Altyn Equities Fall 2025 Update – Market Shift and Opportunities

One year ago, rents started to fall in major centers like Toronto, Vancouver, and Calgary.  Today rents are flat to declining across the country and there are many reasons for this.  In our locations of Edmonton and Saskatoon, rents remain flat with no incentives being given but we anticipate that could change. The large influx of immigration has slowed in combination of the massive influx of new build, purpose-built rentals.

We will remember this moment in history with all of the new rental product coming online, although most of it is not geared towards families, this is significant and was needed in most centers. The past few years have been a roller coaster for multifamily investors as the lending landscape has completely changed.

When I started buying apartment buildings 20 years ago, one could obtain a conventional loan at 3.5%, 25-year amortization and easily cash flow the project with 25% down. I did many successful projects using this strategy. Today the conventional lenders are almost nonexistent, being completely taken over by CMHC, especially the affordable housing multifamily program.

In 2023 investors could purchase or refinance a building with only 5% down and take up to a 50-year amortization. This allowed for massive leverage with the caveat of placing a proportion of the units in rent control. The construction boom that resulted was nothing short of stellar, and in Kelowna where I live, currently 30% of the total rental stock is under construction.

This also artificially increased the prices of ALL multifamily products that could qualify for this program.  Investors will line up and pay premium prices to purchase apartment buildings with these amazing terms.  CMHC has been scaling back their criteria, and has not increased premiums to access the programs however they still command a large monopoly over multifamily lending.

We will feel the ripple effects of this supply boom unlike anything we have seen since the last one in 1970. I recall only a few years ago it was incredibly rare to see a purpose-built apartment building constructed after 1980, but today they are everywhere.

2025 to 2026 Predictions

We do rental surveys often (as I have mentioned before) so we can lead the market when things shift as they are right now.  The influx of immigration has slowed; however, Alberta is still enjoying in migration from other provinces, specifically from British Columbia and Ontario. The economy is also slowing, with unemployment rising with all metrics showing continued slowdown as we head into 2026.

Interest rates are also coming down in response with the BoC 5-year bond now sitting around 2.7% and falling, and the prime lending rate has just fallen by 0.25% and we expect more rate cuts before the end of the year.  I don’t believe that this will cause a ‘boom’ in real estate like it did post pandemic, however it gives investors some breathing room on their refinances and deals now look a bit more attractive.

My prediction for 2026, is that it is a very good time to sell some assets that are near maturity with the market hot, and rents flattening out.  It is also a great time to be on the lookout for distressed sellers, especially those who over leveraged their portfolio and are now in a cash flow crunch due to the flat rents and increased expenses.

2025 was a hard year for buyers, but I predict much greener pastures for 2026 to add some solid assets to your portfolio.

Glenridge Apartments – Fort Saskatchewan AB

Purchased May 2023              $2,250,000

Appraised March 2024           $3,350,000

Rent Roll Dec 2024                  $24,600

Rent Roll Sept 2025                  $26,200 (+6.5%)

CMHC Lending Value (Spring 2024)  $3,350,000

Key Highlights September 2025

  • Continued to raise rents throughout the year and renovate where required.
  • Were able to return substantial capital to investors from refinance proceeds.
  • Rent increases slowed substantially but were still able to add $350,000 in value.
  • We expect the market to be flat to slightly declining for the next 12 to 18 months.

Adam Apartments – Leduc, AB

Purchased Nov 2021              $1,462,000

Rent Roll Dec 2024                 $22,220

Rent Roll Sept 2025                $22,200 (0%)

Current Value  $3,000,000

Key Highlights September 2025

  • Rents flat for most of the year, even after suite turnover…
  • The rental market in Leduc is quite saturated due to influx of new product in south.
  • Improvements continue on the project to the interior and exterior albeit minor.

Chaben Place – Saskatoon, SK (Pending Sale)

Purchased 2016                      $2,710,000

Cash invested                          $840,000

Rent Roll Dec 2024                  $31,425

Rent Roll Sept 2025                $32,950 (+4.85%)

Approximate 2025 Value        $3,899,999

Key Highlights September 2025

  • Rents increased another 5%, bring the value of the building near $4M.
  • After major upgrades over many years, the project is currently pending sale.
  • Saskatoon Market is stronger than Edmonton with less vacancy.

Beaumont Place –Beaumont AB – 3 story concrete mixed res/commercial

Purchased 2014                      $2,900,000

Cash invested                          $900,000

Rent Roll Dec 2024                  $36,783

Rent Roll Nov 2024                 $37,574 (+2.15%)

Approx Value                          $5,000,000

Key Highlights

  • Successfully raised rents, albeit much slower than the 2023 to 2024 bump.
  • Successfully negotiated new commercial lease rates on 2 additional units.
  • Currently preparing the building for sale as we have reached the target exit point of our Joint Venture agreement. Project to be listed for $5,250,000.
  • The building is solid, fully renovated, and no capital improvements required.

Happy investing in 2026!

Cory Sperle