If you wanted to characterize the current state of the Canadian Self-Storage Industry in two words they would be, “change” and “stability.” Contradictory? Not necessarily. Here’s what we mean.
Canada has been in a robust state of growth as immigrants from around the world flock to its provinces with the promise of democratic institutions and a thriving lifestyle. The population has grown to 38,005,238 as of July 2020. That number is the highest it has ever been, and grew by 411,854 from the previous year. Higher population eventually translates into industry growth and mobility becomes a factor. The housing boom often triggers a self-storage boom.
Still, as demand increases, so eventually does saturation resulting in fierce competition among owners and investors. The steep drop in oil prices and other economic doldrums in recent years has resulted in changing demand across Canada. Yet, the industry is holding up firmly through all the twists and turns. One important factor is that self-storage draws customers from a diverse base, representing tenants with a variety of needs and assets, both consumer and business.