Canadian Storage

About Canadian Storage

Your Source For Self Storage Information

Publisher

Patrick Wood

Category

business · business

Language

en

Explicit

No

First episode

10 Feb 2021

Latest episode

22 Sept 2026

Latest episodes

12 episodes in the feed.

1. 

   22 Sept 2026

   State of the Industry: My Presentation at the CSSA Calgary Operator Lunch

   State of the Industry: My Presentation at the CSSA Calgary Operator Lunch

2. 

   13 May 2026

   Property Tax and Assessment in BC and Western Canada

   My presentation from the 2026 CSSA Whistler Show

3. 

   10 Feb 2026

   The Canadian Self-Storage Industry Navigates Economic Headwinds

   Canada’s economy is currently experiencing a notable deceleration highlighted by the recent surprise announcement that GDP growth fell to 0% in November 2025 after contracting in October. This stalling of growth was counter to predictions of at least slow growth in GDP for November. At the same time, residential real estate activity remains at historic lows in much of Canada. For the self-storage industry, these macroeconomic shifts present a complex picture that defies simple characterization as either wholly positive or negative. Instead, the sector finds itself at an interesting crossroads where traditional demand drivers are being tested against new economic realities. The relationship between real estate activity and self-storage demand has historically been straightforward: when people move, they need storage. The pandemic years saw Canadian housing markets reach unprecedented heights, with bidding wars commonplace and prices soaring across major metropolitan areas. This frenetic activity translated into robust demand for storage units as Canadians relocated, downsized, or temporarily stored belongings during renovations and transitions. Self-storage operators enjoyed high occupancy rates and were able to implement steady rent increases in a market characterized by strong demand. The current environment has shifted dramatically. The Bank of Canada’s aggressive rate hikes in 2022 into 2023 to curb inflation have left mortgage rates elevated despite subsequent cuts, the overnight rate remains well above pre-pandemic levels. This has created a severe affordability barrier that has locked many Canadians out of homeownership. Meanwhile, existing homeowners who secured mortgages during the pandemic face steep payment increases when their terms expire, with 2026 expected to bring a record wave of renewals. Housing market activity has contracted sharply, with the Canadian Real Estate Association documenting significant sales declines across most markets compared to recent highs. This drop in transactions means fewer households are relocating which is a worrying trend for an industry built on residential mobility. However, the reality for self-storage operators is more nuanced than a simple correlation might suggest. While transaction volumes have decreased, the economic pressures affecting housing are simultaneously creating new sources of demand. Young adults who had planned to purchase homes are now remaining in rental units or, increasingly, staying longer with parents due to affordability constraints. This phenomenon of delayed household formation often generates storage needs as people accumulate possessions without the space to accommodate them. The possessions that would have filled a first home instead sit in a storage unit, waiting for market conditions to improve. The rental market itself has become a significant driver for storage demand. With home ownership increasingly out of reach, more Canadians are renting, and rental rates have climbed dramatically in major cities like Toronto, Vancouver, and even traditionally more affordable markets. Renters facing high costs often choose smaller units to keep expenses manageable, creating immediate storage needs for items that don’t fit in cramped apartments. This trend has been particularly pronounced among millennials and Gen Z consumers who represent a growing proportion of storage customers. Although rents have started to moderate and decline across most of Canada in the latter parts of 2025 into 2026, the impact of lower rents will take time to filter through the market due to lease terms and the friction of moving keeping people in rental units longer despite lower rents being available elsewhere. Downsizing represents another counter-cyclical demand source. As property values have declined from their peaks and economic uncertainty has increased, some homeowners, particularly retirees or those facing financial stress, are opting