Insights

I start every week by running through the same set of market indicators that inform how I underwrite, finance, and pace capital across my portfolio. Here’s what caught my attention. Government of Canada yields have stabilized in the very near term but remain meaningfully higher than they were three to twelve months ago, housing starts provided no new information this week but continue to reflect a slowing supply pipeline on a trend basis, and equity markets remain resilient d

Over the past year, the most important change in Canada’s multifamily market hasn’t been construction volume or headline vacancy rates. It’s been pricing behaviour. Asking rents have softened across most major markets, and that shift matters far more for underwriting than it does for media narratives. By the end of 2025, average asking rents were declining year over year in most large Canadian cities. This wasn’t a one-month anomaly or a seasonal dip, it was a sustained trend

December 8, 2025 Weekly Market Pulse This week I am paying more attention to how the middle of the curve firmed while credit spreads continued to tighten. Here’s what caught my attention, particularly as I think about portfolio positioning heading into the winter leasing cycle. I’m seeing stability return to parts of the rate structure that had been erratic earlier in the year, and that shift is influencing how I’m evaluating both refinancing windows and acquisition timelines