 2.2% in 2024 from 1.5% in 2023, still remaining below the 10-year historical average.

[00:02:25] Yeah, it's interesting from my perspective because they talk about rents slowing, but they don't talk about rents falling.

[00:02:31] Although, you know, we've already covered this on the show from the rentals.ca report, I would say their data, like this is Q3 data from the report, so kind of I would caveat with that.

[00:02:41] There are some good takeaways for what's happening in a lot of the markets, but it does lag a little bit from my perspective.

[00:02:46] Yeah, for sure.

[00:02:47] I mean, we know that most data like this, any real data worth covering lags because it has to be collected and then, you know, and then put out.

[00:02:55] And, you know, just on that Toronto piece, though, I can't help myself.

[00:03:00] I live in a great place here in Toronto, but I have been, you know, just out of curiosity because you see the headlines.

[00:03:05] I've been looking at a lot of Toronto rentals recently just for fun, and not only are there thousands available, but they're actually, dare I say, reasonably priced compared to some of the stuff we've seen in the last couple of years.

[00:03:20] Yeah, yeah, I think like the, I would say rents have been falling for several months in a row in certain markets.

[00:03:27] And so, again, I do think that there is a relatively large lag in a lot of the data that we're seeing here on this CMHC report.

[00:03:36] So I would just caveat with that.

[00:03:37] And we've observed this as well when we talked about how the Bank of Canada is kind of using CMHC data probably because they're government agencies.

[00:03:45] They share data.

[00:03:46] They operate based on the data that the government has collected for them.

[00:03:50] They are saying rent inflation is up in their calculations of CPI, yet I would say rent inflation is probably down on a year-over-year basis given rents are falling.

[00:04:02] So it does say in the highlights average rent growth slowed with rents for two-bedroom units rising by 5.4% down from the record 8% in 2023.

[00:04:11] And again, this is Q3 over Q3.

[00:04:13] So a lot of the falling in rents that we've observed on the rentals.ca data set, and I'll give a little bit of context from that report as well later in the episode.

[00:04:23] But a lot of the rents that we've seen falling have happened in Q4, right?

[00:04:28] October, November, December, rather than in Q3, which is when this is from.

[00:04:33] Rents increased by 23.5% when units turned over, which is close to 2023 rates.

[00:04:39] So that means basically if you, like what you just described, Nick, if you turned over, if you left, you might actually be paying above market rent if rents are falling.

[00:04:48] And so if it turned over, that owner might actually be realizing lower rents.

[00:04:52] But the cumulative increase in rents over the last little bit, let's say you were there for three or four years and your rents didn't climb as much, and you're in maybe a market like Calgary or something like that.

[00:05:03] And rent hikes on turnover units accounted for more than 40% of the overall rent increase that's being observed.

[00:05:09] So that's where a lot of that data is coming from.

[00:05:12] Yeah, it's really interesting.

[00:05:13] It really seems kind of like a time and a place thing.

[00:05:16] I mean, rents have been so all over the place in the last couple of years, right?

[00:05:18] We, you know, before COVID, rents were high.

[00:05:23] And then there was that period of COVID where you could get COVID rentals where people were paying, you know, 10, 20, 30% in some cases less than what, you know, quote unquote market rent would be.

[00:05:33] Then it was just going up and up and up.

[00:05:35] But again, we've seen a lot of these landlords who own rental properties suffer and lose money because of interest rates and variable rates.

[00:05:47] So it just becomes a very complex situation.

[00:05:50] Now, despite the slowdown in rent growth, rental affordability remained strained.

[00:05:55] The increase in rental stock was driven by newly completed higher priced units, which were unaffordable for many renters and primarily served higher income.

[00:06:07] Yeah, so let's elaborate a little bit on the rent prices slowing, which has obviously been a welcome shift for renters and a concerning metric for some landlords and property owners who have been relying on inflated rent prices or cash flow or were underwriting their deals when they started at lower vacancy rates, which we're going to get to when we talk about Calgary, one of the big observations in vacancy that scares me.

[00:06:29] But so I'm going to pull up the rentals.ca year over year changes from December just to show you what December looked like.

[00:06:37] Because again, CMHC's report, really good report, but we're using Q3 data here.

[00:06:42] Vancouver is down 11.6% year over year.

[00:06:46] Burnaby is down 11.3% year over year.

[00:06:48] Toronto down 8.5% year over year.

[00:06:51] Mississauga down 1.9% year over year.

[00:06:54] Brampton is up 3.9%.

[00:06:56] And then you've got Burlington up about 1%, followed by North York, Etobicoke, and Victoria all down.

[00:07:03] And then Barrie is actually up at 8.9%.

[00:07:07] And that's number 10 on the list.

[00:07:08] So I'll leave it at those 10.

[00:07:10] Those are the top 10 most expensive markets.

[00:07:12] But so this is just where I want to observe the differences in data that we're seeing in that quarter over quarter versus year over year.

[00:07:19] Yeah, yeah, for sure.

[00:07:21] So I mean, look, across Canada, rental market conditions overall grew more consistent throughout 2024.

[00:07:28] Well, we did see most census metropolitan areas, CMAs, see a slowdown in rent growth.

[00:07:36] There were some notable exceptions.

[00:07:38] Dan, what was the first one?

[00:07:40] So Toronto experienced minimal rent growth driven by higher vacancies, low turnover, and rent control.

[00:07:47] And again, rentals.ca tells us that rents are actually falling currently in the city of Toronto and probably the 905 as well.

[00:07:54] Purpose-built rental landlords maintained existing tenants with small increases as condo supply expanded because we are seeing that big flood of supply.

[00:08:01] You've also got Vancouver and Montreal seeing stronger rent increases than Toronto.

[00:08:07] Again, maybe not growing massively, but stronger than Toronto due to tighter markets and higher turnover rates and probably people leaving markets like Toronto in search of affordability.

[00:08:18] Yeah.

[00:08:18] Speaking of affordability, Ottawa and Edmonton were two CMAs that bucked that trend with overall rent growth slightly accelerating.

[00:08:26] Both these areas caught up to provincial averages in 2024 due to the pull factor of affordability resulting in stronger rental demand with modest increases for those existing tenants and then larger hikes for new ones.

[00:08:41] Yeah.

[00:08:42] And Calgary led all major urban centers in rent growth despite slowing in 2024 driven by strong demand.