to sell larger homes and move into smaller condos or rental units. This process invariably generates storage needs, often on a long-term basis, as people are reluctant to part with accumulated possessions even when living space contracts. The broader economic slowdown brings its own set of challenges and opportunities for the self-storage sector. Business storage has emerged as a growth segment, with small businesses and entrepreneurs seeking cost-effective alternatives to traditional commercial real estate. Startups and e-commerce businesses, in particular, have embraced self-storage for inventory management, taking advantage of flexible lease terms and lower costs compared to warehouse space. As economic uncertainty prompts businesses to be more cautious with their real estate commitments, this trend may accelerate. However, the same economic pressures that create some storage demand also threaten existing revenue streams. Canadians facing inflation, higher debt servicing costs, and employment uncertainty are scrutinizing discretionary expenses. For some, self-storage falls into this category as a monthly expense that can be eliminated by finally sorting through belongings, selling items, or finding alternative arrangements. Operators have reported that while move-ins remain relatively steady, there’s increased price sensitivity among customers, and aggressive rent increases that were possible during boom times now risk triggering move-outs. The industry’s response has been to focus on operational efficiency and value proposition. Many operators have invested in technology to reduce staffing costs while improving customer experience through features like contactless access, online payments, and digital account management. Some are experimenting with more flexible pricing models, offering promotional rates to attract price-conscious customers while implementing sophisticated revenue management systems similar to those used in the hotel industry. Development activity in the sector has also adjusted to new realities. The relatively low barrier to entry and attractive returns during the boom years led to considerable new supply in many markets. Now, with construction costs elevated and financing more expensive, new project starts have slowed. This supply moderation may benefit existing operators by reducing competitive pressure, though markets that saw substantial recent development may face oversupply challenges in the near term. Geographic variations are significant. Markets like Toronto and Vancouver, where housing affordability challenges are most acute, continue to show resilient storage demand despite economic headwinds. Smaller cities and rural areas that experienced pandemic-driven population growth are seeing more pronounced slowdowns as remote work normalizes and some reverse migration occurs. Additionally, current economic headwinds are impacting provinces across the country differently with manufacturing taking a major hit due to tariffs while resource extraction is still strong. Looking ahead, the self-storage industry’s trajectory will likely depend on how quickly Canada’s economic situation stabilizes. If interest rates remain elevated for an extended period, the housing market freeze could persist, potentially leading to a gradual erosion of storage demand as people adjust to new living situations and clear out units to save money. Conversely, if rates decline and housing market activity rebounds, the resulting wave of transactions could provide a significant boost to the sector. The self-storage industry in Canada has demonstrated notable resilience through various economic cycles, benefiting from diversified demand drivers that don’t all move in the same direction. While the current slowdown in the economy and real estate market certainly presents challenges, it also creates opportunities for well-positioned operators who can adapt to changing customer needs and economic conditions. The sector’s ability to serve multiple customer segments, from downsizing retirees to space-constrained renters to cost-conscious small businesses, provides a buffer against any single trend. For investors and operators in the space, the current environment demands careful market selection, operational excellence, and realistic expectations about pricing power. The boom times may have passed, but the fundamental need for storage in an economy where housing remains expensive and living spaces are constrained suggests the industry will continue to serve an important function in Canadian real estate markets, even if growth moderates from recent peaks.

