REITs Nation: Population Estimates, BC Housing Initiatives, CSH Occupancy

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REITs Nation: Population Estimates, BC Housing Initiatives, CSH Occupancy

94.5% (+20 bps M/M; +260 bps Y/Y). In May, two

properties (364 suites, 97.3% occupancy) were transferred from the SP-portfolio to the

repositioning portfolio given expected dispositions later this year. CSH continues to

expect wtd. avg. SP-occupancy >95% through 2028.

Governments of Canada & BC announced a number of housing initiatives. Notable

initiatives, funded through the federal Build Communities Strong Fund (BCSF), include ~

$3.2B over 10 years (cost-shared between the provincial and federal governments) to

fund infrastructure. Municipalities receiving funding will be required to reduce multi-

unit development charges by up to 50% for three years. Mechanics appear comparable

to similar programs introduced earlier this year in Ontario. Separately, through Build

Canada Homes and BC Housing, the federal and provincial governments have agreed to

launch a condo conversion initiative aimed at converting more than 2,200 completed

but vacant units into affordable housing. We have yet to see specific details with

respect to implementation of this policy. As a point of reference, the CMHC recently

pointed to 4,376 completed but unabsorbed condos in the Vancouver CMA in May 2026

(+76% Y/Y).

CMHC’s May housing starts data point to an ongoing upward trend in purpose-built

rental (PBR) construction. Per CMHC, national housing starts (SAAR, 6-month moving

average) were 245k in May, -3.8% from the recent Sept-2025 peak and +4.6% vs. the

trailing 5-year average. Drilling down to purpose-built rental units, under-construction

inventory (203k units) is +2.4% M/M and +22.8% Y/Y, equating to 8.2% of the estimated

existing purpose-built stock. Two highlights from the municipal level: Toronto starts