Methodology

View full property lists for the biggest financialized landlords in Canada.

View an analysis of racialization in financialized areas in Ottawa.

Statistics sourced using CHASS Canadian Census Analyzer, the 2021 Census Profile table and the 2016 Census Profile table. Key variables (population stats, demographics, housing characteristics, income) were gathered at the level of aggregated dissemination areas.

Table 1. Value of Assets and Number of Units for Financialized Landlords

CompanyValue of Canadian Multi-Family Assets (CAD billion)# of Units
Starlight1665,941 
CAPREIT1247,300
Hazelview11.724,000
Boardwalk7.333,934
Centurion5.720,457
Realstar522,000
Killam4.8119,484
Skyline4.7622,259
Akelius3.288,834
Avenue Living315,487
Mainstreet Equity Corp.2.816,000
InterRent2.7412,689
Minto2.78,291
GWL Realty Advisors Residential2.569,600
Oxford Properties2.16,303
QMLP1.35,234
Lankin0.51,250
Lanesborough0.1241,263
COGIRNo Data20,000
QuadRealNo Data12,000
CrestpointNo Data2,285
TOTAL88.374374,611

Table 2: Sources for Determining Financialized Rental Property Ownership in Canada.

CompanyProperty List Source
AkeliusAkelius. n.d. Canada apartments 123. Accessed July 10, 2023 from: https://rent.akelius.com/en/search/canada/apartment/
Avenue LivingAvenue Living. n.d. Apartments for Rent in Canada. Accessed Jul. 17, 2023. https://www.avenueliving.ca/apartments-for-rent/cities
BoardwalkBoardwalk. n.d. Where Love Always Lives: Live Life With Us. Accessed June 13, 2023 from: https://www.bwalk.com/en-ca/
CAPREITCanadian Apartment Properties REIT. 2023. Investor Relations: Property List. Accessed June 11, 2023 from: https://ir.capreit.ca/property-list/default.aspx
CenturionCenturion Apartment REIT. 2023. Annual Report 2022.
COGIRCOGIR Real Estate. n.d. Residential Buildings. Accessed June 29, 2023 from: https://www.cogir.net/en/residential-buildings.html
CrestpointAltus Group
GWLRAGWL Realty Advisors Residential. n.d. Rental Properties. Accessed June 27, 2023 from: https://www.gwlraresidential.com/searchlisting
HazelviewHazelview Properties. n.d. Find Your Home. Accessed June 12, 2023 from: https://www.hazelviewproperties.com
InterRentInterRent REIT. May 11, 2021. Management’s Discussion & Analysis For the Three Months Ended March 31, 2021. 
KillamKillam Apartment REIT. March 28, 2023. Annual Information Form For the Year Ended December 31, 2022.
LanesboroughLanesborough Real Estate Investment Trust. n.d. Properties. Accessed June 27, 2023 from: http://lreit.com/properties.asp
LankinPulis Investments. May 13, 2022. Offering Memorandum.
Pulis Investments. Aug. 25, 2018. Portfolio: Pulis Wealth Management LP1- Fully Subscribed. Accessed June 12, 2023 from: https://web.archive.org/web/20180825233417/http://pulisinvestments.com/investor-centre/samples-buildings-from-past-investment-offerings/
Mainstreet Equity Corp.Mainstreet. n.d. Find Your New Home: Thousands of Apartments for Rent Across Western Canada. Accessed June 13, 2023 from: https://www.mainst.biz
MintoMinto Apartments. n.d. Discover the best apartment rentals in Canada with Minto Apartments. Accessed June 12, 2023 from: https://www.mintoapartments.com
Oxford PropertiesOxford. n.d. Lease With Us: Residential. Accessed June 12, 2023 from: https://www.oxfordproperties.com/lease-with-us#residential
QMLPQ Residential. n.d. Accessed June 19, 2023 from: http://www.qresidential.ca/
QuaRrealQuadReal. n.d. Search Listing. Accessed June 12, 2023 from: https://www.quadrealres.com/searchlisting?citystate=
RealstarRealstar. n.d. Properties. Accessed June 13, 2023 from: https://www.realstar.ca/searchlisting
SkylineSkyline Living. n.d. Apartments. Accessed June 19, 2023 from: https://www.skylineliving.ca/en/apartments/?bed=&bath=
StarlightStarlight Investments. September 9, 2022. Canadian Multi-Family Portfolio. Accessed June 12, 2023 from:https://web.archive.org/web/20220909115140/https://www.starlightinvest.com/investment-strategies/cdn-multi-portfolio
Northview Canadian High Yield Residential Fund. Sep. 29, 2020. Prospectus.

