Issuu

regional edition

HAMILTON

The regional market perspective for the Hamilton rental housing industry

2025

FOREWORD

Produced by RHB Inc., creators of RHB Magazine, RHBTV, RHB Newsreel, Perpetual Media Group (PMG) and BoldTV, theANNUAL delivers a complete market perspective for the rental housing industries of Ottawa, Hamilton, Waterloo and London. Developing a standalone resource guide with vital and practical information is never an easy undertaking. There are reasons why in-depth, analysis and forecasting aren’t done in this form and on this scale for our industry! Time, resources and industry knowledge are required to deliver a comprehensive report respecting individual regional apartment owners and managers while allowing them to respond to market needs, size and competition. What you’ll find in this Regional Edition of theANNUAL: • The State of the Industry Report, an in-depth look at the individual cities’ market conditions, based on CMHC and Stats Canada data. • Realty Check, a look at multi-family sales and purchases in each of the four regional markets, with a special showcase of notable transactions. • Association Report, from our partners at HDAA, LPMA and

EOLO, an overview of what we need to know about each city and association. • Neighbourhood Trends, data provided by Rentals.ca on tenant searches and trends. • Unpaid Rents, Openroom.ca provided comprehensive data for unpaid rent in Ontario. The industry’s first vetted report of the Top Ten, Owners, Managers and REITs for each region. This has been a labour of love. As Canada’s national voice for the apartment industry, RHB Inc. prides itself on always delivering the latest news and information that help our industry maintain a competitive advantage. Therefore, we’d like to acknowledge the following people and companies for their help gathering the information and data which enabled us to deliver this comprehensive guide: John Dickie, Chair and Spokesperson, Eastern Ontario Landlord Organization (EOLO); Daniel Chin, President, Hamilton District Apartment Association, (HDAA); Tracy Norman, President, London Property Management Association (LPMA); Rentals.ca; Openroom.ca; Yardi Canada and CTI Services. RHB Inc accepts responsibility for accurately delivering relevant news to the rental housing industry. As well, we always want to hear from you, the people who make up the rental housing industry. Let us know your thoughts on what you’ve read and what you’d want to see next year in theANNUAL, both at the National and Regional levels. All the best,

Debbie Dollar-Seldon Publisher

Publisher Debbie Dollar-Seldon Art Director Scott Clark National Director, Sales and Marketing Melissa Valentini Office Manager Geeta Lokhram Owner Marc Côté

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Opinions expressed in articles are those of the authors and do not necessarily reflect the views and opinions of the CFAA Board or management. CFAA and RHB Inc. accept no liability for information contained herein. All rights reserved. Contents may not be reproduced without the written permission from the publisher. P.O. Box 696, Maple, ON L6A 1S7 416-236-7473 Produced in Canada All contents copyright © RHB Inc. Canadian Publications Mail Product

INC.

Welcome to the 2025 Regional editions of theANNUAL. Not unlike our National edition, theANNUAL, is a special industry specific periodical, delivering relevant, timely information and data with a single-minded approach; “What does the Apartment industry need to know!” With that as our goal, our research team reviewed extensive data from numerous sources to bring you the regional editions of theANNUAL. From CMHC, Stats Canada, association executives, Government sources and apartment owners, managers & REITs, we bring you the most complete and thorough industry guide that delivers region specific information and data.

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TABLE OF CONTENTS

3 – FOREWORD

STATE OF THE INDUSTRY – 8

15 – REALTY CHECK

ASSOCIATION REPORT – 21

4 – theANNUAL Hamilton

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TABLE OF CONTENTS

29 – NEIGHBOURHOOD TRENDS

TOP 10 – 35

47 – UNPAID RENTS

6 – theANNUAL Hamilton

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2024 population

817,777 Ancaster, Dundas, Flamborough & Glanbrook AVR: 2.4% | 2BR: $1,729

AVR: 1.5% 2BR: $1,480

Stoney Creek and Grimsby AVR: 1.5% 2BR: $1,581

Mountain

Hamilton Zone Statistics 1. Downtown Core: 2. Central East: 3. Central: 4. West End:

