(Note: figures in this post were compiled the week of 27 October 2026. The Bank of Canada's next rate decision lands 28 October, and the federal 2027 to 2029 Immigration Levels Plan is due by 1 November.)

Between late October 2025 and 20 October 2026, 187 apartment buildings changed hands across Southwestern Ontario (verified through paid commercial subscriptions), from Windsor and Sarnia through London, Waterloo Region, Guelph and Brantford to Hamilton and Niagara. Together they represent $1.27 billion of disclosed volume and 7,666 units [1]. This is what those buildings actually sold for, what is happening underneath the pricing, and what changed in the rules while you were busy running your buildings.

The short version: per-unit pricing is holding, deal count is steady, and the institutional money that drove the first half of the year went quiet in the second. Underneath that, three things deserve more attention than the sales numbers. Ontario mortgage arrears are now projected to keep rising into mid-2027, with Southwestern Ontario named specifically [7]. London has the highest unemployment rate of any economic region in the province [10]. And the Landlord and Tenant Board rules changed materially on 21 September, in ways that cut both for and against you [3].

In this report

1. What apartment buildings are selling for
2. The building-size discount
3. Deal flow through the year
4. Where the money went
5. Who is buying
6. The ten largest sales
7. What rent decontrol is worth
8. Can your tenants keep paying? Credit, arrears and insolvencies
9. Employment: London is now the soft spot
10. The trade file
11. Vacancy, rents and the supply wave
12. Demand: fewer newcomers, fewer students
13. Interest rates and financing
14. What changed at the LTB on 21 September
15. The 2027 rent increase guideline
16. Should you buy or sell right now
17. Market notes by city
18. Frequently asked questions

What apartment buildings are selling for in Southwestern Ontario

Apartment buildings in Southwestern Ontario are trading at a median of $183,333 per unit and $217 per square foot. Across 147 verified single-asset sales, the median transaction was $2.1 million [1]. Only two of the 187 sales disclosed a capitalization rate (6.0% and 7.8%), so this report does not pretend to have a regional cap rate. If a broker quotes you one for this market, ask how many closed trades it rests on.

Waterloo Region and Guelph sit at the top of the range. Cambridge ($252,143), Waterloo ($220,455), Kitchener ($215,833) and Guelph ($209,167) all clear $200,000 per unit. London is the middle of the market at $185,000. Hamilton ($171,294) and Niagara ($166,667) sit just below. The value end of the region is Sarnia ($152,778), Brantford ($146,111), Windsor-Essex ($144,643) and Chatham-Kent ($122,500) [1].

Two cautions. Cambridge, Waterloo, St Thomas and the rural county sales each rest on four or five transactions, so treat those medians as indicative rather than firm. And the Kitchener figure is the one to trust most in Waterloo Region: 25 single-asset sales is the largest sample outside Hamilton.

The spread between the top and bottom of the region is now roughly two to one. A dollar of rent in Chatham-Kent is being capitalized at about half the price of a dollar of rent in Cambridge. That gap is not an inefficiency. It is the market's price for the employment, vacancy and trade risk covered later in this report.

The building-size discount

The cheapest way into this market on a per-unit basis is not the smallest building. Buildings of 2 to 6 units carry the highest median at $214,419 per unit because they compete with residential buyers and get financed on residential-style terms. From there the price per unit falls through the 7 to 12 band ($172,727) to a floor in the 13 to 24 unit band at $161,058, before rising again for 25-plus unit buildings at $184,529 [1].

The 13 to 24 unit building sits between two lending markets. It is too large for a residential lender, and it is usually too small to justify third-party professional management or to attract a REIT. The result is a thinner buyer pool and a 25% discount to the small-building band. For an owner-operator with a commercial lending relationship and the capacity to self-manage, that band is where the arithmetic works hardest.

