Key shifts in Canadian multifamily market revealed: From fraud concerns to digital tool demand

The recent 2023/2024 simplydbs CND Snapshot report highlights key changes in the Canadian multifamily market from real estate professionals managing nearly 400,000 units.

Key trends

“Preliminary findings from our 2024 CMRS study underscore a consistent shift among renters towards property-specific websites over internet listing services. Nearly 90 per cent express a strong preference for these tailored platforms,” notes Sarah Segal, CEO of simplydbs.

She explains that Google Reviews continues to dominate as a trusted source for due diligence, while high satisfaction with maintenance request apps highlights their pivotal role in enhancing tenant experience.

“The demand for such digital tools is evident, with 75 per cent of non-users expressing interest in adopting them. Harnessing resident and tenant data proves invaluable, benefiting both operational efficiency and strategic decision-making across our industry,” says Segal.

Peter Altobelli, vice president and general manager of Yardi Canada Ltd., which collaborated with simplydbs on the study, concurs:

“It’s impressive to witness the market’s evolution, especially regarding tenant expectations and technology adoption. The shift towards digital experiences brings more focus on centralized platforms. Using a single platform to manage apps and portfolio-wide data is the best practice to streamline these processes effectively and ensure a seamless customer experience,” he notes.

The study found the following key trends are reshaping the industry:

Property-specific websites

92 per cent of respondents find these highly beneficial, surpassing internet listing services.

Fraud concerns

The rate of fraud applications has increased, with 41 per cent of housing providers reporting a one to 10 per cent increase.

Online reputation

Maintaining a positive brand is crucial as renters increasingly rely on online reviews and ratings.

Demand for apps

88 per cent of tenants with a building app use it to create and track maintenance requests.

Limited resources

57 per cent of housing providers feel they can’t keep their websites up to date due to a lack of internal resources.

Review the full report here.