2023 Winter Issue - 74

Emerging Trends: Canada
PROSPECTS FOR COMMERCIAL/MULTIFAMILY SUBSECTORS
Higher capital costs, sustainability come into focus.
FOR YEARS, Canada has been an attractive place to
invest in real estate, thanks to rising rents, valuations,
and returns, as well as Canada's stability and immigration
trends. But as in the United States, the Canadian
real estate industry was hit hard in 2022 by factors
including inflation, resulting in significant disruption.
Nevertheless, as in the United States, industry experts
say the long-term picture remains positive due to
strong fundamental underpinnings.
The Canadian real estate industry faces three major
challenges in the near future.
Costs and capital. It was not that long ago that some
feared an abundance of capital would create more competition
for deals and push up prices for assets. Now,
the opposite is true, thanks to a series of interest rate
increases by the Bank of Canada. In addition, on top of
higher financing costs, lenders have been tightening
borrowing requirements, making it more difficult for
companies to move forward on projects. Some companies
may adapt to the new reality by pausing projects
or canceling deals for property types such as condominium
development, where challenging economic
conditions make it harder to get the numbers to work.
Others, though, may space out sale of units to make
sure prices reflect rising costs. Others may look at new
technologies, such as mass timber, to get projects built
faster or at lower costs, or both.
ESG performance. As in the United States, companies
face growing pressure from activists, investors,
and government regulators to reduce greenhouse gas
emissions connected with their assets and to improve
sustainability in other ways. The industry also faces
challenges to improve its inclusiveness and diversity,
but increasingly sophisticated tools may make it easier
to measure progress.
72
URBAN LAND
WINTER 2023

2023 Winter Issue

Table of Contents for the Digital Edition of 2023 Winter Issue

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https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2024-winter-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-fall-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-summer-issue-of-urban-land
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2023-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-winter-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022FallIssue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-summer-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/2022-spring-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ulm-winter-2022
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/summer-issue-2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/uli-spring-2021-issue
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/ULIWinter2021
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDFALL2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSUMMER2020
https://www.nxtbook.com/urbanlandinstitute/UrbanLand/URBANLANDSPRING2020
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