4. 

   15 Jan 2026

   Canadian Self-Storage Outlook 2026

   Canada’s self-storage industry has evolved significantly over the past decade, transitioning from a niche real estate segment to a mainstream investment class. As we approach 2026, the sector is poised for continued growth, driven by demographic shifts, urban densification, technological innovation, and changing consumer behaviors. Market Overview and Growth Projections The Canadian self-storage market is expected to grow steadily in 2026, with national inventory surpassing 120 million square feet. According to industry analysts, demand will be fueled by a combination of residential mobility, small business expansion, and lifestyle changes. The sector has demonstrated resilience during economic downturns, and its counter-cyclical nature continues to attract institutional investors. Key metrics to watch include: Occupancy Rates: National averages are expected to remain above 85%, with urban centers like Toronto, Vancouver, and Calgary maintaining even higher levels. Markets with new supply may see temporary reductions in occupancy while new facilities absorb supply. Return to Seasonality: At the 2025 CSSA Eastern conference, most large operators noted that they had seen a return to seasonality trends in rentals and move outs. Most large operators also noted that they had seen an increase in move outs above historical averages in 2025. If this trend continues it could negatively impact occupancies throughout the year. Rental Rate Growth: Moderate increases in rental rates are anticipated, particularly in undersupplied markets while markets with new supply may see slight rate reductions as these new facilities lease up to stabilization and offer incentives to attract new customers. Continued Expense Increases: Although inflation has moderated over the past 12 months, we are still seeing outsized increases in insurance rates and property tax as well as continued pressure on wages. In some markets, we may see expenses increase faster than rental rate increases leading to reduced NOI in 2026 when compared to 2025. Development Pipeline: Over 3 million square feet of new supply is projected to come online, with a focus on multi-story, climate-controlled facilities. Demographic and Societal Drivers Several demographic trends are contributing to the sustained demand for self-storage across Canada. Some of these may be nationwide while others are Provincially or locally focused: Urbanization: As more Canadians move into urban centers, smaller living spaces necessitate off-site storage solutions. This is more prevalent in the Prairie provinces with Saskatchewan and Manitoba seeing their major cities continue to grow with both immigration and urbanization. Aging Population: As the population gets older, more seniors are downsizing, leading to increased demand for transitional storage. Furthermore, families often use storage units to keep belongings they haven’t yet dealt with after the loss of loved ones. Millennial and Gen Z Consumers: These cohorts prioritize flexibility and mobility, often using storage during moves, travel, or lifestyle transitions. As home ownership levels decrease amongst this cohort, storage use continues to increase. Immigration: Canada’s immigration targets continue to support population growth, increasing the need for residential and commercial storage. It should however be noted that many of the immigrants currently admitted to Canda are on a temporary basis or have limited financial means upon arrival. This could indicate that the impact on storage demand of immigration may be limited in the short term as these groups do not have an need for or cannot afford self-storage upon arrival. Development Trends and Supply Outlook Developers are responding to demand and development challenges with innovative facility designs and strategic site selection. Key trends include: Vertical Development: Multi-story facilities are becoming the only development type in dense urban areas. In most Major markets, land values make all but multi story development not feasible. Mixed-Use Integration: Storage is increasingly incorporated into mixed-use developments, offering convenience and maximizing land use. This trend has been for the most part forced by municipal planners as they look to increase employment and make more vibrant streetscapes in storage development. Climate-Controlled Units: Rising consumer expectations are driving demand for temperature and humidity-controlled spaces. There is also a trend towards offering more amenities such as board rooms, co working spaces and higher end storage for wine and other collectables. Investment Landscape and Opportunities Self-storage remains a compelling investment opportunity across Canada in 2026. Key factors attracting capital to the industry include: Stable Cash Flows: High occupancy and low operating costs contribute to predictable returns. These positive attributes coupled with the recession resistant nature of the storage industry continues to be attractive to investors. Fragmented Ownership: The market remains dominated by independent operators, presenting consolidation opportunities. Although consolidation is currently underway, it should be noted that in Canada, the number of “Investment Grade” storage facilities is limited and there are many large groups chasing these assets which may keep prices elevated. REIT Activity: Canadian and U.S.-based REITs are actively acquiring and developing assets. These groups are targeting primary markets however as these deals become harder to find, focus may shift into larger secondary markets in 2026. Private Equity Interest: Institutional investors are increasingly allocating capital to self-storage portfolios. This has been true in 2025 with both QuadReal and Brookfield entering the Canadian storage market with large acquisitions. The interest from both Canadian and American Institutional investors remains high and more than likely we will see new entries into the Canadian market from these players. Challenges and Risks Despite its strengths, the self-storage sector across Canada faces several ongoing challenges in 2026: Zoning and Permitting: Regulatory hurdles continue to slow development timelines. In major metropolitan areas such as the GTA and Metro Vancouver, development timelines continue to be long due to planning department delays, strict design requirements and long public engagement periods.  