AVR: 3.5% | 2BR: $1,548 AVR: 1.6% | 2BR: $1,251 AVR: 4.5% | 2BR: $1,485 AVR: 4.1% | 2BR: $1,554

AVR= Average Vacancy Rate in October 2024 2BR= Average Rent of 2 Bedroom Suite in October 2024

Hamilton’s Private Apartment Turnover Rates by Structure Size & Bedroom Type Bachelor Size

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

3-5 Units

6-19 Units

14.9%

6.6%

10.2%

11.2%

20-49 Units

10.6%

5.8%

7.1%

5.9%

9.2%

5.5%

50-99 Units

9.9%

11.2%

9.3%

7.5%

3.6%

9.3%

9.1%

100-199 Units

13.5%

12.4%

8.1%

10.0%

4.9%

10.5%

9.3%

200+ Units

12.6%

14.7%

12.4%

17.4%

14.8%

16.5%

12.7%

Total

8.0%

13.1%

11.0%

8.9%

8.7%

8.5%

6.0%

11.1%

9.5%

8 – theANNUAL Hamilton

** Data suppressed

Number of Primary Apartment Units Bachelor

1,697

1 Bedroom

19,539

2 Bedroom

21,676

3 Bedroom + 2,533 Total

45,445

Primary Apartment Vacancy Rates Bachelor

2.0%

1 Bedroom

2.6%

2 Bedroom

2.4%

3 Bedroom + 1.8% Total

2.4%

Primary Apartment Average Rents Bachelor

$1,034

1 Bedroom

$1,413

2 Bedroom

$1,632

3 Bedroom + $1,938 Total

$1,531

theANNUAL Hamilton – 9

State of the Industry Hamilton’s primary and secondary rental market universe totals

Primary

45,445

Secondary

53,348

46%

54%

Total: 98,793

*Secondary figure estimate based on growth rate

Guelph

Info Survey Date

Bachelor Oct 23

Oct 24

1 Bedroom

2 Bedroom

3 Bedroom +

Oct 23

Oct 24

Total

Oct 24

Oct 23

Oct 24

Vacancy Rate

5.3%

1.3%

2.0%

1.6%

0.9%

0.0%

1.5%

1.3%

Average Rent

$1,160

$1,271

$1,508

$1,598

$1,646

$1,740

$1,695

$1,935

$1,588

$1,688

Guelph’s Private Apartment Turnover Rates by Structure Size & Bedroom Type Bachelor Size

