Report Highlights

  • Q1-2025 results came in slightly below our expectations, primarily due to a modest decline in residential occupancy. The dip in occupancy was due to tenant turnover following YEG’s rent increases implemented after recent renovations. This strategy is gaining traction, with rents up 3% QoQ and 5% YoY, compared to a nationwide decline of 3%. Edmonton (YEG’s primary target market) has been more resilient, as rents have remained relatively flat YoY.
  • Management expects occupancy to improve in the coming quarters as new tenants move in.
  • Approximately two-thirds of the portfolio is situated in Alberta, while the remaining one-third is in B.C. Unlike B.C., Alberta is not subject to rent controls.