[00:08:48] Obviously, fastest growing province on earth.

[00:08:51] Fastest growing, yeah.

[00:08:51] Fastest growing, sovereign, I guess.

[00:08:53] Sub-sovereign, yeah.

[00:08:54] Sub-sovereign state or whatever they're calling it.

[00:08:56] Yeah, I think 11%.

[00:08:57] But yeah, I mean, so Calgary, look, it makes sense.

[00:08:59] I think you are, again, you are starting to see that rollover if not even decline based on some of the data.

[00:09:04] And I'll check the rentals.ca in a second.

[00:09:06] Updated rental stock and lack of rent control allowed landlords more freedom to raise rents for both new and existing tenants.

[00:09:12] Because again, remember Calgary has vacancy, kind of a vacancy decontrol, not really a rent control on their rents there.

[00:09:19] So that's one of the factors where landlords are probably increasing rents if the market's climbing, right?

[00:09:27] In a market like Calgary where there's no rent control.

[00:09:30] Yeah.

[00:09:30] Yeah, exactly.

[00:09:31] Do you want to comment on any of these charts or graphics here, Dan, before we keep going?

[00:09:35] Not really.

[00:09:36] Like I think that it does just show that rent growth slowed in most of Canada's largest rental markets.

[00:09:41] Last year, the fastest growing market was Calgary.

[00:09:44] This year, the fastest growing market was Calgary.

[00:09:46] Again, Halifax was number two after Calgary.

[00:09:51] And Halifax has slowed to being one of the slowest rent growths.

[00:09:55] So that's another market where you're seeing a lot of that GTA exodus, right?

[00:10:00] People.

[00:10:00] And honestly, like it's really worth thinking about, are we seeing people from Toronto who moved to Halifax or Calgary actually coming back to Toronto now that the rents are more affordable and affordability is improving in the GTA market?

[00:10:16] Yeah.

[00:10:17] I mean, affordability really does seem to be the driving factor.

[00:10:19] And, you know, I wonder how many times we've said the word affordability on the show over the last couple of years.

[00:10:25] You know, new tenants across Canada continue to face significant rent hikes.

[00:10:30] You've heard about it in the news.

[00:10:32] You've probably heard about it with friends or family.

[00:10:34] Rents for units that turned over, as we were talking about just a few minutes ago, Dan, some of those rose by over 23%, getting back to the crazy rates we saw in 2022 and 2023.

[00:10:47] You know, turnover impacted one in eight units.

[00:10:53] So a somewhat significant amount.

[00:10:56] And these units contributed to more than 40% of the total rent increases.

[00:11:00] So it seems that when a unit was turned over, it was turned over and that price was jacked right up.

[00:11:07] Yeah, for sure.

[00:11:10] Let's talk about PBRs, not to be confused with Pabst Blue Ribbons, Purpose Built Rentals.

[00:11:15] I saw that in the, I was like, is he going to make the joke?

[00:11:17] Of course he made it.

[00:11:18] Of course he made it.

[00:11:18] I had to.

[00:11:19] I had to.

[00:11:19] I don't think we've made that joke in a while.

[00:11:21] Recycled joke.

[00:11:22] We've come up before because Purpose Built Rentals have come up before, right?

[00:11:25] So we're witnessing pretty much in real time a massive pivot to purpose built rental because the condo product really just isn't viable anymore.

[00:11:36] In the absence of all of these buyers lining up to buy pre-construction condo investments, or that's what they call them.

[00:11:42] Calgary and Edmonton built the most new rental units of all major Canadian cities.

[00:11:46] And again, pay attention here because this is really important from my perspective.

[00:11:50] For all of the people who are lining up to buy these MLI select deals, you're about to have an oversupplied Alberta market, right?

[00:11:57] We've been talking about MLI for two years.

[00:11:59] Two years ago, it was a great deal.

[00:12:01] Right now, going high leverage in a market that is seeing increasing vacancy and a huge increase in brand new supply, going to be a tough thesis, especially if you're only 10% cash flow positive.

[00:12:12] So pay close attention to what's happening in these markets and CMHC observed this in their Calgary section, which we're going to get to later.

[00:12:19] I think that this is a very big risk factor that's happening right now.

[00:12:23] Most of these new apartments became available in the last half of 2024 because there were so many new units.

[00:12:29] It also took longer than usual to find tenants.

[00:12:32] Both cities now have a higher vacancy rates than the other major cities.

[00:12:36] And in Calgary specifically, it jumped up massively for brand new product.

[00:12:40] Yeah, I mean, anecdotally, Dan, you and I have a lot of really great contacts, friends, students, clients in the Alberta market, whether it's Calgary, Edmonton, or the couple of cities kind of peppered in between the two.

[00:12:53] And I have heard that story too many times.

[00:12:57] And it's really been a recent thing, too.

[00:12:59] Only in the last, I don't know, six months have there been people saying, look, I can't rent this thing out.

[00:13:05] And people are having to drop rent or incentivize or offer to pay for utilities and that kind of stuff.

[00:13:12] Yeah, and CMHC is actually adapting their policy on a lot of this where basically they're doing this thing called a rental achievement holdback.

[00:13:19] So if you underwrote your project at 1% vacancy and now all of a sudden you're asking CMHC to refi, but you're at a 7% vacancy or something, they're not going to give you the money or they'll only give you the percentage relative to whatever your reduced income or reduced vacancy is.

[00:13:36] So if you didn't hit your rents or if you didn't hit your occupancy targets, they're just going to scale your loan back.

[00:13:41] And then a lot of people who needed to take that money out of the project are now going and getting mezzanine loans or something like that.

[00:13:47] So this is very quickly becoming a high risk project.

[00:13:50] We've said this from the start.

[00:13:51] You got to know what you're doing for that one because you're getting into apartment buildings.

[00:13:55] This isn't just some, it's not like buying a duplex or whatever, right?

[00:13:59] And now all of a sudden that risk is materializing very quickly in some of these markets.

[00:14:02] So tell me about Montreal right now because Montreal is absolutely like, I look at this chart here.

[00:14:07] And for those of you who follow us on YouTube, we do like the first 10 minutes.

[00:14:11] Of our episodes now on YouTube.

[00:14:14] If you want to follow the charts and see what we're looking at.

[00:14:17] Montreal, absolutely standout performance.

[00:14:20] And it wasn't just this year, last year as well.