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

3-5 Units

6-19 Units

9.8%

11.1%

20-49 Units

12.9%

7.0%

5.6%

9.3%

5.4%

50-99 Units

17.2%

24.5%

15.0%

10.6%

9.4%

4.7%

12.4%

11.9%

100+ Units

18.0%

23.8%

15.1%

14.5%

12.2%

18.1%

13.4%

16.2%

13.4%

11.4%

9.7%

11.1%

13.2%

11.4%

Total

** Data suppressed

theANNUAL Hamilton – 11

Ancaster/ Dundas/ Flamborough/ Glanbrook

1 Bedroom

2 Bedroom

3 Bedroom +

Survey Date

Info

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

0.0%

2.2%

1.9%

2.5%

0.0%

1.9%

2.4%

Average Rent

$1,148

$1,277

$1,563

$1,475

$1,970

$1,729

$2,049

$1,670

$1,818

$1,616

Info Downtown Core

Survey Date

12 – theANNUAL Hamilton

Oct 23

Oct 24

Oct 23

Oct 24

0.8%

2.6%

3.8%

3.7%

3.1%

4.9%

2.7%

3.5%

$1,318

$1,358

$1,536

$1,548

$2,026

$2,166

$1,376

$1,413

Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

0.0%

2.0%

1.9%

2.4%

1.5%

1.9%

1.3%

2.2%

1.6%

Average Rent

$1,221

$1,187

$1,342

$1,369

$1,492

$1,530

$1,734

$1,776

$1,461

$1,486

Survey Date

Bachelor Oct 23

Oct 24

1 Bedroom

2 Bedroom

3 Bedroom +

Oct 23

Oct 24

Total Oct 23

Oct 24

Vacancy Rate

1.5%

2.7%

1.2%

1.6%

1.8%

0.5%

1.5%

1.8%

1.5%

Average Rent

$978

$1,121

$1,268

$1,456

$1,481

$1,581

$1,455

$1,803

$1,386

$1,534

Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

3.0%

3.4%

4.8%

3.1%

4.5%

Average Rent

$898

$927

$1,295

$1,306

$1,492

$1,485

$1,803

$2,009

$1,348

$1,376

Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

2.0%

1.5%

1.8%

2.7%

0.6%

1.8%

1.6%

Average Rent

$730

$1,174

$1,176

$1,382

$1,251

$1,355

$1,417

$1,275

$1,205

Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Total

Survey Date

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Vacancy Rate

2.4%

2.1%

1.9%

1.8%

1.7%

1.3%

1.0%

0.6%

1.8%

1.5%

Average Rent

$1,181

$1,166

$1,353

$1,402

$1,535

$1,480

$1,549

$1,575

$1,450

$1,446

Info West End

Oct 23

Total

$1,016

Info Mountain

3 Bedroom +

0.7%

Info Central East

Oct 24

2 Bedroom

$1,028

Info Central

Oct 23

1 Bedroom

Average Rent

Info Stoney Creek & Grimsby

Bachelor

Total

Vacancy Rate

Info East End

Bachelor

1 Bedroom

2 Bedroom

3 Bedroom +

Survey Date

Oct 23

Bachelor Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Oct 24

Oct 23

Total Oct 24

Vacancy Rate

1.2%

1.6%

4.3%

1.6%

4.1%

1.1%

1.0%

1.5%

4.1%

Average Rent

$1,123

$1,100

$1,362

$1,387

$1,604

$1,580

$1,700

$1,740

$1,475

$1,471

** Data suppressed

Additional areas with HDAA Membership

Mississauga

Niagara Falls

Oakville

St. Catharines

Burlington

Brantford

Vacancy Rate

2023: 1.9%

2023: 2.9%

2023: 1.7%

2023: 2.4%

2023: 1.6%

2023: 2.0%

2024: 4.1%

2024: 2.9%

2024: 3.3%

2024: 3.0%

2024: 1.8%

2024: 2.3%

Average Rent

2023: $1,759

2023: $1,287

2023: $1,883

2023: $1,450

2023: $1,765

2023: $1,348

2024: $1,863

2024: $1,339

2024: $2,130

2024: $1,509

2024: $1,948

2024: $1,399

Important things to know about Hamilton’s primary rental market

2023

2024

Vacancy Rate

2.1%

2.4%

Average Rent

$1,617

$1,632

Median Rent

$1,560

$1,539

Important things to know about Hamilton’s secondary rental market

2023

2024

Vacancy Rate Condo Apt

2.6%

1.8%

Total Condo Units Used for Rental

5585

6470

Total Condo Units

20,617 22,445

Percent of 27.1% 28.8% Condo Units Used for Rental Average Rent

$2,317 $2,417

theANNUAL Hamilton – 13

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rjc.ca

Realty Check

The transactions of note in:

Hamilton & Surrounding Areas

theANNUAL Hamilton – 15

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Hamilton

Realty Check 123 Charlton Ave E & 100 Forest Ave, Hamilton Purchaser:

Oakland Square GP Inc & Oakland Square Inc

Units:

Price

$75,300,000

Price per Suite: ** Date Closed:

325 & 325A James St S, Hamilton Purchaser:

1000860369 Ontario Inc

Units:

107

March 28, 2024

Price

$20,000,000

Price per Suite: $186,916 Date Closed:

May 22, 2024

150 Hughson St S, Hamilton Purchaser:

150 Hughson Inc

Units:

Price

$11,300,000

Price per Suite: ** Date Closed:

143 - 159 Stinton St, Hamilton Purchaser:

Stinson General Partnership Inc & Stinson Limited Partnership

Units:

June 19, 2024

Price

$11,000,000

Price per Suite: ** Date Closed:

December 6, 2024

** Data not available

theANNUAL Hamilton – 17

Realty Check 211 York Rd, Dundas Purchaser:

Ontario Aboriginal Housing Support Services Corporation

Units:

Price

$8,550,000

Price per Suite: ** Date Closed:

1084, 1098 & 1100 Main St W, Hamilton Purchaser:

