New data shows the multi-billion dollar contribution made to the economy
Canadian residential and non-residential leasing and property management firms generated operating revenues of $115 billion in 2018, the latest year of stats released.
Statistics Canada revealed the figures Friday showing that residential leasing generated $46.6 billion, up 5.6% year-over-year with operating expenses up 4.8% to $30.7 billion.
Ontario had the largest share of residential rental income at 37.5%, followed by Quebec (25.9%), British Columbia (15.7%) and Alberta (11.5%).
Non-residential lessors’ revenue was $61 billion, up 5.4% from the previous year while operating expenses rose 6.9% to $39.2 billion.
Nova Scotia saw the highest increase though (7.2%) as rents grew 2.1% amid tighter inventory of rental units to a vacancy rate of 2%, a historic low.
Ontario had the largest share of non-residential rental income at 42.4%, followed by Quebec (18.9%), British Columbia (15.7%) and Alberta (14.5%).
However, it was BC that saw the highest growth among all provinces, at 7.3% year-over-year, along with the highest economic growth at 4%.
Real estate property management firms generated revenues of $7.4 billion, up 5.8% year-over-year. Operating expenses totaled $5.9 billion, up 5.9%.