Deal flow through the year

Deal count was remarkably steady. Eleven of the thirteen months recorded between 9 and 22 sales. Dollar volume is a different story. November 2025, February 2026, April 2026 and September 2026 each cleared $135 million because a handful of institutional trades closed in those months. The quiet months, January, March, May, July and October, were under $35 million each [1].

Split the year in two and the picture sharpens. The six months to late April produced 102 sales and $834.6 million. The six months since produced 85 sales and $438.5 million. That is a 17% drop in deal count and a 48% drop in dollar volume. The median price per unit on single-asset sales slipped 3.5%, from $184,346 to $177,833 [1].

Read that carefully before you panic. The volume collapse is almost entirely the absence of $50-million-plus trades in the second half. The private market of $1 million to $10 million buildings kept turning over at a similar pace and at similar prices. What changed is that the large institutional buyers who were active last winter have stepped back, and that is consistent with what the national lenders and the Bank of Canada are describing: an economy that rebounded in the spring and is now waiting to see whether the trade situation and the labour market hold [11].

Where the money went

Hamilton led the region with $221.6 million across 33 sales and 1,179 units. London followed at $183.4 million, but on 2,225 units, which is the most of any market and reflects the 558-unit Adelaide Street North trade. Cambridge's $161.1 million rests almost entirely on one new-build sale, and Stratford's $126.2 million on two. Kitchener's $146.1 million came from 32 separate sales, which makes it the deepest and most liquid private market in the region after Hamilton [1].

Who is buying?

Buyer type was recorded on 150 of the 187 sales. Private individuals accounted for 95 of them, or 63%. Add other private entities and regional developers, and roughly five in six buyers were private, local or regional capital. Private REITs bought 10 buildings, public REITs one, and foreign capital appeared on only two transactions all year [1].

Buyer origin tells the same story from another angle: 90 buyers were recorded as national, 58 as local, and 2 as foreign. Below roughly $10 million, this is not an institutional market. That has two consequences for a seller. First, your buyer is probably financing with a Canadian bank or a CMHC-insured loan, so the building has to work under their underwriting, not a pension fund's. Second, your buyer is probably going to self-manage or hire a local manager, so deferred maintenance gets priced in hard.

The ten largest sales

The largest trade of the year was a 284-unit building on Hollywood Court in Cambridge, built in 2024, which sold for $147 million, or $517,606 per unit [1]. That is nearly three times the regional median, and it is the clearest illustration in this dataset of how differently the market prices new, rent-exempt stock. The second largest, a 558-unit 1960 building on Adelaide Street North in London, sold for $102.5 million, or $183,692 per unit, almost exactly the regional median.

Those two buildings, both large and both bought by institutions, are priced 2.8 times apart on a per-unit basis. The difference is almost entirely the year of construction, and that brings us to the single most valuable feature a Southwestern Ontario apartment building can have.

What rent decontrol is worth

A rental unit is exempt from Ontario's annual rent increase guideline if it was first occupied for residential purposes after 15 November 2018. For exempt units a landlord may raise rent by any amount between tenancies and, with proper 90-day notice, during a tenancy [2]. Units first occupied on or before that date remain subject to the guideline.

Across the 147 benchmark sales, rent-controlled stock (first occupied 2018 or earlier, 130 sales) traded at a median of $210 per square foot and $182,803 per unit. Rent-exempt stock (first occupied 2019 or later, 6 sales) traded at $374 per square foot and $354,570 per unit. That is a 78% premium per square foot [1].

Handle the exact number with care. Six sales is a small sample, and eleven more buildings have no recorded year of construction. The direction is unambiguous. The size of the premium is not.

If you own post-2018 stock, that exemption should be the first line of your offering memorandum. If you own pre-2018 stock, your value is being set by the guideline, by turnover, and increasingly by the questions in the next three sections.

Can your tenants keep paying? Credit, arrears and insolvencies

This is the section most market updates skip, and it is the one that will matter most over the next eighteen months.