Michael J Beaudoin Holdings Inc

Units:

May 31, 2024

Price

$8,500,000

Price per Suite: ** Date Closed:

June 24, 2024

540 King St E, Hamilton Purchaser:

Equation Capital Holdings Inc

Units:

Price per Suite: ** Date Closed:

255 King St W, Hamilton Purchaser:

1000803881 Ontario Inc

Units:

Price per Suite: ** Date Closed:

October 17, 2024

** Data not available

18 – theANNUAL Hamilton

June 21, 2024

Price

$8,205,000

Price

$8,343,750

Recent Realty Transactions 72 - 76 James St N, Hamilton Purchaser:

1000870452 Ontario Inc

Units:

Price

$6,670,000

Price per Suite: ** Date Closed:

103 Emerald St S, Glanbrook Purchaser:

2563239 Ontario Inc

Units:

May 21, 2024

Price

$5,200,000

Price per Suite: ** Date Closed:

September 3, 2024

270 - 280 Caroline St S, Hamilton Purchaser:

272 Caroline St S Housing Co-Operative Inc

Units:

Price

$4,800,000

Price per Suite: ** Date Closed:

190 Gage Ave S, Hamilton Purchaser:

Millcreek Capital Corp

Units:

June 24, 2024

Price

$4,000,000

Price per Suite: ** Date Closed:

April 19, 2024

** Data not available

theANNUAL Hamilton – 19

Association Report

theANNUAL Hamilton – 21

Association Report

Hamilton was ranked among the top twenty best Canadian locations to invest for 2024 by Site Selection Magazine, recognizing it again as one of the best places to live, work, and invest in Canada. This continues Hamilton’s growing reputation as a prime destination for businesses seeking growth and opportunity. The city’s momentum has remained strong into 2025, with major developments reshaping the skyline and its economic footprint expanding beyond traditional industries. Known historically for its manufacturing prowess, Hamilton is also becoming a leader in innovation, logistics, and real estate development.

AI and Tech Industry Expansion in Hamilton As Canada embraces the rapid expansion of artificial intelligence and automation, Hamilton is beginning to carve out a niche as an emerging tech hub. The presence of McMaster Innovation Park and its partnership with AI and life sciences firms is positioning the city as a destination for cutting-edge research and development. In 2025, several start-ups and established tech companies have

22 – theANNUAL Hamilton

announced expansions or relocations to Hamilton, citing affordability, talent pipeline, and access to infrastructure as key drivers. This diversification helps balance Hamilton’s traditional manufacturing base, making the city more resilient to economic shifts.

Transformational Infrastructure Projects Hamilton continues to undergo a significant transformation, fueled by historic investment in infrastructure that is reshaping the city’s economic and urban landscape and is laying the foundation for longterm economic growth. Key projects include the longanticipated Hamilton LRT, which advances with utility relocations, property acquisitions, and a 17-stop route set to connect McMaster University to Eastgate Square. Meanwhile, GO Transit expansion is progressing with the Confederation GO Station nearing completion and regional service improvements underway. On the waterfront, the Pier 8 development will bring 1,300 residential units and public space, while the West Harbour

Film District aims to establish Hamilton as a hub for Ontario’s growing screen industry. The FirstOntario Centre precinct renovation, a $500M revitalization of the city’s entertainment district, is on track to bring concerts, sports, and events back to the core. Slate Asset Management’s redevelopment of 800 acres of former Stelco lands, branded as Steelport, is expected to become a global industrial hub with capacity for over 23,000 jobs. Other major efforts include road and parkway upgrades, improvements to active transportation networks, and the continued expansion of the McMaster Innovation Park, which now includes plans for a national cancer research hub. These projects, collectively, represent a new era of connectivity, investment, and opportunity in Hamilton.

