The Rise of Multi-Family Housing in Canada
With the availability of single-family homes at an all-time low, many Canadians are trading traditional mortgages for long-term leases.
CBC Creator Network paired with young storytellers last spring to share personal portraits of modern housing in a series of documentaries titled, “Unlocked”. [https://www.cbc.ca/news/canada/nova-scotia/affordable-housing-young-canadians-unlocked-creator-network-1.6400360] These vignettes paint a picture of an up-and-coming adult generation for whom renting is the new norm.
Statista Research Department found that the number of Canadians living in multi-family homes increased from 4.71 million in 2015, to 5.3 million in 2022. This demographic is expected to swell to 5.39 million in 2023, meaning an additional 680,000 Canadians will be seeking this type of housing. Those numbers are equivalent to the entire population of Kelowna, Saskatoon, and Regina combined. [https://www.statista.com/statistics/1072366/number-of-multifamily-homes-canada-timeline/] [https://canadapopulation.org/largest-cities-in-canada-by-population/]
Although this trend contrasts with the reign of single-family suburban homes in past generations, there are many benefits to living in multi-family rental buildings.
One notable plus of rental or condominium life is property-managed maintenance, snow removal, and landscaping. For the urban nomad who travels for work, or the full time student rushing to their internship after class, knowing that their building is secure and the lawn is mowed equals a savings of time, stress, and money.
Add to that, a growing list of popular amenities such as workout facilities, dog washes, underground parking, secure bicycle storage, and in-building mail rooms.
Some developers are also getting creative, offering value-added lifestyle incentives to the perks they provide such as annual bus passes for public transit, or exclusive discounts for tenants with local small businesses.
At the end of the day, all signs point towards a thriving rental market well into 2023 leading to one conclusion: modern-day housing in much of Canada is most definitely multi-family.
If you’re interested in living in one of WestUrban’s best-in-class rental communities, contact leasing@westurbanproperties.ca today to book a viewing and apply today.