Landlord Profiles

Note: Canada’s estimated professionally managed global real estate investment market size, according to finance company MSCI, is $551.7 billion.1 Based on this figure, more than 16% of the entire Canadian professionally managed real estate sector is represented by these landlords.2

Akelius Residential Property AB is a publicly-traded company based in Sweden. Akelius’s Canadian portfolio includes 8,834 rental units, valued at $3.28 billion.3 Their Canadian properties comprise 36% of the value of their entire portfolio, which includes holdings in the United States and Europe.4

Avenue Living manages Avenue Living Real Estate Core Trust and the Avenue Living Real Estate Opportunity Trust and is based in Calgary. Avenue’s portfolio includes 15,487 rental units valued at approximately $3 billion.5

Boardwalk REIT is a publicly-traded company based in Calgary.6 Boardwalk’s portfolio includes 33,934 rental units valued at $7.3 billion.7

CAPREIT is a publicly-traded company based in Toronto.8 CAPREIT’s portfolio includes 47,300 residential units in Canada,9 valued at an estimated $12 billion.10

Centurion Asset Management Inc. manages the private REIT Centurion Apartment Real Estate Investment Trust (REIT) as well as the Centurion Financial Trust (CFIT) and is based in Toronto. Centurion’s portfolio includes 20,457 rental units valued at $5.7 billion.11

COGIR manages the Cogir Real Estate Investment Fund and is based in Montreal. The company’s “clients and partners have varied profiles and include pension funds, insurance companies, public companies, financial institutions, and local and foreign private funds.”12 COGIR’s portfolio includes over 20,000 rental units.13 No value for COGIR’s residential rental assets has been found.

Crestpoint Real Estate Investments Ltd. is owned by Connor, Clark & Lunn Financial Group Co., the ninth largest money manager in Canada.14 Crestpoint’s portfolio includes 2,285 rental units.15

GWL Realty Advisors Inc. owns GWL Realty Advisors Residential and is based in Toronto. The company manages the Great-West Life Real Estate Fund (also known as the Canadian Real Estate Investment Fund No. 1) and the London Life Real Estate Fund. The company states: “Our clients are primarily pension funds and institutional and retail clients for whom we manage a diversified portfolio of assets.”16 GWLRA’s portfolio includes 9,600 rental units17 valued at $2.56 billion.18

Hazelview Investments manages the Hazelview Global Real Estate Fund and is based in Toronto.19 Hazelview’s portfolio includes 24,000 rental units valued at $11.7 billion.20

InterRent REIT is a publicly-traded company based in Ottawa. InterRent’s portfolio includes 12,689 rental units21 valued at an estimated $2.74 billion.22

Killam Apartment REIT is a publicly-traded company based in Halifax. Killam’s portfolio includes 19,484 rental units23 valued at $4.81 billion.24

Lanesborough REIT is a publicly-traded company based in Winnipeg. Lanesborough’s portfolio includes 1,263 rental units valued at $124.31 million.25

Lankin Investments manages Pulis Real Estate LP2 and the Pulis Real Estate Trust and is based in Woodbridge. Lankin’s portfolio includes 1,250 units valued at $500 million.26

Mainstreet Equity Corp. is a publicly-traded company based in Calgary. Mainstreet’s portfolio includes approximately 16,000 rental units valued at $2.8 billion.27

Minto REIT is a publicly-traded company in Ottawa. Minto’s portfolio includes 8,291 rental units28 valued at $2.7 billion.29

