CITY · MARKET PROFILE

Southwestern Ontario

VACANCY RATE

4.2%

Derived: weighted avg of CMHC Oct 2025 private apartment vacancy (Table 1.1.1) for London CMA, Chatham-Kent CA, Sarnia CA

2BR RENT

$1,598

Derived: weighted avg of CMHC Oct 2025 private apartment 2BR average rent (Table 1.1.2) for London CMA, Chatham-Kent CA, Sarnia CA

CAP RATE

5.5%

Range: 5.0–6.0%

FC portfolio blend

FOUNDATION CAPITAL COMMENTARY

Population-weighted rollup of London CMA (73%), Chatham-Kent CA (14%), and Sarnia CMA (13%). The aggregate 4.0% vacancy and $1,496 2BR rent sit a meaningful step below the GTA on both metrics, which is the core Yield the North thesis. The 100+ bp cap rate spread vs Toronto is the structural return premium for operating outside the primary markets.

SOURCES

Derived: weighted avg of CMHC Oct 2025 private apartment vacancy (Table 1.1.1) for London CMA, Chatham-Kent CA, Sarnia CA
Derived: weighted avg of CMHC Oct 2025 private apartment 2BR average rent (Table 1.1.2) for London CMA, Chatham-Kent CA, Sarnia CA
FC portfolio blend

Vacancy and rent reflect purpose-built rental apartments. Cap rate reflects multifamily transactions. This is for informational purposes only and does not constitute investment advice.

Southwestern Ontario

The North Brief.Every Monday.

The North Brief.
Every Monday.