The Landlord Report
The Landlord Report is Kyle Church’s market report on apartment buildings and multi-family investment properties in Waterloo Region, Guelph and Wellington County. Each edition covers recent apartment building sales, price per unit, cap rates, financing and rental market trends, with commentary for owners, buyers and investors. Download any edition below.
Summer 2026: Looking Back: The Multi-Family Market from 2019 to Today
A deep dive into every 6–50 unit purpose-built rental sale in Waterloo Region and Wellington County since 2019 — how transaction volume, price per suite, financing and cap rates got to where they are today.
- $46M sales volume (2026 YTD)
- 235 units sold in 15 transactions
- $209k average price per suite
- 4%–6% cap rate range
Past editions
Navigating a Changing Market
Buyers and sellers are adjusting to elevated interest rates and downward pressure on rents. What does that mean for apartment building values in Waterloo Region and Guelph? Includes 2025 sales to date, market commentary and current listings.
- 2025 sales to date
- Market commentary
- Current listings
Multi-Family Market Commentary — Waterloo Region & Guelph
Rate cuts bring investors back cautiously, sellers reset expectations, and a softer rental market changes leasing. Cap rates of 5%–6% are becoming the new normal.
- $174.5M sales volume (2024 YTD)
- 755 units sold in 34 transactions
- $209,226 average price per unit
- Kyle involved in 1 of every 5 deals
Multi-Family Market Commentary — Southwestern Ontario
Prices per unit kept climbing in 2023 despite higher rates. Cash is king, and value-add and long-term buyers price deals very differently.
- Cap rates from 2.75% to 5%
- CMHC rent vs. price per unit trends
- Price vs. interest rate, 2019–2023
Resilient Multi-Family Market Holds “Strong-ish”
Single-family prices fell roughly 20% while apartments largely held their value — but deal volume dropped considerably as borrowing costs rose.
- 448 units sold in Waterloo Region
- $103M+ sales volume
- $223,430 average price per unit
- 3.0% average cap rate
Q3 2022 Transactions & Q4 Preview
Transaction volume fell sharply in Q3 2022 as rates rose. Recent Waterloo Region and Guelph sales with cap rates and price per unit.
- 418 units sold in 2022 to date
- $98M+ sales volume
- Q4 cap rates 2.6%–4.2%
Q2 2022 Market Update — Waterloo Region
Every apartment sale from March to June 2022, with unit mix, cap rate and price per unit.
- 200 units sold in H1 2022
- $216,586 average price per unit
- 2.5% legal rent increase for 2023
Q1 2022 Market Update — Waterloo Region
Q1 2022 transactions, average price per unit from 2019 to 2022, typical financials of an 11–12 unit building, and who was buying in 2021.
- Average 11–12 unit building financials
- 2021 buyer profile: REITs, private corporations, individuals
2021 Market Share
A one-page summary of 2021 multi-family transactions and notable sales across Waterloo Region and beyond.
- $60M+ sales volume
- 20 properties sold
- 24% market share in Waterloo Region
2021 Transactions — Waterloo Region
A full list of 2021 apartment building sales, including the large portfolio trades of the year.
- Every 2021 sale with cap rate and price per unit
2021 Year to Date
Mid-year 2021 update with completed and pending transactions across Kitchener, Waterloo, Cambridge and beyond.
- 900+ units sold
- $150M+ in sales
Multi-Residential Market Update — Spring 2021
One year into the pandemic: low rates fuel demand while owners face rising costs, a rent freeze and slower leasing.
- 150+ units transacted in Q1 2021
- Q1 2021 sales list
Multi-Residential Market Update — January to July 2020
How the market held up through the first months of the pandemic, with 2019 vs. 2020 sales and the impact of new CMHC refinancing rules.
- 2019 vs. 2020 transactions and volume
- Kitchener, Waterloo and Cambridge breakdown
Get the next Landlord Report first
New editions go to my email list before they are posted here. If you own an apartment building or are looking to buy one in Waterloo Region or Guelph, I would be glad to add you to the list or talk about what your property is worth today.
Earlier market commentary
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