Why Pier 4's selective property acquisitions and rental market insights continue to deliver stable growth across Canada’s most resilient mid-sized cities
Canadian real estate has spent the past several years caught between rising rates, persistent supply shortages and shifting investor confidence. Headlines have often leaned negative, and many investors have had to adjust their strategies.
Pier 4 has experienced a very different trajectory. That contrast shaped the founders’ view of 2025. Instead of pointing to one standout moment, Co-founder and CEO Adam Ashby says, “Every year I feel like we are growing faster than the last,” he said, noting that this has held through periods when broader sentiment has been far less optimistic. Instead of waiting for conditions to settle, the team kept pursuing opportunities that matched their criteria.
“We have really gone on a consistent growth trajectory,” he said. The fund’s five-year anniversary served as a marker, but internally the focus was on whether their model continued to work while much of the sector faced turbulence.
A deliberate acquisition model powering steady growth across chosen regions
From the beginning, Pier 4’s strategy has relied on buying in cities where rental demand is strong, supply remains tight and local economies have meaningful institutional anchors. The founders describe this not as opportunism, but as the core architecture of how the firm grows.
Co-founder and CFO, Michael Ashby pointed out that by the end of the second quarter, the REIT had acquired more properties than in any previous full year. “It was an opportunity to continue to buy when there is not as much competition compared to years past,” he said. The team’s discipline around where and what they buy has stayed intact through market shifts.
That discipline shows in their expansion in 2025. Waterloo had long been a target given its universities, college network and technology base. The acquisition of 9 Lodge Street offered a practical entry into a market they already understood. Dartmouth, outside Halifax, appealed for similar reasons, with steady population inflows and active municipal investment. London, Ontario provided additional opportunities through properties like 364 Grey Street and 101 Veronica Avenue.
In Kitchener, Pier 4 deepened its presence with two notable additions: the purchase of 36 Talbot Street earlier in the year and the acquisition of 112 Breckenridge Drive, which the team saw as a natural extension of their operating footprint in the region.
Adam emphasized that these expansions did not stretch their capabilities. “They are neighboring cities to already existing infrastructure,” he said. “It complements the portfolio.”
Short market snapshot: Halifax strength, Toronto and Vancouver slowdown
While Pier 4’s strategy is driven by fundamentals rather than cycles, Canada’s regional rental patterns provide important context.
Halifax remains one of the strongest rental markets in the country. According to First National’s analysis, average rents for one bedroom units in Halifax reached approximately $1,770 in early 2025, while rental listing engagement surged. Despite an uptick in vacancy from roughly 1.0 to 2.1 percent, demand remains well above the national average, and purpose built rental construction continues to track ahead of most mid sized Canadian cities.
Toronto and Vancouver tell a different story. In the Greater Vancouver region, rents for several categories of units fell by more than 6 percent year over year in 2025, as new supply entered the market. Toronto has also seen vacancy rise and rent growth moderate, driven by a wave of completions and slower in-migration compared to the peak years of 2021 and 2022.
These patterns have led some landlords and developers in Canada’s largest cities to pause acquisitions, delay projects or offer incentives to retain residents.
Pier 4’s markets, by contrast, continue to show durable fundamentals that align with the company’s strategy: population growth, strong employment centres and balanced supply conditions.
The through line into 2026: Confidence in the fundamentals
Properties acquired in 2025, including Talbot Street and Breckenridge Drive, saw immediate upgrades ranging from corridor improvements to water, lighting and facade work, including balcony railing painting. These changes are part of a standard operating rhythm the team applies to every acquisition to lift resident experience and strengthen long term asset performance.
Technology modernization followed the same pattern. The transition to Yardi Voyager created more efficient payment options and streamlined maintenance communication. Michael underscored the difference. “Voyager has allowed residents to pay rent easier and submit maintenance requests through the portal,” he said. These improvements help stabilize occupancy and reduce operational friction as properties scale.
Inside the firm, structural upgrades supported the same goals. The leadership team expanded across asset management, operations and sales. A formal CSR program was introduced to support a workforce that now spans Vancouver, Cambridge, Toronto, London, Hamilton and Atlantic Canada. “We do a lot of different things that really punch above our weight class,” Adam said. “We want people to feel involved and want to come to work every day.”
Pier 4 now has team members across three provinces, with offices operating in three cities, a footprint that reflects how deliberately the platform has expanded. In 2025 alone, the firm added 43 new team members representing a 113.2% increase.
Pier 4’s internal focus was matched by external recognition. The firm was named again among Canada’s Top Growing Companies and as a Great Place to Work, distinctions that reflect the culture the founders emphasize rather than any single program. That culture extended into the community through initiatives such as the annual Golf Tournament and the WP Women Empowerment Award, which highlight local engagement and industry contribution. For the team, these efforts strengthen cohesion and reinforce the long term foundations behind the portfolio’s growth.
For five years Pier 4 has operated through cycles of enthusiasm, caution, uncertainty and renewed interest. What has not changed, Adam said, is the underlying demand for well managed rental housing. “The demand for real estate has not gone away,” he said. “The media and some economic conditions created challenges, but real estate has never stopped being a strong investment vehicle.”
Michael’s focus for the next chapter is similarly grounded. “Continuing to grow, hitting our corporate goals and staying aligned,” he said.
This article was produced in partnership with Pier 4.
