SW Ontario Multifamily Market Report

Tighter immigration to be felt. Southwestern Ontario is home to many major urban areas that offer ample job opportunities across a wide range of industries, while also hosting some of Canada’s top universities. Given this diverse economy and vast education network, the metro has experienced a surge in temporary residents, which drove record-high population growth of roughly 4.0 per cent in 2024. Multifamily has shown robust performance as a result. Looking ahead, long-term growth prospects also remain sound. As the metro’s economy continues to diversify, while also offering a lower local cost of living, the region’s population is forecast to increase by 41 per cent, or 2.63 million people, by 2051. Some headwinds are present, however. Population growth is expected to slow significantly over the short term, as the federal government’s tighter immigration policies regarding international students will disproportionately impact Southwestern Ontario. Combined with supply-side pressures, fundamentals will continue to soften in 2025.