This will continue into 2026 as very few municipalities are takings steps to address these issues. Land Costs: At present, there is a major disconnect in many markets when it comes to development land value. Given the extended development windows, increasing expenses and increased supply in some markets, buyers are hesitant to meet the expectation of sellers at present. Competition: Increased supply in some markets may pressure rental rates and occupancy. Markets like Calgary and parts of Vancouver and Toronto may face some occupancy and rate issues as new facilities fight for tenants with incentives. Property Tax Increases: In jurisdictions across Canada, property tax increases continue to be an issue, and this will continue in 2026. Although there have been some victories in BC as of late in separating the business value from the real estate value of properties, this is only the start of the process to get relief in the province.  Other jurisdictions continue to push out sized increase on the industry despite its low demand on services and major positive impact on the economy of the cities facilities are located in.  In Ontario, assessments have been frozen since 2016 and although 2026 will remain at these levels, the re assessment to current levels continues to be a threat that Self storage owners need to keep an eye on going into the future. Slow real estate markets: Residential real estate markets across much of Canada have yet to rebound from the declines experienced following the sharp rise in interest rates during 2022-24, with transaction volumes frequently remaining at historic lows. As residential real estate is a significant factor influencing storage demand, any resurgence in this sector would likely contribute to improved occupancy rates. Economic Uncertainty: Interest rate fluctuations and inflation could affect consumer spending and investment returns. More than 2 million mortgages are expected to be renewed in 2026 with June 2026 expected to be the peak of the renewal wave. These renewals in some cases will be at interest rates that are double the original rental rates. These higher interest rates will reduce discretionary spending power which could negatively impact storage use. Regional Highlights Western Canada British Columbia: Metro Vancouver remains a high-demand market with limited supply and strong rental growth. Vancouver Island as a whole continues to perform well with population growth and economic development driving both occupancies and rental rates. The interior of BC although continuing to add supply also has seen population growth and this should continue through 2026. Alberta: Calgary and Edmonton are seeing increased development activity, supported by economic diversification and strong population growth. Secondary and tertiary markets in the province in some cases are seeing impacts from over development.  All markets will be impacted if the trend of slowing residential real estate sales continues in 2026. Saskatchewan: The storage market as a whole remains strong and continues population growth and economic prosperity should help continue this trend throughout 2026. In some markets, development has reached the saturation point and occupancies and rental rates will be impacted in 2026 because of this. Manitoba: Manitoba’s self-storage market is on the whole slightly underserved but growing steadily, driven by housing constraints, immigration, and seasonal needs. High occupancy, stabilizing rents, and limited new supply create favorable conditions for operators and investors. However, development faces headwinds from zoning and financing costs, making acquisitions and conversions more attractive than new builds. Manitoba also suffers from some of the most oppressive property tax rates in Canada making storage facilities less profitable despite high occupancy levels in many facilities. Central Canada Ontario: Toronto leads the nation in inventory and development, with suburban markets gaining traction. There is a risk of occupancy and rental rate issues in 2026 as new projects are delivered however this will subside as new facilities gain occupancy. Secondary markets will continue to see new development as lower land values attract investors away from the core municipalities. Quebec: Montreal and Quebec City are experiencing new Class A supply at a rate not seen before which will test the demand thesis in both markets.  The entry of new sophisticated operators will more than likely increase prices in the long run while also taking occupancy away from local operators with smaller marketing budgets. Atlantic Canada Nova Scotia and New Brunswick: These provinces are emerging as attractive secondary markets, driven by population growth and affordability. New facilities continue to be added to many primary and secondary markets however some of these markets may experience an oversupply of new storage as population growth slows from the peak in 2024. Conclusion Looking ahead to 2026, the Canadian self-storage industry is poised for significant transformation. We anticipate continued growth in emerging secondary markets, though operators must be mindful of potential oversupply as population trends evolve. Consolidation will also continue across the industry from primary markets with Class A facilities to the secondary and tertiary markets with Class B drive up facilities. The adoption of advanced technology including AI-driven security, contactless rentals, and powerful analytics tools will accelerate, reshaping customer expectations and operational standards. Those who embrace these innovations will be better positioned to capture market share and deliver a superior customer experience. Ultimately, 2026 will be defined by increased competition, tech-driven efficiencies, and a greater emphasis on adapting to shifting market demands.