Transit-Oriented Development and the LRT Effect Hamilton’s long-awaited Light Rail Transit (LRT) project is steadily advancing, with visible progress now under way through a series of early infrastructure works. While major construction has yet to begin, the groundwork being completed across the 14-kilometre corridor marks a significant step toward realizing one of the City’s largest transit investments. Over the past year, the City of Hamilton and Metrolinx have focused on enabling works, essential upgrades to underground infrastructure such as watermains, sewers, and utilities along the future LRT route. These efforts aim to minimize disruptions once full construction begins. Notable projects include large watermain relocations on Wentworth Street and Queenston Road, as well as bridge and intersection upgrades to prepare for the new transit line. Procurement has also reached a major milestone. Four pre-qualified construction teams have been invited to submit proposals for the first phase of civil and utility work, which represents nearly half of the project’s total construction value. This stage will include major road reconstruction, bridge work, traffic signal installation, and utility coordination, laying the foundation for future track installation and station development. In response to design and cost considerations, route adjustments have also been introduced. The revised alignment eliminates a previously planned flyover bridge between Main and King Streets, instead redirecting sections of the line along Dundurn Street. The changes are

expected to simplify construction and reduce costs while maintaining the project’s 14-kilometre length and planned 17 stations. As early works continue, Hamilton residents are eager for clearer timelines on when full construction will begin and how local businesses and neighbourhoods will be affected. The City and Metrolinx have emphasized that the LRT will ultimately transform mobility across Hamilton, from McMaster University to Eastgate Square, while catalyzing corridor renewal through improved streetscapes, utilities, and accessibility. The coming months will be crucial, as the City announces the winning bidders for the civil works contract and releases updated timelines for major construction. Once complete, the Hamilton LRT promises to reshape how people move across the city and serve as a catalyst for long-term urban growth and investment.

Rental Industry Regulatory Fatigue With several new bylaws taking effect including the Vacant Home Tax, Renovation Licence and Relocation By-law and the Rental Housing Protection By-law, 2025 has been a year of adjustment for rental housing providers. Many landlords are reporting increased costs, administrative burdens, and compliance confusion. While tenant protections remain an important goal, the unintended consequence may be a chilling effect on private investment in rental housing. HDAA continues to advocate for clarity, fairness, and incentives for good actors rather than punitive approaches that deter needed reinvestment in Hamilton’s aging housing stock. Hamilton housing providers will hopefully also gain clarity on Rental Licensing this year with the pilot program due to conclude on December 31, 2025. A staff recommendation report will be provided prior to that date in Q4 of 2025 to provide recommendations of how the licensing regime should continue. As of September 2024, 1002 license applications were received and 289 licenses have been issued, far short of the projected 2,000 needed to make the program financially viable under a full cost recovery model. Despite many concerns of a licensing regime, it is expected that the City will seek to expand the program city-wide in 2026.

theANNUAL Hamilton – 23

Association Report Adequate Temperate By-law update Hamilton landlords are already required under the Heat By-law (04-091) to maintain indoor temperatures of at least 20°C from September 15 to May 15. Now, City Council is turning its attention to summer cooling. Councillors recently voted unanimously to require landlords who already provide air conditioning to ensure it is in good working order and able to keep units below 26°C. This new regulation is set to be ratified by Council, and enforcement will fall to bylaw officers, who may issue repair orders or arrange the work themselves at the landlord’s expense if compliance is not met. The larger change, an Adequate Temperature By-law for all rental units, is still pending. Originally slated for 2024, it has been delayed until spring 2026, despite growing pressure from tenant advocates who argue that extreme summer heat poses serious health risks. Councillors acknowledged frustration with the delays but indicated the by-law will be prioritized moving forward. For landlords, the implications are significant. City staff have warned that enforcing a maximum temperature citywide could bring major challenges, including costly retrofits for older buildings, strain on electrical grids, more noise complaints, and higher operating expenses, many of which could ultimately affect tenants. Still, momentum is building toward a standard requiring landlords to ensure summer temperatures do not exceed 26°C, similar to the winter heating rules already in place. What landlords should do now: ensure any AC already provided is maintained, begin assessing the feasibility and costs of cooling upgrades in your buildings, contact your councillors, and share your thoughts and stay engaged with City consultations. These changes mark a shift toward regulating both heating and cooling in Hamilton rentals, and preparation will be key to minimizing disruption.