On 27 October 2026, CMHC released its Fall Residential Mortgage Industry Report. The headline for this region: Ontario's mortgage arrears rate reached 0.32% in the second quarter of 2026, and CMHC expects arrears to keep rising through mid-2027, with Ontario projected to see the largest and most sustained increase in the country, concentrated in the Greater Toronto and Hamilton Area and Southwestern Ontario [7]. CMHC also reports that delinquencies on auto loans, credit cards and lines of credit are rising, and that between Q2 2025 and Q2 2026 they rose proportionally faster among mortgage holders than among people without a mortgage. The bankruptcy rate among mortgage holders has risen steadily since 2022 [8].

Why does a landlord care about mortgage arrears? Three reasons. First, the same household balance sheets that are missing mortgage payments are the ones your tenants share: Southwestern Ontario's rental base is drawn from the same labour market and the same credit conditions. Second, stressed owners who sell or lose their homes become renters, which supports demand at the margin but brings tenants with damaged credit. Third, CMHC's point about consumer credit is the early-warning signal. Credit card and line-of-credit delinquency moves before rent arrears do.

Nationally, consumer insolvencies reached 37,523 in the second quarter of 2026, up 6.9% from a year earlier, and the twelve-month total was up 5.9% [17].

What to do about it. Tighten your screening now, not after the first N4. Pull a current credit report on every applicant, verify employment directly with the employer, and weight recent payment behaviour over credit score. Under the rules in force since 21 September, the N4 notice period is seven days and persistent late payment has a hard statutory definition (more on this below). Those tools are only useful if your rent ledger is clean enough to prove the pattern.

Employment: London is now the soft spot.

Canada's unemployment rate was 6.5% in September 2026, and Ontario's was 7.0%. Ontario shed 20,000 jobs in the month, and manufacturing employment nationally fell by 13,000 after a gain in August [9].

Within the province, the regional ranking should get the attention of anyone holding buildings west of Waterloo Region. In September, the London economic region had the highest unemployment rate in Ontario at 8.3%, with Windsor-Sarnia immediately behind at 8.2%. Hamilton-Niagara Peninsula was 7.0%, Kitchener-Waterloo-Barrie was 6.7%, and Stratford-Bruce Peninsula was the lowest in the province at 3.6% [10].

The London figure is the one to dwell on. Employment in the London region fell 4.9% year over year, a loss of 21,200 jobs, the largest decline of any economic region in Ontario [10]. That is the economic base under 2,225 units that traded this year and tens of thousands more that did not. London also carries the highest purpose-built vacancy rate among the region's major centres at 4.0%, a fifteen-year high [4][5].

The Stratford number is worth a second look for a different reason. Perth County has the tightest labour market in Ontario, and the two largest Stratford trades of the year (Queensland Road at $438,667 per unit and Kappele Circle at $241,837 per unit) both priced well above the regional median [1][10]. Institutional buyers appear to have noticed.

What to do about it. If you own in London or Windsor-Essex, underwrite the next two years on current rents with no growth and a vacancy allowance at or above the CMHC survey rate. Do not underwrite on turnover gains. If you own in Waterloo Region, Guelph or Perth County, the labour market is giving you more room, but the supply wave described below still applies.

The trade file

Since 22 August 2026, the United States has applied an additional 50% duty on a list of Canadian goods under Section 338 of the Tariff Act of 1930, a provision that had sat unused for generations. The duty stacks on top of existing tariffs. Critically, CUSMA origin does not exempt a covered product [13][14]. The scope of the list was revised on 15 September and again on 30 October, with certain dairy, alcohol and motor vehicle products barred from entry outright since 29 September [13].

The Bank of Canada described the situation plainly in its 2 September decision: trade talks collapsed, renewed U.S. tariffs and Canadian counter-measures followed, and the tariffs "pose risks to the sustainability of the recovery" [11].

