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.
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.