Oxford Properties is owned by pension fund Ontario Municipal Employees Retirement System and is based in Toronto. Oxford’s portfolio includes 6,303 rental units30 valued at $2.1 billion.31

Q Management LP (QMLP) is a partnership between Conundrum Capital Corporation and Manulife Asset Management Private Markets and is based in Toronto. QMLP’s portfolio includes 5,234 rental units valued at $1.3 billion.32

QuadReal Property Group is owned by pension fund British Columbia Investment Management Corporation (BCI) and is based in Vancouver. QuadReal’s portfolio includes over 12,000 rental units.33 No value for QuadReal’s residential rental assets has been found.

Realstar Group manages Realstar Apartment Partnership, described as “a series of investment vehicles in which the principals have partnered with a small group of Canadian pension funds and select HNWs”34 and is based in Toronto. Realstar’s portfolio includes 22,000 rental units valued at $5 billion.35

Skyline Group of Companies owns Skyline Apartment REIT and is based in Guelph. Skyline’s portfolio includes 22,259 rental units valued at $4.76 billion.36

Starlight Investments manages publicly listed companies, private funds, and institutional partnerships, including True North Commercial REIT, Starlight U.S. Residential Funds, Northview Canadian High Yield Residential Fund and Starlight Capital Funds,37 and is based in Toronto. Starlight’s “longest standing partner” is Public Sector Pension Investments (PSP), a crown corporation.38 Starlight’s portfolio includes 65,941 rental units39 valued at $16 billion.40

