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Real estate rental and leasing and property management industries, 2016

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Released: 2018-03-09

In 2016, lessors of residential and non-residential real estate and real estate property managers generated $102.1 billion in operating revenue, up 4.8% from 2015. These industries reported operating expenses of $66.6 billion, an increase of 4.5% over the previous year. The operating profit margin edged up from 34.6% in 2015 to 34.8% in 2016.

Lessors of non-residential buildings

The largest of the three industries was lessors of non-residential buildings. Operating revenue for this industry increased 4.3% to $54.1 billion in 2016. Operating expenses were up 3.9% to $34.9 billion.

At the provincial level, Ontario experienced the highest growth, with operating revenue up 6.7% from 2015 to 2016. Alberta experienced a minor increase in operating revenue of 0.9%. One factor underlying the slower growth in Alberta was the continued low price of oil, which continued to have a negative impact on employment and net migration. In addition, the office vacancy rate in Calgary increased from 18.2% in 2015 to 23.8% in 2016.

Ontario had the largest share of rental income at 42.8%, followed by Quebec (18.0%). Alberta remained in the top four provinces in terms of provincial share of operating revenue (15.4%), followed by British Columbia (15.3%).

Lessors of residential buildings and dwellings

Lessors of residential buildings and dwellings reported a 5.5% increase in operating revenue, to $41.4 billion in 2016. Operating expenses for the industry were up 5.2% to $26.5 billion.

Among the provinces, Ontario's operating revenue grew by 6.7% from 2015 to 2016. One factor contributing to this growth was the effect of rental increases, with average rents increasing by 3.0% in 2016. In addition, the vacancy rate fell from 2.4% in 2015 to 2.1% in 2016, the lowest since 2001. Firms in Alberta experienced the slowest pace of growth. Their operating revenue increased by 0.7% from 2015 to 2016. The rental vacancy rate in Alberta rose from 5.7% in 2015 to 8.4% in 2016.

Ontario had the largest share of the residential rental income at 37.3%, followed by Quebec (26.5%), British Columbia (16.0%) and Alberta (11.0%).

Real estate property managers

The real estate property management industry generated $6.6 billion in operating revenue in 2016, up 4.9% from 2015. This industry also reported operating expenses of $5.2 billion, up 5.2% from the previous year.

  Note to readers

Data for 2014 and 2015 have been revised.

Data on office vacancy rates in Calgary were obtained from CBRE Group Canada Office MarketView, for the fourth quarter of 2015 and the fourth quarter of 2016.

Data on rental vacancy rates in Ontario and Alberta were obtained from Canadian Mortgage and Housing Corporation (CMHC) - Rental Vacancy Rate, Canada, Provinces and Metropolitan Areas, 1992 to 2016 (%).

Data on apartment rents in Ontario were obtained from CMHC's Rental Market Report, Ontario Highlights 2016.

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