Property Management: Now & In the Future
The outlook for the property management industry is positive for the foreseeable future. Developers in Canada are building new apartments and condos at historically high rates. According to the Canada Mortgage and Housing Corporation, (CMHC) apartment construction – whether purpose-built rental or condominiums – continued to grow in importance across Canada’s 6 largest centres. In 2022 for example, apartment starts as a share of total starts exceeded the 5-year average and in Canada’s 3 largest centres. Apartment construction represented over 70% of total starts, including nearly 87% in Montréal.2
However, this shift towards rental properties and condos has revealed a critical shortage in qualified property managers who can handle the increased work load. Industry professionals and associations are now warning of a “property management crises” in Canada.
In its latest whitepaper, Buildings Canada is exploring what the property management landscape looks like today, and what the future holds for the profession. Download the whitepaper for full details.