[00:14:21] But talk to me about this.

[00:14:23] Like crazy, crazy standout performance.

[00:14:25] I mean, Montreal led major Canadian cities in new rental apartment constructions in 2024 and in 2023,

[00:14:32] although 2024 levels were a little bit less than last year.

[00:14:35] Now, despite high rental demand due to the city's large renter population,

[00:14:40] longer tenant search times and increased unit availability have pushed vacancy rates up.

[00:14:45] You know, looking at this chart here.

[00:14:47] You can take any two other cities in Canada and add them together.

[00:14:52] Yeah.

[00:14:52] Any two other cities in Canada and add them together and they wouldn't have more purpose-built rental

[00:14:56] supply than Montreal.

[00:14:58] So before I talk about Ottawa, let's just look at the like some of the numbers here.

[00:15:04] Okay.

[00:15:04] So purpose-built rental apartment completions in 2023 for Montreal, 17,000, almost 17,500.

[00:15:12] Okay.

[00:15:13] Ottawa, just over 3,000.

[00:15:15] Toronto, just over 6,000.

[00:15:16] Even sexy Edmonton and Calgary, just under 4,000 and just over 4,000.

[00:15:21] 2024, similar story.

[00:15:23] We've got Montreal drastically like more than doubling anything else with 14,000.

[00:15:31] So down a few thousand units.

[00:15:32] But if we look at like Ottawa, again, basically same thing.

[00:15:37] 35, 3,700 units.

[00:15:39] Toronto, just under 6,000.

[00:15:41] And Calgary, just under 7,000.

[00:15:44] And Edmonton, just over 6,000.

[00:15:46] Whereas again, we see, you know, 14 and 17,000 units here in Montreal.

[00:15:51] So yes, as you said, Dan, do whatever Montreal is doing, take a page out of their book.

[00:15:55] Let's talk about the capital for a quick second here.

[00:15:57] Ottawa record rental completions, increased vacancy rates.

[00:16:01] While many auto renters live in low-rise buildings.

[00:16:05] If you know the auto skyline, you know there's not a ton of large skyscrapers there.

[00:16:09] So fewer low-rise completions in 2024 shifted demand to purpose-built rentals through supply growth.

[00:16:16] Those supply growth exceeded this increased demand.

[00:16:19] So pretty similar story there.

[00:16:21] Yeah, for sure.

[00:16:22] It's the same story, I think, in Ottawa as it is in almost every market.

[00:16:28] Maybe save for like your, I think, Edmonton.

[00:16:31] Affordability conditions haven't really improved.

[00:16:33] Maybe Toronto too, you're seeing some improvement.

[00:16:36] Yeah, some light improvement.

[00:16:38] Record rental housing completion construction in 2024 produced primarily high-end units.

[00:16:46] Obviously, the only people that could afford those were high-income earners, right?

[00:16:50] So despite slower rent increases, affordability worsened as rents outpaced wage growth for the primary age of renters,

[00:17:00] which is that 25 to 44 demographic.

[00:17:04] This is interesting from my perspective because this really highlights how we have a structural problem with the way housing is created in Canada.

[00:17:11] Like, you know, Ottawa, let's use this as an example.

[00:17:14] People were building MLI projects and they were getting some affordability points in a market like Ottawa because incomes were really high.

[00:17:20] But in order to do that, all of their affordable units typically were super small, right?

[00:17:25] Same thing in Calgary.

[00:17:26] All of your affordable units were typically small basement apartments.

[00:17:28] So people were getting the affordability piece in by building units that wouldn't rent for a lot anyways.

[00:17:33] And the cost of construction, the cost of bringing a new project to the market is so expensive that these developers have to be building units that can rent at,

[00:17:44] like this report observes, high-end rents in order to be affordable to high-income earners.

[00:17:50] So this really highlights a structural problem.

[00:17:52] Until we see construction cost deflation or demand destruction, which fascinating piece of the puzzle,

[00:17:58] I've heard developers tell me that they're expecting construction costs to continue to inflate this year because this is crazy.

[00:18:05] This is the first thing I've actually ever seen where we're seeing imported inflation basically.

[00:18:11] So what's happening is if you're buying steel, I think steel is subject to tariffs,

[00:18:16] anything that's not subject to tariffs basically that you could be using to build a building in Toronto,

[00:18:22] they're just taking it down to upstate New York or New York City or whatever

[00:18:26] because it's cheaper for the people from the U.S. to buy it at a $0.69 Canadian dollar, even with tariffs,

[00:18:33] than it is to buy it in the U.S.

[00:18:35] Tariffs, the most beautiful word in the dictionary, but also a very dangerous word if you are a Canadian at this point.

[00:18:43] Yeah, so late rent payments, they go on to say in the report, decrease slightly.

[00:18:46] But we're still much higher than late mortgage payments.

[00:18:49] This shows that renters are having a hard time keeping up with their monthly payments compared to homeowners.

[00:18:53] And I would say, and you're going to talk about this a little bit in Ontario,

[00:18:57] we've been saying for the past several months as unemployment really started to ramp up,

[00:19:01] the biggest risk you're going to have as an investor and as an owner, whatever it is,

[00:19:05] is unemployment rising.

[00:19:07] And seeing those monthly rent payments and late rent payments and delinquencies rising,

[00:19:14] it's going to be a big theme.

[00:19:15] That's going to be the theme in 2025.

[00:19:17] That's the risk that you need to manage.

[00:19:19] Acquisition risk, not as high as it was in the last two years.

[00:19:23] Legislative risk, market risk, et cetera.

[00:19:25] To me, that's really the big risk is nonpayment from unemployment.

[00:19:29] And how do you work with somebody when they don't have a job, right?

[00:19:33] Like, you know, you're not going to want to be the bad guy.

[00:19:36] So this is one of those really tough moments where it's going to be a very,

[00:19:41] very challenging market from my perspective.

[00:19:43] Yeah.

[00:19:44] I mean, it goes back to that hope acronym that we've talked about so many times then,

[00:19:47] right?

[00:19:47] The last, the E standing for employment and, you know, and then everything lags after that.

[00:19:53] Now, the good thing is if we follow that acronym, housing is the first thing to recover, but,

[00:19:58] you know, who knows when that recovery will happen now.

[00:20:01] I think like, and you can see the housing market, like the housing economy recovering, right?