For a landlord, the trade file matters in two ways. Directly, through the plants and shops that employ your tenants in Windsor, Sarnia, Chatham-Kent, London and Ingersoll. Indirectly, through the Bank of Canada, which is balancing a weak labour market against inflation that has hovered around 3% on gasoline prices [11]. Tariffs are inflationary in the short run, which argues against rate cuts, and recessionary in the medium run, which argues for them. That tension is why the Bank has held at 2.25% since October 2025.

What to do about it. If you are underwriting a five- or ten-year hold in a manufacturing-dependent market, you are underwriting an annual political negotiation over your tenants' employers. That belongs in your cap rate as a risk premium, not in the footnotes.

Vacancy, rents and the supply wave

CMHC's most recent full survey, taken in October 2025 and published 11 December 2025, put purpose-built apartment vacancy at 4.1% in Kitchener-Cambridge-Waterloo, 4.0% in London, 3.9% in St Catharines-Niagara, 3.7% in Windsor and 3.6% in Hamilton, against 3.1% nationally. Average two-bedroom rents were $1,832 in Kitchener-Cambridge-Waterloo (up 3.3%), $1,656 in Hamilton (up 1.6%), $1,651 in London (up 4.1%), $1,527 in St Catharines-Niagara (up 5.5%) and $1,454 in Windsor (up 3.6%) [4][5].

The detail that matters for an owner of existing stock is in the turnover data. In London, the average rent on units that turned over fell slightly. In Windsor, Hamilton and Kitchener-Cambridge-Waterloo, turnover rents were little changed. Where same-sample rents rose, CMHC attributes most of the gain to repricing after turnover rather than to in-place increases [4]. In plain terms: the mark-to-market gain at turnover that carried pro formas from 2021 to 2023 is now modest in Hamilton and Waterloo Region and roughly zero in London.

CMHC's mid-year 2026 update adds the forward view. Rental completions in early 2026 ran above the same period in 2025. Vacancies are highest in buildings completed after 2020 and in units near post-secondary institutions. Investor-owned condominiums are adding competition in the larger markets, though CMHC expects condo completions to fall sharply in the coming years [6]. A national rental data provider's second-quarter 2026 survey recorded a national vacancy rate of 4.7%, down 40 basis points from the first quarter but still 60 basis points above a year earlier, with annual in-place rent growth slowing to 2.2% [18].

What to do about it. Older, well-located, moderately priced stock is holding up better than new supply in this cycle, because the new buildings are the ones competing on incentives. If you own 1960s and 1970s walk-ups in Kitchener, Hamilton or Guelph with rents under the CMHC average, your vacancy risk is lower than the headline numbers suggest. If you own near Fanshawe, Western, Conestoga or Laurier, it is higher.

Demand: fewer newcomers, fewer students

The federal 2026 to 2028 Immigration Levels Plan holds permanent resident admissions flat at 380,000 a year and sets new international student arrivals at 155,000 in 2026, falling to 150,000 in 2027 and 2028 [15]. The 2027 to 2029 plan is due by 1 November 2026 and may revise those figures.

The population data already shows the effect. Canada's non-permanent resident population fell 0.7% in the second quarter of 2026. Ontario's fell 1.5% in a single quarter, to 1,246,301 [16]. Those are, disproportionately, the tenants who fill entry-level and student-adjacent apartments in London, Waterloo Region and Hamilton.

What to do about it. Demand growth is not going to bail out a weak building. Household formation from affordability improvements and the large young-adult cohort is real [6], but it is slower and more price-sensitive than the 2022 to 2024 surge. Underwrite on the tenants you have.

Interest rates and financing

The Bank of Canada held its policy rate at 2.25% on 2 September 2026, where it has sat since the October 2025 cut, and said it is "prepared to adjust monetary policy as needed" [11]. The next decision and Monetary Policy Report arrive on 28 October [12]. Markets have gone into that meeting divided between a hold and a cut after the September job losses.