Housing Starts and Affordability: A Mixed Picture Although Hamilton continues to approve significant residential development, especially in the downtown core and along the LRT corridor, 2025 has seen a slowdown in actual housing starts due to high borrowing costs, construction delays, and developer hesitancy amid policy uncertainty. At the same time, the city remains more affordable than the GTA, continuing to attract first-time buyers and renters. The housing market has experienced

24 – theANNUAL Hamilton

fluctuations in both inventory and sales levels, resulting in a more balanced but still hesitant market. Inventory levels have risen, keeping prices relatively flat, but buyers are still waiting on the sidelines hoping to see lower interest rates and more certainty in the economic and global market. Although prices have dropped slightly, affordability remains to be a main concern. Many firsttime home buyers are still not able to afford to purchase a home and those that do are doing so later in life and often with help from family. Purpose-built rental construction remains fairly stagnant, although some larger projects in the downtown core and on the mountain are near completion, shovel-ready or in the pipeline. With most rental housing stock being over 40 years old, many units will be in need of substantial upgrades. Unfortunately, increasing regulation and the high cost of renovations have discouraged reinvestment, particularly for smaller housing providers. Tenant turnover is also low, as renters remain in place to avoid rising market rents, putting more pressure on the limited supply.

Municipal Budget Constraints and Housing Incentives While Hamilton continues to grow, the City faces significant budget pressures in 2025, with rising service costs and a limited tax base. This has led to difficult choices around housing incentives, with some programs paused or scaled back. There is growing debate over how to best support the creation of affordable housing while maintaining fiscal responsibility. Housing advocates are calling for targeted tax incentives and streamlined approvals, while critics warn of unsustainable spending. The balance struck over the next year will shape the city’s housing trajectory for the next decade.

Student Rentals in Hamilton The student rental market in Hamilton remains tight in 2025 with ample demand from McMaster University (over 37,000 students, including just over 5,700 international students) and Mohawk College (over 13,000 students, including over 3,000 international students). Off‑campus rooms near McMaster typically range from $600–1,000 per month (utilities included) in shared homes, or about $1,400–1,600 per month for private units in newer buildings. Despite the opening of new on-campus residences like 10 Bay, affordability remains a pressing concern especially for

graduate and international students. Vacancy rates around campus are extremely low, and turnover is minimal, as renters hold onto lower‑cost rooms, intensifying pressure on the limited available units.

Rental Market Dynamics Hamilton’s rental market in 2025 remains complex and under strain, shaped by limited supply, shifting tenant behavior and evolving government policies. As of mid2025, the average one-bedroom unit in Hamilton is renting for $1,825, while two-bedrooms average $2,210, a slight decline from 2024 levels, according to Rentals.ca. While rent growth has slowed from its pandemic-era peaks, it continues to outpace wage growth, further tightening affordability for renters. Vacancy rates remain low but are starting to climb to the mid-high 2 percent. This is partially due to a notable decline in international students and immigration. Would-be homebuyers are increasingly choosing to rent longer due to high mortgage rates and renters are remaining in their units longer, further intensifying competition for available units. A noticeable trend in 2025 is the increasing disparity between advertised and in-place rents. Long-term tenants, protected by Ontario’s rent control regulations, are paying hundreds of dollars less than new tenants in comparable units. This has contributed to decreased tenant turnover, with many residents choosing to stay put to maintain affordability. As a result, landlords are reporting

fewer opportunities to bring units to market or invest in needed upgrades. This also means that newer tenants are increasingly subsidizing long-term tenants who are paying less than market rents, a trend that is not encouraging for affordability in the long-term. Purpose-built rental construction remains low despite ongoing demand. While several large-scale projects are in the pipeline, high borrowing costs, development charges, and municipal uncertainty continue to deter developers particularly the small and mid-sized players. The bulk of new rental supply is concentrated in luxury and mixeduse towers, leaving a gap in mid-market and affordable housing stock. In 2025, landlords are facing what many describe as regulatory fatigue, as multiple new bylaws and policies create additional hurdles for investment and operation. While aimed at improving tenant protection and housing standards, these changes have increased costs and complexity for housing providers, many of whom feel unfairly targeted despite their efforts to provide safe and stable housing. These new policies include:

Vacant Home Tax: Now fully in effect, the 1% tax on properties deemed vacant more than six months is expected to impact over 1,200 homes in Hamilton. While it aims to bring units back into use, enforcement challenges and declaration errors have already prompted frustration from landlords and residents.

theANNUAL Hamilton – 25

Association Report Renoviction Bylaw: With Hamilton now requiring landlords to obtain a license before ending a tenancy for renovations, early data shows significant delays in approvals and confusion around eligibility. Legal and construction costs have increased, and some owners have opted to defer or cancel planned upgrades altogether.