[00:20:06] So we're seeing more deals taking place.

[00:20:09] You're seeing more house, more purpose-built rental being built.

[00:20:13] Things that depend on interest rates coming down are improving, but it doesn't like a lot of people

[00:20:17] want to see house prices going up.

[00:20:19] We got to stop thinking that way, right?

[00:20:21] Like we are seeing an improvement in the housing market, right?

[00:20:25] In volume, in the activity of the housing market and its contribution to GDP.

[00:20:29] House prices aren't GDP and they should never have a role in GDP.

[00:20:33] Yeah, no, completely agree.

[00:20:35] And I guess it just comes down to the housing market is so much bigger than just that residential

[00:20:39] transaction, right?

[00:20:41] But anyways, you know, as we were just talking about rents here in Ontario, the highest,

[00:20:47] that has the highest rent arrear rates, which likely comes from the biggest city in Ontario,

[00:20:53] biggest city in Canada, Toronto, where things are tough for a lot of people reflecting ongoing

[00:20:59] affordability challenges.

[00:21:01] And this doesn't make it any better.

[00:21:03] That huge backlog at the landlord and tenant board has prolonged all these issues and the

[00:21:10] resolutions of these arrears cases.

[00:21:13] And, you know, Dan, you have been one of the people suffering from the lack of movement at

[00:21:20] the LTB.

[00:21:20] And you are just one of tens of thousands of people, whether it's bad landlords or bad

[00:21:27] renters taking advantage of the system.

[00:21:29] For sure.

[00:21:29] So I would say this year generally has shown that simply increasing supply is not enough

[00:21:34] to solve immediate affordability problems.

[00:21:36] We obviously need policies that address both supply limitations and affordability issues facing

[00:21:41] low to middle income earners.

[00:21:43] Because as you start to see this greater and greater disparity evolving in the markets,

[00:21:49] like that starts to destabilize the, not just the economy, but like, you know, the society,

[00:21:56] right?

[00:21:56] So you start to see civil unrest, people feeling disenfranchised, you know, and that's where

[00:22:00] you kind of go from, like, that's where you really start to feel that recession set in.

[00:22:04] You can see it, you can see it in Canada.

[00:22:05] You can see it across the Western world right now.

[00:22:08] So you can see, you can really, it's less seen, you can, you can feel it, you know,

[00:22:12] like, like it's, it's, it's almost like a, it's a, you can feel it around you just with

[00:22:16] the, like this and that, that feeling that, that goes back to that sentiment, right?

[00:22:19] For sure.

[00:22:22] Okay.

[00:22:22] So I guess now we're going to start our cross country journey from Victoria on the West

[00:22:27] coast to Halifax on the East coast.

[00:22:30] So let's dive in here.

[00:22:31] Are we hopping back in our, in our fake private jet here?

[00:22:34] Is this?

[00:22:34] No, this is recession here.

[00:22:36] I think we're, we're taking, we're taking the train, maybe hitchhiking actually this year.

[00:22:41] All right.

[00:22:42] So what we're going to do is take a look at 18 major markets that are covered in this

[00:22:46] report and look at two, sorry, a few key points.

[00:22:51] We'll look at rents, vacancy rates, overall market activity and performance.

[00:22:56] Since I was born on the West coast, I gave myself this first one, Dan, beautiful Victoria.

[00:23:01] The overall vacancy rate has reached its highest level since 2013 while vacancies remained low

[00:23:08] in the city center.

[00:23:10] Vacancy rates at 2.6%.

[00:23:12] The average two bedroom rent, which is up by 3.6% is just under $2,000 at 1993, $1993.

[00:23:23] And that's for purpose built rentals.

[00:23:25] Condominiums, vacancy rates at 0.1%.

[00:23:28] So Victoria's rental market shows mixed conditions with increasing vacancy rates in suburban areas

[00:23:34] while remaining tight in that city center.

[00:23:37] Overall vacancy rate rose to 2.6%, which is again, the highest since 2013.

[00:23:43] Significant increases in places like Langford, View Royale, Colwood area due to almost a 25%

[00:23:53] increase in rental supply.

[00:23:54] So you flood supply and demand starts to weigh.

[00:24:00] Victoria has become Canada's second most expensive rental market behind Vancouver.

[00:24:05] Two bedroom rents are now higher than Toronto.

[00:24:08] Strong rental demand continues supported by resilient government sector job markets and student

[00:24:14] populations, particularly in areas near the University of Victoria.

[00:24:18] So that would be supporting that city, that strong city center.

[00:24:22] Dan, let's see if we can hitchhike, take a car and then the ferry over to the mainland

[00:24:26] here.

[00:24:26] Tell me about Vancouver.

[00:24:28] I'm swimming.

[00:24:29] Vacancy rates rose in Vancouver as demand slowed and supply continued to grow.

[00:24:34] Vancouver's rental market showed signs of easing in 2024 with increased vacancy rates and slower

[00:24:39] rent growth, though the market remains relatively tight according to the report.

[00:24:44] And again, this is Q3.

[00:24:45] We are seeing it loosening even further in Q4 based on rentals.ca data.

[00:24:49] Vacancy rate reached 1.6% in 2024 with the highest in 10 years, except for 2020, obviously

[00:24:56] the little COVID exodus blip there up from under 1% for the previous two years.

[00:25:01] So you're seeing like basically like almost a doubling of vacancy.

[00:25:04] Crazy.

[00:25:05] We can demand due to changing migration patterns, higher unemployment, especially youth unemployment.

[00:25:12] And again, we know a lot of these young people want to live in cities.

[00:25:15] They want to live that urban metropolitan life.

[00:25:17] You know, usually as people get older, they start to suburbanize.

[00:25:20] They start to move into a larger house.

[00:25:22] They have families.

[00:25:23] They have different life demands, et cetera.

[00:25:25] And we're seeing longer lease up periods for new buildings in Vancouver.

[00:25:28] Rent growth slowed to 4.4% in 2024, less than half of 2023's rate.

[00:25:33] And I would be willing to bet again, based on that rentals.ca report, it shows them actually

[00:25:38] falling year over year by 11.6% and by 3% month over month.

[00:25:44] Again, December is a bit of an outlier, like because I'm using the rentals.ca report, I

[00:25:49] guess November data for their December report.

[00:25:52] But realistically, I would be willing to say that Q4 data is probably going to be pretty

[00:25:57] alarming based on some of this stuff.