On the lending side, CMHC's multi-unit insurance premium structure changed on 14 July 2025 to a risk-based approach aligned with OSFI's revised capital test, with MLI Select discounts of up to 30% for affordability, accessibility and energy-efficiency outcomes [19]. One of the national lenders notes that CMHC also removed the rental achievement holdback on market construction loans, allowing advances to 85% of loan-to-cost without a holdback where 75% was previously the ceiling [20]. For buyers of existing stock, the practical effect is that CMHC-insured financing remains the cheapest capital in the market for buildings that qualify, and the qualification bar increasingly rewards energy retrofits.

What changed at the LTB on 21 September

A second package of Residential Tenancies Act amendments, drawn from both Bill 60 and Bill 97, came into force on 21 September 2026. The Landlord and Tenant Board's operational update sets out the changes [3]:

• N4 notice period cut from 14 days to 7 days for notices of termination for non-payment given on or after 21 September.
• Persistent late payment now has a statutory definition. Rent received more than seven days after the due date, at least three times within a six-month period, is persistent late payment. A payment is not late if it was late only because the landlord applied it to another amount owing.
• N12 landlord's own use: no compensation with 120 days' notice. A landlord who gives at least 120 days' notice for personal or family use is no longer required to pay one month's compensation or offer another unit. Shorter notices keep the old rules. This does not apply to purchaser's own use.
• N12 move-in presumption. The landlord or the specified family member is expected to move in within 60 days of the termination date. If they do not, and the tenant files a T5, bad faith is presumed unless the landlord rebuts it.
• Arrears hearings: half the arrears up front to raise other issues. A tenant who wants to raise maintenance or other issues at a non-payment hearing must pay the landlord half of the arrears claimed at least seven days before the hearing, paid directly to the landlord rather than into trust at the Board.
• Eviction delays narrowed. The Board may delay an eviction only where that is not unfair to the landlord or other tenants and there are compelling reasons.
• Updated forms. New versions of the N5, N6, N8, N12, N13, L1, L2, L9, L10 and T5. Earlier versions will not be accepted as of 30 November 2026.

The seven-day N4 and the arrears-hearing rule are the two that change the economics of a non-paying tenant. The 120-day N12 rule is the one most likely to be tested at the Board, because the 60-day move-in presumption gives tenants a clear path to a bad-faith claim. Confirm the current forms with the Board or with counsel before serving anything.

The 2027 rent increase guideline

Ontario has set the 2027 guideline at 1.9%, down from 2.1% in 2026 [2]. It is the lowest guideline since 2022. An N1 requires 90 days' notice [2], so a 1 February 2027 increase has to be served in the first days of November 2026, and every month you wait is a month of the new rent you never collect.

Should you buy or sell right now

If you are selling. The private market below $10 million is liquid, priced within a few percent of last winter, and dominated by buyers who need bank or CMHC financing. Clean financials, a current rent roll with every N1 on file, and documented capital work are worth more today than they were two years ago, because the buyer's lender will ask for all three. If you own rent-exempt stock, lead with the exemption. If you own in Waterloo Region, Guelph or Perth County, the labour market is a selling point. If you own in London or Windsor-Essex, expect buyers to underwrite vacancy at or above the CMHC survey rate and price accordingly.

If you are buying. The 13 to 24 unit band is the value entry point on a per-unit basis. Older stock below the CMHC average rent in Kitchener, Hamilton and Guelph has the most defensive occupancy. Do not pay for turnover gains in London. Build a tariff and employment premium into your cap rate in Windsor, Sarnia and Chatham-Kent. And run the numbers on CMHC-insured financing with an energy retrofit scope, because the premium discounts are now large enough to change the answer.

If you are holding. Serve your N1s. Tighten screening. Get the new LTB forms into your process before 30 November. And re-read the CMHC arrears release [7]: the agency that insures most of the mortgages in this province has told you where it expects household stress to show up next, and it named your region.

