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Market Summary

Press Release

February 6, 2024

In Q1 2024, Mainstreet posted its ninth consecutive quarter of double-digit, year-over-year growth across all key operating metrics. Funds from operations (“FFO”) before current income tax grew near the fastest rates in Mainstreet history at 32%, FFO increased 23%, net operating income (“NOI”) increased 23%, same-asset NOI rose 16% and rental revenues grew 19%.

Bob Dhillon, Founder, President & CEO of Mainstreet, said, “These results underscore Mainstreet’s track record of operational success, as we continue to leverage our trusted countercyclical growth strategy to drive shareholder value.” He added, “In this time of structural housing undersupply, Mainstreet continues to pride ourselves as a vital supplier of affordable, quality, renovated living for middle-class Canadians.”

Property Portfolio

The entirety of Mainstreet's portfolio is Western Canada based. With large holdings in the major centres of Edmonton and Calgary, AB; Surrey and Abbotsford, BC; and, Saskatoon and Regina, SK.

Mainstreet has significant market share in a number of its operating cities: 28% Surrey, BC; 21% Abbotsford, BC; and, 15% Saskatoon, SK.

Calgary and Edmonton portfolios are represented by significant inner-city holdings. Including Central and ICE District in Edmonton, and Beltline communities in Calgary. These properties are particularly attractive to Millennials, and students attending secondary education institutions. Smaller cities such as Saskatoon and Regina, SK; Lethbridge, AB; Kamloops, BC and Abbotsford, BC, also have large student populations. 

Mainstreet is constantly active in new property assessment and acquisitions in all of it operating cities, and monitors and evaluates the upside to enter into new markets under the right conditions.

17,390

Total Number of Units

20

Cities

Courtenay, BC

131

Total Number of Units

New Westminster, BC

117

Total Number of Units

Surrey, BC

1,691

Total Number of Units

Prince George, BC

350

Total Number of Units

Maple Ridge, BC

89

Total Number of Units

Abbotsford, BC

976

Total Number of Units

Chilliwack, BC

160

Total Number of Units

Kamloops, BC

66

Total Number of Units

Penticton, BC

77

Total Number of Units

Vernon, BC

47

Total Number of Units

Nelson, BC

61

Total Number of Units

Cochrane, AB

59

Total Number of Units

Calgary, AB

3,500

Total Number of Units

Airdrie, AB

36

Total Number of Units

Edmonton, AB

5,725

Total Number of Units

Fort Saskatchewan, AB

100

Total Number of Units

Lethbridge, AB

255

Total Number of Units

Saskatoon, SK

2,558

Total Number of Units

Regina, SK

991

Total Number of Units

Winnipeg, MB

401

Total Number of Units

Western Canada

Boutique Apartment Rentals

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