[00:26:00] So let's jump over to Edmonton here.

[00:26:01] Maybe a little bit more of an optimistic market picture.

[00:26:04] From one of the most expensive markets to one of the most affordable markets in the country

[00:26:08] here, Edmonton's rental market showed increased vacancy rates, but continued rent growth in

[00:26:14] 2024, particular challenges for affordable housing.

[00:26:19] So vacancy rates increased to 3.1% with higher vacancies in large units and areas outside of

[00:26:28] the city limits.

[00:26:29] So it really seems that that city center is where you want to be.

[00:26:33] Purpose bill rental stock grew by 5%, but rents still increase.

[00:26:38] So increasing the supply, but the demand is there with vacant units commanding a $277 premium

[00:26:47] over occupied units.

[00:26:49] Affordability did worsen for low income households.

[00:26:53] Only 6% of rental units accessible to those earning under $38,000 annually.

[00:27:00] Half of what was available for that same cohort in 2023.

[00:27:04] Yeah.

[00:27:05] And I mean, this is a, this is a crazy chart.

[00:27:10] Edmonton's Edmonton's.

[00:27:13] This is like Montreal level.

[00:27:14] Crazy.

[00:27:15] Their rent premium just went like full hockey stick graph, right?

[00:27:18] So the gap between occupied and vacant units has exploded to $277 a month, forcing tenants

[00:27:24] to stay put or face massive rent hikes.

[00:27:26] If they reenter the market, this is creating the lowest turnover rate that we've seen in

[00:27:30] years in, in Edmonton.

[00:27:33] So the chart on the sites is rising average market rents in Edmonton lead to a lower turnover

[00:27:38] rate below historical averages.

[00:27:40] And for landlords in Edmonton or investors interested in the Edmonton market, this could

[00:27:43] have significant implications.

[00:27:45] It means more stable long-term tenants who are staying put to avoid paying higher market

[00:27:49] rents.

[00:27:50] But it also creates a strong incentive for existing tenants to remain in their current

[00:27:54] units as moving would mean substantially higher housing costs.

[00:27:57] So where people are thinking more about, oh, I'm going to be trying to realize this.

[00:28:01] And again, you aren't limited by rent control in those markets, but you are kind of in, it's,

[00:28:06] it's becomes a balancing act of stability.

[00:28:08] And you can chat a little bit about that.

[00:28:10] I'm sure, Nick.

[00:28:11] Yeah.

[00:28:11] So well, uh, the stable tendencies reduce turnover costs and vacancy periods.

[00:28:17] Landlords are now limited in their ability to bring existing tenants up to market rents.

[00:28:23] And if you are a landlord listening to this, you know that, uh, that plight potentially impacting

[00:28:31] revenue growth, right?

[00:28:32] If your interest rate has gone up or your expensive have gone up, which they most likely have,

[00:28:36] even if you're on a fixed rate, uh, inflation has affected you in, in other ways.

[00:28:41] You know, this is, this is a tricky situation, Dan, as you said, it's really becomes a balancing

[00:28:45] act.

[00:28:45] And this rent gap between occupied and vacant units suggests that landlords need to carefully

[00:28:51] balance tenant retention against potential revenue from new leases at higher market rents.

[00:28:59] Yeah.

[00:29:00] Okay.

[00:29:00] So let's jump over to Calgary here.

[00:29:02] Calgary's vacancy rate rose as well as new rentals specifically took longer to lease.

[00:29:07] So vacancy rate, uh, for purposeful rental market now in Calgary, 4.8%.

[00:29:11] Wait till I tell you what they are for brand new buildings.

[00:29:15] So Calgary's rental market experienced significant changes in 2024 marked by rising vacancy rates

[00:29:20] and continued rent growth.

[00:29:21] Now vacancy rates increased to 4.8% with newer buildings built since 2015, seeing higher vacancies

[00:29:27] of 7.1%, largely due to longer lease up periods for new developments.

[00:29:32] Purposeful rental.

[00:29:33] I bet no one's writing 7.1% in their vacancy considerations.

[00:29:36] You're going to have to now if you're doing an MLI application out there because CMHC is going

[00:29:40] to use their data.

[00:29:41] You should be using 10% to be honest.

[00:29:43] Like that's, that's crazy.

[00:29:44] Scary stuff.

[00:29:45] Yeah.

[00:29:45] And that, those are all those deals.

[00:29:47] Like, I mean, look, I recently shared this chart on X that was highlighting this and

[00:29:51] this is a concerning trend from my perspective to understand the difference or the significance

[00:29:56] is let's look at the debt service coverage ratio, right?

[00:29:58] So the DSCR measures a property's ability to cover its debt payments relative to its operating

[00:30:04] income.

[00:30:05] So typically these MLI deals are working on a 1.1 debt service coverage ratio, 1.1, 1.2,

[00:30:10] which means that they're only generating 10 or 20% more income than needed for mortgage

[00:30:15] payments.

[00:30:16] Most of these newer properties probably were underwritten with debt service coverage ratios

[00:30:20] of that 1.1, 1.1, 1.2, assuming very low vacancy rates when they were built or when

[00:30:25] they were contemplated two years ago of like 1%.

[00:30:28] Well, what was it in, in 2022?

[00:30:32] It was, I guess 2022, it was a little bit higher, but last year, if you, if you basically

[00:30:35] underwrote the project last year, your vacancy rate was 2% and now it's more than triple that.

[00:30:40] So vacancy rates, you know, the dramatic increase severely impacts cashflow, potentially pushing

[00:30:45] many, many properties into negative equity territory.

[00:30:48] And with such thin margins at underwriting, only 10 to 20% buffer, these properties are

[00:30:54] now at risk of not being able to cover their debt obligations or falling victim to the holdback

[00:30:59] that we just mentioned, where people are having to cover the debt that they thought they were

[00:31:03] going to get from CMHC with some sort of other credit product, like a mezzanine loan that'll

[00:31:07] be very expensive debt.

[00:31:09] So definitely demonstrates the vulnerability of these really aggressively underwritten rental

[00:31:13] developments in a volatile market.

[00:31:15] And I would say a cautionary tale, honestly, for people to pay attention to what's going

[00:31:19] on there.

[00:31:20] Yeah.

[00:31:20] Yeah, very much so.

[00:31:21] Okay.

[00:31:22] That is it for Alberta.