  1. MSCI. 2022. Annual Update On The Size Of The Professionally Managed Global Real Estate Investment Market: Real Estate Market Size 2021/22. Amount converted on July 13, 2023 from USD 420.9 billion provided in the report. ↩︎
  2. Considering that values were indeterminable for two major landlords, Quadreal and COGIR. ↩︎
  3. CAD figure obtained using currency conversion on July 12, 2023, from 2.233 billion EUR stated in Akelius’ 2022 Annual Report. ↩︎
  4. Akelius Residential Property AB (publ). 2023. Annual Report and Sustainability Report 2022. ↩︎
  5. Avenue Living. 2023. 2022: A Historic Year for Our Defensible Strategy. The $3 billion figure comes from adding the value of both of Avenue Living’s funds that include multi-family. These funds also include commercial, thus the value for their multi-family portfolio is an approximation. ↩︎
  6. Boardwalk. 2023. Boardwalk REIT 2022 Annual & ESG Report. ↩︎
  7. Boardwalk. May 2023 Investor Presentation. ↩︎
  8. Canadian Apartment Properties REIT. 2023. Financial Report: Three Months Ended March 31, 2023. ↩︎
  9. Top Ten in The Canadian Apartment Industry. June 2023. Canadian Apartment Magazine. 20(3). p. 27. ↩︎
  10. A firm number for CAPREIT’s AUM was not found. This estimate was therefore calculated using the following method. The 47,300 units reported in Canadian Apartment Magazine account for 70.6% of the 67,000 total units across Canada and the Netherlands, valued at over $17 billion, stated in their 2022 Annual Report. 70.6% of $17 billion is $12 billion. ↩︎
  11. Centurion Apartment REIT. 2023. Annual Report 2022: Management’s Discussion and Analysis for the Twelve Months ended December 31, 2022. ↩︎
  12. COGIR. 2016. COGIR Real Estate Corporate Brochure. ↩︎
  13.  COGIR. n.d. About Us: Our Company. Accessed July 12, 2023. https://realestate.cogir.net/our-company/ ↩︎
  14. Benefits Canada. 2022. 2022 Top 40 Money Managers Report. ↩︎
  15. Canadian Apartment Who’s Who 2023. June 2023. Canadian Apartment Magazine. 20(3). p. 29. ↩︎
  16. GWL Realty Advisors. 2023. 2022 Annual Review. ↩︎
  17. GWL Realty Advisors. 2022. 2021 Annual Review. ↩︎
  18. This figure was obtained by combining GWLRA’s two funds. $1.752 billion from: GWL Realty Advisors. n.d. Great-West Life Real Estate Fund: Fund Performance as of March 31, 2023. Accessed July 12, 2023. https://www.gwlrealtyadvisors.com/invest-with-us/great-west-life-real-estate-fund/ added to $0.81 billion from: GWL Realty Advisors. 2023. London Life Real Estate Fund Q1 Bulletin 2023. $0.81 billion calculated based on the 23.1% residential share of the $3.5 billion gross value of the fund. ↩︎
  19. Hazelview Investments. 2021. Hazelview Global Real Estate Fund: Fund Profile as of May 31, 2021. ↩︎
  20. Hazelview Investments. n.d. About: We Find Hidden Opportunities. Accessed June 12, 2023. https://www.hazelview.com/about ↩︎
  21. InterRent REIT. 2023. InterRent REIT Management’s Discussion & Analysis For the Three Months Ended March 31, 2023. ↩︎
  22. While InterRent’s Annual Reports state that fair value is “determined internally by the Trust,” these same reports do state the fair value adjustment for investment properties for each year. Additionally, their Company History webpage states that in 2018, “InterRent’s value increased to just under $2 Billion.” Therefore, fair value adjustments were made starting from this $2 billion figure (increase of $353 million in 2019, increase of $70 million in 2020, increase of $327.2 in 2021, and a decrease of $8.3 million in 2022). ↩︎
  23. Killam Apartment REIT. 2023. Investor Presentation: June 2023. ↩︎
  24. Killam. 2023. 2022 Annual Report. ↩︎
  25. Lanesborough REIT. 2023. 2022 Annual Report. ↩︎
  26. Lankin Investments. n.d. Who We Are. Accessed July 12, 2023. https://lankin.com/who-we-are/ ↩︎
  27. As stated in Mainstreet’s 2022 Annual Report (Mainstreet Equity Corp. 2023. AR 2022.) these numbers include “69 broken condo suites acquired for resale. 5 development lots and 4 commercial buildings.” ↩︎
  28. Minto REIT. 2023. Investor Presentation January 2023. ↩︎
  29. Minto Apartment Real Estate Income Trust. Jan. 16 2023. “Minto Apartment Reit Announces Leadership Succession.” https://www.newswire.ca/news-releases/minto-apartment-reit-announces-leadership-succession-815392038.html ↩︎
  30. Canadian Apartment Who’s Who 2023. June 2023. Canadian Apartment Magazine. 20(3). p. 29. ↩︎
  31. Oxford Properties. 2023. Growing a global residential rental portfolio. https://www.oxfordproperties.com/our-impact/growing-a-global-residential-rental-portfolio ↩︎
  32. McLean, Steve. Feb. 11 2021. QMLP sticks to its strategy, expands multifamily portfolio. Renx.ca. https://renx.ca/qmlp-sticks-to-its-strategy-and-adds-to-portfolio ↩︎
  33. We Are QuadReal. 2020. https://www.quadreal.com/wp-content/uploads/2020/11/QuadReal-General-Fact-Sheet-November-2020.pdf ↩︎
  34. Realstar Group. n.d. Capital. Accessed July 12, 2023. https://www.realstargroup.com/capital.html ↩︎
  35. Porter, Lynn. Director Asset Management. Accessed June 12, 2023. https://ca.linkedin.com/jobs/view/director-asset-management-at-realstar-management-3604093936 ↩︎
  36. Skyline Apartment REIT. March 2023. Know Your Fund Package – Class A. ↩︎
  37. Starlight Investments. January 27, 2022. Starlight Western Canada Multi-Family (No. 2) Fund. ↩︎
  38. Starlight Investments & PSP Investments. 2017. Canadian Property Book. ↩︎
  39. Canadian Apartment Who’s Who 2023. June 2023. Canadian Apartment Magazine. 20(3). p. 28. ↩︎
  40. Northview Fund. n.d. About Us. Accessed June 11, 2023. https://www.northviewfund.com/about ↩︎