Rental Licensing Pilot: Still underway in select wards, this program requires smaller landlords to apply for a rental license, undergo inspections, and comply with a new set of operational standards. As of mid-2025, compliance remains well below projections, and the City is beginning to assess whether to expand the program citywide by 2026. This over regulation can also affect general supply in the market. The City’s various actions, which are overly skewed against housing providers, are causing landlords, particularly smaller landlords, to sell or look at selling. This is a cause for concern as single-family properties that were occupied as rentals are often being sold to purchasers who wish to owner-occupy, lowering the amount of rental stock in the City. Couple this with a slow and often biased Landlord and Tenant Board, smaller landlords are finding it increasingly difficult to stay in the industry. With smaller landlords making up a sizable portion of rental stock in Hamilton, and throughout the province as well, this may lead to disastrous effects for the rental market.

26 – theANNUAL Hamilton

Overall, 2025 has been a year of policy changes, uneven growth, and persistent affordability challenges. The HDAA continues to monitor these developments closely and advocate for balanced solutions that support both tenants and housing providers. While Hamilton remains a city full of opportunity, 2025 has also made clear that the path forward will require careful navigation. Between the escalating complexity of rental bylaws, the need for major housing reinvestment, and mounting economic pressures, the landscape for housing providers is anything but simple. That said, demand for rental housing remains high and for those prepared to meet the challenges headon, Hamilton continues to offer strong long-term potential. The HDAA remains steadfast in its advocacy for a fair, sustainable rental market that works for both housing providers and the tenants we serve. Despite the many challenges facing housing providers, the Hamilton District Apartment Association has had a strong year. Our dinner meetings continue to attract great attendance with informative and knowledgeable speakers, and our annual Golf Tournament in June was once again a success. We are looking forward to our remaining dinner meetings, a potential winery event and our Annual Trade Show. As always, we are committed to advocating for our members as we collectively face the increasing wave of rental legislation and regulatory reform.

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Neighbourhood Trends Latest information on some of HDAA’s many neighbourhoods in…

Burlington

Hamilton

Brantford

theANNUAL Hamilton – 29

Neighbourhood Trends Data provided by Rentals.ca

Age Distribution RHB 2 Age Distribution of Active Renters Hamilton 35%

30%

26% 25%

20%

15%

10%

18-24

Average Rent / Sqft

30 – theANNUAL Hamilton

25-34

35-44

45-54

2/29

55-64

65+

Lead Submission of Prospective Tenants by Bed Count

ed Count London

Lead Submission by Bed Count Hamilton

4+ Bed

4+ Bed 3 Bed

0 Bed

14%

34%

0 Bed

3 Bed

13%

16%

34%

35%

13%

39%

2 Bed

1 Bed

Average Asking Rent by Bed Count RHB 2 Average Rent by Bed Count Hamilton $3,500 $3,431 $3,000

$2,781

$2,500

22/29 $2,000

$1,500

$2,235

$1,829 $1,482

$1,000

$500

0 Bed

1 Bed

2 Bed

3 Bed

4+ Bed

theANNUAL Hamilton – 31

Neighbourhood Trends Searches by Property Type

ndon

Search by Property Type Hamilton

Houses

34%

40%

Apartments

31% 28%

26% Condos Apartments

41%

Condos Condos

Houses

Apartments

Condos

Average Asking Rent by Property Type Average Rent by Property Type Hamilton $3,000 $2,680

$2,664 $2,500 13/29

$2,000

$2,170

$1,992

$1,500

$1,000

$500

House

32 – theANNUAL Hamilton

Apartment

Condo

House

Houses

Apartments

YoY% Change in Lead Volume of Prospective Tenants

Amenity Searches RHB 2

Amenity Searches Hamilton 30%

28%

25%

20%

15%

10% 8%

8% 6%

4% 3%

Pets

Parking

Laundry Insuite

Heat

Water

Electricity

Dishwaher

Balcony

Laundry Facility

Gym

theANNUAL Hamilton – 33

Top 10

Hamilton’s top ten private landlords by size

theANNUAL Hamilton – 35

Top 10

Owners, Managers & REITs

Effort Trust

Category:

Owner

Number of suites

Website:

effortrentals.com

8,719

Greenwin Corp.