[00:31:24] Let's hop over to another Prairie province.

[00:31:27] We'll start with Saskatoon here where the rental market conditions remain tight despite

[00:31:33] additional supply.

[00:31:34] So Saskatoon's rental market remained pretty tight in 2024 with rising demands and high demand

[00:31:40] for newer units.

[00:31:42] Vacancy rates remain stable with 3% rental market supply growth with the Northeast zone

[00:31:50] showing just 1% vacancy despite leading expansions.

[00:31:55] Rental affordability decreased with 7.5% rent growth.

[00:32:00] So, and Dan, you and I were recently out there a few months back and we heard some of this,

[00:32:04] right?

[00:32:04] Some suburban areas are seeing increases of 9%.

[00:32:08] So we are starting to see affordability there kind of be chipped away at.

[00:32:14] Now, condominium apartment market, it was tightened during with further vacancy rates

[00:32:20] dropping 0.6%, particularly in larger buildings there.

[00:32:25] So, you know, Saskatoon's still a very affordable market when compared to some of the unaffordable

[00:32:31] markets here in Canada.

[00:32:32] But we are seeing that decrease, right?

[00:32:35] With almost 10% in suburban areas in rental affordability.

[00:32:41] Yeah.

[00:32:41] So staying in province, let's go to Regina.

[00:32:43] Vacancy rates increased in 2024, but rental market conditions remain tight.

[00:32:47] Purpose built rental supply grew by 3.3%.

[00:32:49] And despite rent growth, Regina remains relatively affordable rates compared to the Prairie and other

[00:32:56] national averages.

[00:32:57] So probably going to be a compelling place for people to move.

[00:33:00] Talk to me a little bit about what's going on in Winnipeg here, Nick.

[00:33:04] Yeah.

[00:33:05] Another place we recently visited.

[00:33:07] Winnipeg's rental market shows steady vacancy rates with, again, worsening affordability despite

[00:33:13] significant supply growth, right?

[00:33:15] So it seems to be a similar story.

[00:33:17] All these once very affordable markets are slowly getting less and less affordable, especially

[00:33:23] for the locals.

[00:33:24] So supply increased by 5.5%, one of the highest growth rates among CMAs across the country,

[00:33:31] but strong demand from young people and non-permanent residents kept vacancy rates low.

[00:33:36] And those young people and non-permanent residents are obviously there for the affordability.

[00:33:41] Newer units that are built after 2015 saw increased vacancies while older units built pre-1990

[00:33:48] experiencing declining vacancy rates as renters opted for affordable options.

[00:33:55] So heading on over to Ontario and also actually before we wrap up there,

[00:34:01] rentals.ca does have Winnipeg at like 8.9% year over year rent growth.

[00:34:04] So that would be one that still is pretty accurate from the CMHC perspective.

[00:34:09] Heading over to Hamilton in Ontario, rental supply grew by 1.5% in 2024.

[00:34:15] Record high apartment completions.

[00:34:16] It seems to be a theme coast to coast.

[00:34:18] There's 28.8% of condos in Hamilton being used as rentals, which is obviously, yeah,

[00:34:23] this is limiting rent growth a little bit, even though affordability remains challenged

[00:34:27] with turnover units commanding 27.8% higher rents.

[00:34:32] Talk to me, go ahead a little bit, just a little bit up the road to Kitchener, Waterloo,

[00:34:36] Cambridge, the tri-cities as they call them.

[00:34:38] Yeah, Tri-Cities KCW rental market was experiencing its highest vacancy rate since 1993.

[00:34:47] Wow.

[00:34:48] Driven by supply growth and reduced student demand.

[00:34:52] Again, a seemingly similar story that is really shaking up the student rental investment thesis.

[00:34:59] So rent growth for two bedroom units slowed to 4.2% down from 7.4%.

[00:35:05] Affordability remains challenging with newer two bedroom units averaging over $2,300 in vacancy

[00:35:12] rates below 1% for affordable units.

[00:35:16] Condo apartment vacancies are lower than purpose for rentals as owners are more willing to make

[00:35:22] concessions to just secure tenants.

[00:35:24] Again, similar story across the country.

[00:35:27] Dan, one other Canadian or one other, sorry, Ontario city that we were both recently in

[00:35:34] that we also have great meetups in.

[00:35:36] Also just, I'll mention this right now.

[00:35:38] We've got meetups in almost every major city listed on here.

[00:35:41] So if you are listening and you are in one of these cities, go check out our meetups.

[00:35:45] Dan, talk to me about Windsor.

[00:35:47] Yeah, Windsor's rental vacancy rates increased near post-secondary institutions.

[00:35:52] Probably an impact of this foreign student or international student cap that's happening

[00:35:58] with the government.

[00:35:59] Vacancy rate 3.3%.

[00:36:01] Windsor's rental market shows obviously affordability challenges, but reduced international student

[00:36:06] demand following the study permit caps.

[00:36:08] New rental supply is concentrated in suburban areas with two bedroom units leading growth in

[00:36:13] Amherstburg and North Essex County.

[00:36:15] And affordability remains a major concern.

[00:36:17] Two bedroom units, 23.58 and being affordable only to basically the highest income renter.

[00:36:24] So I would say like we're at an income cap on the rental market right now.

[00:36:28] And I think that, you know, the trend of these rents topping out and rolling over and starting

[00:36:33] to trend downwards is something worth evaluating.

[00:36:35] I mean, you just heard it right from the horse's mouth from CMHC.

[00:36:41] Nick, you said Kitchener's rental market is experiencing its highest vacancy rates since

[00:36:45] 1993.

[00:36:45] Well, go look at what happened to rents in 1993.

[00:36:48] Basically, rental inflation was flat, if not trending down, and rents were falling in a

[00:36:54] lot of markets throughout the 90s.

[00:36:55] Yeah.

[00:36:56] Yeah.

[00:36:56] And look, it's not just happening in the Tri-City area.

[00:36:58] It's also happening in St. Catharines and the Niagara region where their vacancy rates have

[00:37:04] increased to 3.8%, which is their highest since 2013.

[00:37:08] Slower rent growth of 3.7% for two bedroom units.

[00:37:14] So again, similar story.

[00:37:16] Yeah, for sure.

[00:37:17] Same thing in London.

[00:37:18] Vacancy rates rose to a near decade high, 2.9%.