Market notes by city

Frequently asked questions

What is the average price per unit for an apartment building in Southwestern Ontario? The median across 147 single-asset sales in the twelve months to October 2026 was $183,333 per unit and $217 per square foot. The range by market runs from about $122,500 in Chatham-Kent to about $252,000 in Cambridge [1].

What are cap rates for apartment buildings in Southwestern Ontario? Only two of 187 sales disclosed one (6.0% and 7.8%), so there is no reliable regional figure from closed transactions. Treat any quoted regional cap rate with caution [1].

Is London, Ontario a good place to buy an apartment building right now? London has the highest unemployment rate of any Ontario economic region (8.3%), a fifteen-year-high vacancy rate (4.0%), and falling turnover rents. Pricing has not yet fully adjusted to that. It is a market to buy carefully, on in-place income, with a vacancy allowance above the survey rate [4][10].

Which buildings are exempt from rent control in Ontario? Units first occupied for residential purposes after 15 November 2018. Those buildings traded at a 78% premium per square foot in this dataset, on a small sample [1][2].

What is the 2027 rent increase guideline? 1.9%, down from 2.1% in 2026. Ninety days' notice is required on an N1 [2].

What changed for landlords on 21 September 2026? The N4 notice period dropped to seven days, persistent late payment was defined in regulation, N12 compensation is waived with 120 days' notice, tenants must pay half the arrears to raise other issues at a non-payment hearing, and new forms are mandatory from 30 November 2026 [3].

Terry Riddoch Blog Author Bio

About the Author: Terry Riddoch, Ontario Multi-Family and Commercial Real Estate Broker

Terry Riddoch is a licensed Ontario real estate broker with Re/Max Real Estate Centre, based in Waterloo Region and specializing in multi-family and apartment building sales across Ontario. With 19 years of experience and over $90 million in closed transactions, he advises independent landlords, private investors, and national investment groups on buying, selling, and valuing apartment buildings, investments and development land across the Province of Ontario including Waterloo Region (Kitchener, Waterloo and Cambridge), Guelph, Brantford, Hamilton, London, Milton, Windsor, Kingston, Belleville, Brockville and Sudbury.

Clients know Terry for candid advice, data-driven analysis, and doing the work well ahead of the deal. He writes regularly on Ontario landlord rules, rent control, the Landlord and Tenant Board, and housing policy to help property owners make informed decisions.

Thinking about selling an apartment building, or looking for your next investment property? Call Terry at (519) 591-1725, email [email protected], or visit terryriddoch.ca for a confidential, no-obligation conversation about your property.

Sources

[1] Paid commercial subscriptions, verified transaction records, Southwestern Ontario multifamily sales, 27 October 2025 to 20 October 2026. Compiled by Terry Riddoch, RE/MAX Real Estate Centre.

[2] Government of Ontario, Residential rent increases (2027 guideline, exemptions, notice requirements). https://www.ontario.ca/page/residential-rent-increases

[3] Tribunals Ontario, LTB Operational Update: Legislative Changes at the Landlord and Tenant Board, Effective September 21, 2026. https://tribunalsontario.ca/2026/09/21/ltb-operational-update-legislative-changes-at-the-landlord-and-tenant-board-effective-september-21-2026/

[4] Canada Mortgage and Housing Corporation, Rental Market Report, Canada and Selected Markets, Fall 2025 (October 2025 survey). https://eppd1strscr01.blob.core.windows.net/cmhcprdcontainer/sf/project/archive/housing_markets/rentalmarketreportcanadaandselectedmarkets/rental-market-report-2025-fall-en.pdf

[5] Canada Mortgage and Housing Corporation, "Canada's vacancy rate rises amid historically high rental construction," news release, 11 December 2025. https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2025/canadas-vacancy-rate-rises-amid-historically-high-rental-construction

