• The multi-suite residential rental sector saw demand outpace supply resulting in accelerated rent growth across the country during Q3 2023
  • This comes from Morguard Corp. (TSX:MRC) and its Canadian Economic Outlook and Market Fundamentals Q3 update
  • The update noted that the major Canadian commercial property sectors remained stable in the quarter
  • Morguard Corp. opened trading at C$101.93 per share

The multi-suite residential rental sector saw demand outpace supply resulting in accelerated rent growth across the country during Q3 2023. 

This comes from Morguard Corp. (TSX:MRC) and its Canadian Economic Outlook and Market Fundamentals Q3 update.

The update noted that the major Canadian commercial property sectors remained stable in the quarter. Although Canada’s economic growth is expected to soften in the near term, the Canadian economy is forecasted to strengthen from the second half of 2024 onwards.

Given that Canada’s economy was relatively stable in Q3, a period during which significant increases in employment levels and wages were recorded. economic growth is expected to strengthen in 2025.

Highlights from the Canadian Economic Outlook report

Industrial warehouse and logistics properties continued to attract market interest with relatively attractive selling prices.

The Class A segment of Toronto’s downtown submarket recorded the strongest performance this quarter in the office leasing market.

Commercial property investment sales activity remained muted, in line with a yearlong trend. Q3 witnessed a sluggish office leasing market, continuing the trend of the past few years. The retail investment sector reported very few significant transactions during Q3, which the report indicated aligns with the year-to-date trend.

Morguard management’s take

“The industry has the potential to rebound in early 2024 depending on the central bank’s rate decisions and the effects of the monetary policy,” Keith Reading, senior director, research at Morguard, said in a statement. “The alleviation of inflationary pressures and adjustments in interest rates will remain pivotal in shaping the trajectory of Canada’s economy going forward.”

Morguard Corp. is a real estate investment company that is engaged in the property ownership, development and investment advisory services. It owns a diversified portfolio of 191 real estate properties across multiple asset classes, including multi-suites residential, retail, office, industrial and hotel properties, which are composed of 17,047 residential suites and more than 4,201 hotel rooms. The company also provides advisory and management services to institutional and other investors. It owns a diverse portfolio of properties in Canada and the United States.

Morguard Corp. opened trading at C$101.93 per share.

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