[00:37:21] So it's interesting because CMHC, their vacancy data seems to be pretty on point, but their

[00:37:26] rental data seems to lag a little bit.

[00:37:27] I guess vacancy is a slower moving metric.

[00:37:29] So it would, you know, it makes sense.

[00:37:31] 2.9% in 2024, second highest in the decade and affordability still remaining a major concern.

[00:37:36] So I think you're seeing a lot of these tenants basically saying, you know what, I'm

[00:37:39] going to have to make a lifestyle change, maybe combine households with somebody, maybe

[00:37:42] go move back in with my parents, especially with the trends we're seeing with young people

[00:37:45] and with youth unemployment.

[00:37:46] So I guess on that to really hit the pinnacle of what's happening in Ontario, and then we'll

[00:37:51] go over to the capital region.

[00:37:53] But talk to me about Toronto.

[00:37:56] So Toronto and the GTA, that's the greater Toronto area, saw purpose-built rental apartment

[00:38:01] vacancy rates go up.

[00:38:04] Toronto vacancy rates were at 2.3%, while suburban GTA areas reached 3.3% due to increased

[00:38:11] supply and competition from condominiums.

[00:38:14] As I said, Dan, thousands and thousands of units in kind of the downtown core of Toronto

[00:38:20] available.

[00:38:21] And again, I've been perusing just for fun.

[00:38:23] And it's tough out there.

[00:38:25] If you own one of these condos, I don't know what you're going to do.

[00:38:27] There was some crazy stat like there's like 6,000 condos for rent right now and only 500

[00:38:33] people renting them last month.

[00:38:36] I'm paraphrasing, so don't hold me to that, but really massive Delta.

[00:38:41] And you got to start looking at some of these condos and really see like, how are you going

[00:38:46] to incentivize people to live in there?

[00:38:47] Especially when at this point, a Toronto condo, like a one bedroom or one plus den, you

[00:38:54] can get for 2,250 or 2,500 bucks, which seemingly is the same price as like a Tri-Cities

[00:39:00] or even a Windsor.

[00:39:01] So you'd think there'd be a flood of people coming to Toronto to take advantage of these

[00:39:07] lower rents that we've seen.

[00:39:09] But again, I think it goes back to unemployment and just overall cost of living in this city.

[00:39:14] So Toronto is a bit of a mixed bag, but it's tough right now if you are a landlord trying

[00:39:20] to rent out a fairly standard apartment because they pretty much all look the same.

[00:39:27] So anyways, Toronto's going through a bit of a struggle right now.

[00:39:31] Let's head northeast to the capital of Canada.

[00:39:37] Tell me what's going on in Ottawa, Dan.

[00:39:38] Yeah, it's interesting because you mentioned that homogeneity, they all look the same, whatever.

[00:39:43] One of the outlier things is when you look at the Ottawa market and you can kind of group

[00:39:47] that in with the Gatineau area because they're behaving pretty similarly.

[00:39:50] Vacancy rates increase in higher rent areas and higher rent product, but decrease in affordable

[00:39:54] ranges.

[00:39:55] So there's a lot of demand obviously in the lower end of the market.

[00:39:58] I think what you're starting to see in some of these more affordable markets with high

[00:40:01] rent or sorry, high incomes is people are going to buy houses.

[00:40:06] Like they're not renting anymore because they're, you know, and this is where you have to be

[00:40:09] careful as a landlord.

[00:40:10] Are you competing with homeownership, right?

[00:40:13] Like if, if, if everybody in, in Ottawa is making a hundred grand or whatever it is, you

[00:40:18] know, that they pay government employees.

[00:40:20] I think there's like a specific number.

[00:40:21] I don't remember it off the top of my head, but you know, all of a sudden now these, these

[00:40:28] rentals as rates start to come down and prices have come down substantially off peak in Ottawa.

[00:40:32] It's like, well, why don't I, why am I renting still?

[00:40:35] Then they go by.

[00:40:36] Right.

[00:40:37] And so this is where you've got one of those big challenges and newer units are costing

[00:40:40] about 50% more than the market average.

[00:40:43] So builders have to hit those high rents to make the projects make sense.

[00:40:49] Moving over to Gatineau.

[00:40:50] Um, and then I'll let you cover Montreal.

[00:40:52] The vacancy rate increased from 1.1 to 1.9%.

[00:40:55] So a big increase.

[00:40:57] And you're seeing this across, uh, like across that whole area, the vacancy rates rose from

[00:41:02] 0.7% to 2.1% in the whole sector, particularly in larger buildings.

[00:41:08] So a more than doubling, it's actually a three X of the, of the vacancy rate in the, in the

[00:41:13] hall sector.

[00:41:14] Talk to me a little bit about, I guess, now that we've crossed the border, talk to me a

[00:41:17] little bit about Montreal here.

[00:41:19] Yeah.

[00:41:20] Montreal, where Dan, you and I will be next week, uh, hosting a meetup there.

[00:41:25] Very excited about that.

[00:41:26] Montreal's rental market showed a slight ease in 2024 with stable vacancy rates, but Montreal

[00:41:33] proper increased in the Northern area as well.

[00:41:36] Affordability of course, remained a major challenge.

[00:41:39] Now, again, remember Montreal just had built so many more purpose-built rentals than anyone

[00:41:44] else.

[00:41:44] So vacancy rates vary significantly by price range.

[00:41:48] Less than 1% for units under $1,150.

[00:41:53] This is crazy.

[00:41:54] Which make up 60% of the stock.

[00:41:58] Okay.

[00:41:58] So rents are very affordable in Montreal when compared with a purpose-built rental.

[00:42:04] The average two-bedroom rent is $1,176 and the average two-bedroom condo is $1,700.

[00:42:12] So when you're hearing that kind of stuff and you're living in Toronto, Vancouver, or even

[00:42:16] anywhere in any of these cities we just covered in Ontario, you're, you're, you're wondering

[00:42:20] what the hell is going on over there?

[00:42:21] Rent increases were much higher for newer tenants up almost 20% compared to lease renewals, which sat at about 5%.

[00:42:30] Of course, created mobility challenges for existing renters.

[00:42:34] The rental market gained 4,000 additional condominium units in 2024, helping to meet rental demand.

[00:42:42] And Dan, I would bet that we are going to see more and more people flock to the likes of Montreal and the next city you're going to cover here, which is Quebec.