[6] Canada Mortgage and Housing Corporation, 2026 Mid-Year Rental Market Update, 9 June 2026. https://www.cmhc-schl.gc.ca/observer/2026/2026-mid-year-rental-market-update

[7] Canada Mortgage and Housing Corporation, "Ontario mortgage arrears expected to rise through mid-2027," news release, 27 October 2026. https://www.cmhc-schl.gc.ca/media-newsroom/news-releases/2026/ontario-mortgage-arrears-expected-rise-through-mid-2027-cmhc

[8] Canada Mortgage and Housing Corporation, "Mortgage stress remains contained, regional pressures growing," Fall 2026 Residential Mortgage Industry Report discussion, 27 October 2026. https://www.cmhc-schl.gc.ca/observer/2026/mortgage-stress-remains-contained-regional-pressures-growing

[9] Statistics Canada, The Daily, Labour Force Survey, September 2026, released 9 October 2026. https://www150.statcan.gc.ca/n1/daily-quotidien/261009/dq261009a-eng.htm

[10] Government of Canada, Job Bank, Ontario Job Market Snapshot, September 2026 (Statistics Canada Labour Force Survey, economic regions). https://www.jobbank.gc.ca/trend-analysis/job-market-reports/on/job-market-snapshot

[11] Bank of Canada, "Bank of Canada maintains the policy rate at 2¼%," 2 September 2026. https://www.bankofcanada.ca/2026/09/fad-press-release-2026-09-02/

[12] Bank of Canada, interest rate announcement and Monetary Policy Report, 28 October 2026 (media advisory). https://www.bankofcanada.ca/2026/10/fad-announcement-release-mpr-2026-10-28/

[13] GHY International, "U.S. Imposes Section 338 Tariffs on Certain Canadian Imports (Further Scope Changes Effective Oct. 30)," updated 23 October 2026. https://www.ghy.com/trade-compliance/us-imposes-50-section-338-tariffs-on-canadian-imports-dairy-alcoholic-beverages-and-motor-vehicles/

[14] The White House, "Fact Sheet: President Donald J. Trump Further Modifies Canadian Products Subject to Tariffs Under Section 338," October 2026. https://www.whitehouse.gov/fact-sheets/2026/10/fact-sheet-president-donald-j-trump-further-modifies-canadian-products-subject-to-tariffs-under-section-338/

[15] Immigration, Refugees and Citizenship Canada, Supplementary Information for the 2026-2028 Immigration Levels Plan. https://www.canada.ca/en/immigration-refugees-citizenship/corporate/mandate/corporate-initiatives/levels/supplementary-immigration-levels-2026-2028.html

[16] Statistics Canada, The Daily, Canada's population estimates, second quarter 2026, released 23 September 2026. https://www150.statcan.gc.ca/n1/daily-quotidien/260923/dq260923b-eng.htm

[17] Canadian Association of Insolvency and Restructuring Professionals, Q2 2026 Canadian Insolvency Statistics (Office of the Superintendent of Bankruptcy data), 14 August 2026. https://cairp.ca/industry-views-news/media-releases/CAIRP_Q2_2026_Canadian_Insolvency_Statistics

[18] Yardi Canada, Canadian National Multifamily Report, Q2 2026, 21 July 2026. https://www.yardi.com/news/press-releases/canada-national-multifamily-report-q3-2026/

[19] Canada Mortgage and Housing Corporation, "CMHC to update multi-unit mortgage loan insurance premiums," notice, 2025. https://www.cmhc-schl.gc.ca/media-newsroom/notices/2025/cmhc-to-update-multi-unit-mortgage-loan-insurance-premiums

[20] First National Financial LP, "CMHC is making important changes to multi-unit mortgage insurance: here is what you need to know," 4 May 2025. https://www.firstnational.ca/commercial/resources-insights/article/cmhc-is-making-important-changes-to-multi-unit-mortgage-insurance-here-is-what-you-need-to-know