Although interest rate increases have battered the sector, analysts say the panic selling was overdone and the future is bright as demand for affordable housing is greater than the supply
in more than two decades. There’s particular stress in the largest markets including Toronto and Vancouver. The agency pointed to the influx of newcomers as one factor. Another is would-be home buyers who have abandoned their search in the face of high interest rates and continue to rent. A third is the demand from university students returning to in-person learning post-pandemic.
Andrew Moffs, senior vice president and portfolio manager at Toronto-based Vision Capital Corp., a REIT specialist, also says housing supply and demand are out of sync. Mr. Moffs co-manages Vision Alternative Income Fund, an open-ended mutual fund that focuses on publicly traded real estate securities using a long-and short-selling approach.
Mr. McNabb notes that companies are becoming creative about how they develop new rental units. As land and building costs rise, InterRent, for example, is converting an Ottawa office building into apartments. Other REITs are adapting unused retail space. To capture the growth on the East Coast, Purpose Real Estate Income Fund has increased its holdings in Killam Apartment REIT, which has a $4.8-billion real estate portfolio, the bulk of which comes from Atlantic Canada.
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