36 – theANNUAL Hamilton

Category:

Manager

Number of suites

Website:

greenwin.ca

2,807

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Top 10

Owners, Managers & REITs

InterRent Category:

REIT

Number of suites

Website:

irent.com

2,415

The DMS Group

38 – theANNUAL Hamilton

Category:

Manager

Number of suites

Website:

dmsproperty.com

2,095

Top 10

Owners, Managers & REITs

EIWO Canadian Management Category:

Manager

Number of suites

Website:

eiwocanadian.com

2,055

Victoria Park Community Homes Category:

Owner

Number of suites

Website:

vpch.com

1,892

* 2024 Data

Q Residential

40 – theANNUAL Hamilton

Category:

Owner

Number of suites

Website:

qresidential.ca

1,476

Top 10

Owners, Managers & REITs

East Hamilton Kiwanis Homes Category:

Owner

Number of suites

Website:

kiwanishomes.ca

1,100

Starlight Investments Category:

Owner/ Asset Management

Number of suites

Website:

starlightinvest.com

929

Homestead Land Holdings

42 – theANNUAL Hamilton

Category:

Owner

Number of suites

Website:

homestead.ca

891

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44 – theANNUAL Hamilton

Unpaid Rents

theANNUAL Hamilton – 47

Unpaid Rents Data for this section provided by openroom.ca based on 47,028 court orders (as of July 24, 2025) across Canada, focused in Ontario

Ontario stats Average unpaid rent - 5 year trend Context:

Year

Average unpaid rent per case

Court orders contain monthly rent. This information is extracted and analyzed by Openroom.

2021

$10,058.35

2022

$11,072.73

2023

$12,972.70

2024

$14,767.86

2025

$13,509.35

Year

Average Months of Unpaid rent (includes delay in LTB)

2021

7.39

2022

7.82

2023

8.41

2024

7.54

2025

6.34

What does it show: Number of months of unpaid rent experienced by landlords until court order was issued. Includes time for filing notice, application and other delays. It does not include the following: • Time it takes for the adjudicator to issue the order • Unpaid rent accumulated after hearing date to eviction date (can be 2 weeks to 4 months) Context: Timer starts from first day of unpaid rent and includes, N4 issuance, L1 Filing and to hearing date

London Focus Relative Ranking in Delinquency: 5 Average unpaid rent (from 2021 to 2025): $9,131.09 Average months of unpaid rent (from 2021 to 2025): 7.2 months Average unpaid rent per case - 5 year trend

Changes in number of months of unpaid rent - 5 year trend

Year

Average unpaid rent per case

2021

$7,468.54

Year Average months of Unpaid rent (includes delay in LTB)

2022

$8,006.55

2023

$9,383.42

2024

$14,181.00

2025

$13,190.53

48 – theANNUAL Hamilton

2021

6.94

2022

6.29

2023

7.83

2024

7.27

2025

7.5

Ranking cities by rate of delinquency What does it show: If you are in the top city, your lease is more likely to be unpaid.

Calculation: For each city, compare the ratio of the number of cases of unpaid rent in that city for the number of dwellings. The metric handles the differences in population size and is a good indicator of where you might need to do extra diligence before renting.

City

Rank

Cases per 1000 dwellings*

Oshawa

12.2

Windsor

9.4

Hamilton

9.2

Sudbury

9.1

London

7.6

Barrie

7.5

St. Catharines

7.3

Toronto

5.6

Kitchener

5.6

Waterloo

5.5

Cambridge

5.3

Brampton

4.9

Guelph

4.0

Whitby

3.8

Mississauga

3.3

Ottawa

3.3

Rest of Ontario

3.2

Richmond Hill

3.1

Burlington

2.5

Vaughan

Oakville

1.8

Markham

1.1 theANNUAL Hamilton – 49

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