[00:42:51] I would, I would wager that we see tons of Canadians flock there strictly because, you know, you still have that large city center and obviously great culture, great food, great restaurants, kind of everything you want in that in, in that city life.

[00:43:04] But you're not paying the, you know, two, $3,000 to live there like you are in, in other major Canadian cities.

[00:43:13] You know, Quebec was once ranked like one of the greatest cities for millennials in the world, I think, because it's a huge hospitality sector.

[00:43:21] Obviously, massively multilingual, even with the, with the French language barrier.

[00:43:26] Absolutely wild data points coming out of Quebec.

[00:43:29] Quebec's rental market remains extremely tight.

[00:43:32] Obviously, people are doing what you just said because overall vacancy rate is just 0.8% with some suburbs near 0% vacancy, right?

[00:43:40] So people are still flocking to these affordable markets.

[00:43:43] Strong population growth, stable job market and increasing post-secondary enrollment in Quebec, which surprised me.

[00:43:48] I didn't know that they had a big sector there, are driving demand despite record new unit completion.

[00:43:53] So demand is keeping up with supply in markets like Quebec.

[00:43:55] And I loved, I still love Quebec as a market.

[00:43:58] I think as our immigration starts to shift towards a lot more African countries and away from the Indian subcontinent.

[00:44:05] That speak French.

[00:44:06] Yeah.

[00:44:07] A lot of those colonies, a lot of those old French colonies in Africa, they speak French as a first or second language, right?

[00:44:15] Yeah.

[00:44:16] Yeah, that's a great point.

[00:44:17] Okay.

[00:44:17] So remember we heard first, let's keep an eye on the province of Quebec and especially Quebec City and Montreal.

[00:44:25] Last on the list here, Dan, we have hitchhiked all the way across the country.

[00:44:31] We are now on the East Coast in Halifax where the overall vacancy rate increased across the Halifax region in 2024.

[00:44:36] But the market remains tight for those lower rent segments.

[00:44:41] Vacancy increased 2.1% from 1% driven by new completions and slower population growth, including decreased migration of temporary workers and students.

[00:44:54] Premium units downtown saw slower demand and some rent incentives.

[00:44:59] Units under $1,300 maintained vacancy rates of 1%.

[00:45:05] And rent growth slowed to 3.8% for two bedroom units, though turnover saw dramatic increases of 28%.

[00:45:14] So again, similar story, right?

[00:45:16] If you are turning over a unit as a landlord, you are likely going to, that's where you're going to make your money.

[00:45:23] And if you are a tenant that is renting a turned over unit, you are going to be paying quite a bit more.

[00:45:31] I was hoping to hit Moncton and St. John's because those are two markets that I'm really intrigued by right now.

[00:45:38] Yeah.

[00:45:38] And I was hoping I could pull data from the rentals.ca.

[00:45:41] But it seems like everyone is ignoring those markets, which could be a blessing in disguise for an investor.

[00:45:47] I think it is.

[00:45:48] Because if you have the data and you can underwrite, nobody else is sitting at a desk underwriting this with simple Google-based research because there's no data.

[00:45:57] But I would say, based on what I'm seeing from a price increase perspective in St. John's right now, which is the fastest growing market price-wise in Canada right now,

[00:46:07] I've got to say that it's starting to materialize in some growth in the rental market, plus oil and gas exposure.

[00:46:14] And then Moncton, I think Moncton came down, it settled.

[00:46:16] And prices, like investment prices, absolutely compelling in a market like Moncton.

[00:46:21] I got to believe rents are growing in a market like Moncton.

[00:46:24] But what I will do is I will stop guessing and I will start giving you real – I'm going to do some research myself and I'm going to create –

[00:46:31] we're going to hit the guys up at DoorInsight and we'll figure out what's going on here in those markets.

[00:46:35] Awesome. Yeah.

[00:46:36] Thank you.

[00:46:36] Okay. So, yeah, let's keep an eye.

[00:46:37] Basically, anything from Quebec over seems quite intriguing right now.

[00:46:44] So, I think that's it.

[00:46:45] We've covered every major market that CMHC has put in this report.

[00:46:50] Another great report by our friends over there.

[00:46:53] And Dan, exciting news.

[00:46:54] We have somewhat partnered with CMHC, I guess.

[00:46:57] They actually reached out to us and we are going to be working with them and interviewing some of their economists there

[00:47:02] and kind of going through some of the reports that they put out with the people that put together the report.

[00:47:07] So, very exciting for us.

[00:47:11] A big thing for us in 2025.

[00:47:13] And on that note, we hope everyone had a great 2024 and we're wishing everyone the best for 2025.

[00:47:20] Thank you so much for hitchhiking across the country with us today.

[00:47:25] If you're one of the people that stopped and gave us a ride, we appreciate you.

[00:47:30] Go do a few things for us.

[00:47:32] Check out our events.

[00:47:33] Again, we host events in almost every major city across the country.

[00:47:36] So, all the cities you just heard about and more, we host events.

[00:47:40] And Dan and I fly out to these cities occasionally to actually help our hosts there host the event.

[00:47:48] Our online community is growing and it's really exciting.

[00:47:52] So, go check that out as well.

[00:47:54] And if you want to work with us, we help investors and homeowners across the country.

[00:48:00] So, if you're looking to buy your first property, your third property, your 20th property or sell a property,

[00:48:06] reach out to us and we will connect you with the right people no matter where you are.

[00:48:12] Thank you so much for listening and we will see you soon.

[00:48:15] The content of this podcast is for educational and informational purposes only.

[00:48:20] It is not intended as financial, legal or investment advice.

[00:48:22] Always consult a qualified professional for advice tailored to your unique circumstances.

[00:48:27] The views expressed are those of the hosts and guests and do not necessarily reflect the opinions of affiliated organizations.

[00:48:35] Daniel Foch is a real estate broker licensed with Valerie Real Estate Inc.

[00:48:39] Website is Valerie.ca, V-A-L-E-R-Y.ca.

[00:48:43] And a member of the Canadian Real Estate Association, the Ontario Real Estate Association and the Toronto Real Estate Board.

[00:48:51] Nick Hill is a mortgage agent and partner at OWL.

[00:48:55] Mortgage license number 10317.

[00:48:58] Agent license M21004037.

[00:49:03] Arbel 소리.com 37.

[00:49:04] Brace agent.