5. 

   25 Nov 2025

   Reflecting on the 2025 CSSA Eastern Conference: A Milestone Year for Self-Storage in Canada

   A Historic Gathering The CSSA has long been the cornerstone of Canada’s self-storage industry, fostering education, networking, and advocacy. The 20th conference anniversary (27th year of the Association) brought a sense of pride and reflection, as attendees looked back on how far the industry has come from a niche real estate segment to a mainstream asset class attracting major institutional interest. The strong attendance was a testament to the industry’s resilience and the CSSA’s role in shaping its trajectory. Despite economic uncertainties and shifting consumer behaviors, self-storage continues to hold its ground as a reliable investment. Industry Sentiment: Cautious Optimism One of the most discussed themes at the conference was the current state of the market. I was lucky enough to sit on the Investors panel which had leaders from major Canadian storage companies as well as myself representing the Brokerage side and Oliver Tighe from Collies representing the Valuation profession. Conversations revealed a general sentiment of cautious optimism. Operators reported that occupancies remain strong across most regions, a reassuring sign for those concerned about demand softening however, there was a noted trend with all operators that move outs have increased over the last 12 months. Most operators also commented on the return to seasonality that we had lost during the pandemic. The tone shifted when rental rate increases entered the discussion. Many attendees acknowledged that the era of aggressive rate increases appears to be over at least for now. In some markets, rental growth in stabilized facilities has slowed significantly, and in others, it has stalled altogether. This dynamic reflects broader economic pressures, including inflationary concerns, budgets being hit by increased mortgage payments due to higher rates at renewal and consumer sensitivity to pricing. While strong occupancy provides a buffer, operators are recalibrating strategies to maintain profitability without relying on rate hikes. The focus is shifting toward operational efficiency, customer experience, and leveraging technology to stay competitive. AI Takes Center Stage Artificial Intelligence (AI) was arguably the hottest topic of the conference with one of the keynotes on AI do’s and don’ts for storage operators. From predictive analytics to automated customer service, AI is no longer a futuristic concept, it’s here, and it’s transforming the way self-storage businesses operate. The enthusiasm for AI was tempered by questions about implementation and cost. Smaller operators expressed concerns about accessibility, while larger players showcased success stories of AI-driven efficiencies. The consensus? AI is not optional; it’s becoming a critical tool for those aiming to thrive in a competitive market. However, adoption will require thoughtful planning and investment to ensure technology enhances not complicates operations. Development and the Fear of Overbuilding Another major theme was development. The past decade has seen a surge in self-storage construction, fueled by strong demand and attractive returns and low interest rates. Yet, as new projects continue to break ground, whispers of overdevelopment are growing louder. Conference discussions highlighted regional disparities while some markets still exhibit unmet demand, others are approaching saturation. The fear of overbuilding is not unfounded. Attendees shared anecdotes of projects struggling to lease up in areas where supply has outpaced demand. Developers are now urged to exercise caution, conduct rigorous feasibility studies, and consider long-term demographic trends before committing to new builds. The message was clear: disciplined growth will be key to sustaining industry health. My Key Takeaways Participating in the CSSA Eastern Conference this year proved to be both enlightening and motivating. These are the top three lessons I gained from the experience: AI Is No Longer Optional The conversations around AI confirmed what I’ve been sensing in the market: technology is becoming a differentiator. Whether it’s dynamic pricing, automated customer engagement, or predictive analytics, AI tools are moving from ‘nice-to-have’ to ‘must-have.’ For me, this reinforced the need to explore platforms that can integrate AI into everyday operations without overwhelming teams especially for smaller operators who in the past have found AI to be overwhelming and potentially too expensive to implement. Caution in Development Is Critical While development opportunities still exist, the fear of overbuilding is real. I left the conference convinced that disciplined underwriting and market analysis will separate successful projects from those that struggle. For anyone considering new builds, the mantra should be: ‘Do the homework, then do it again.’ Far to often we see people eager to develop self-storage who ignore market signals or use metrics that are divorced from the current reality of the market. In the past, the strength of the storage market has saved these developments however as the market moderates, these mistakes will become costly and could make projects fail in extreme circumstances. Relationships Matter More Than Ever Beyond the sessions, the networking was invaluable. The ability to share experiences, learn from peers, and build connections reminded me why these conferences are so important. In a market where growth is slowing and competition is intensifying, collaboration and shared knowledge will be key drivers of success going forward. Looking Ahead As the industry moves into 2026, the themes of this year’s conference will undoubtedly influence strategic decisions. Operators will continue to monitor occupancy trends and rental rate dynamics, balancing optimism with prudence. AI adoption will accelerate, offering opportunities for those willing to embrace change. Meanwhile, developers will face the challenge of aligning growth ambitions with market realities. The 20th anniversary of the CSSA was more than a celebration it was a reminder of the industry’s adaptability and resilience. While challenges lie ahead, the collective expertise and innovation showcased at the Eastern Conference suggest that Canadian self-storage is well-positioned to navigate them.

6. 

   27 Oct 2025

   California’s SB 709: Should Canadian Storage Owners Be Worried

   In October 2025, California Governor Gavin Newsom signed Senate Bill 709 (SB 709) into law, marking a significant shift in the regulatory landscape for the self-storage industry… Read more "California’s SB 709: Should Canadian Storage Owners Be Worried"

7. 

   23 Jul 2025

   Q2 2025 Self-Storage Market Update: Western Canada

   The self-storage industry across Western Canada remained resilient in Q2 2025, with stable occupancy levels, continued development activity in key metro areas, and rising investor interest in… Read more "Q2 2025 Self-Storage Market Update: Western Canada "

8. 

   23 May 2025

   Maple Leaf Storage Sold to QuadReal

   This episode discusses QuadReal's acquisition of Maple Leaf Storage, marking a significant shift in the Canadian storage industry.

9. 

   9 Apr 2025

   Tariffs and the Canadian Self Storage Industry

   This episode examines the potential effects of current and proposed tariffs on the Canadian self-storage industry.

10. 

    1 Mar 2021

    Metro Vancouver’s Industrial Vacancy and its impact on the Self Storage Industry

    Industry experts examine Metro Vancouver's low industrial vacancy rates and how they affect the self-storage industry, providing insights into market dynamics.

11. 

    13 Feb 2021

    BlueBird Self Storage Buys Two Stores in Nova Scotia

    Bluebird Self Storage expands its portfolio with the acquisition of two storage facilities in Nova Scotia, signaling growth in the Canadian self-storage market.

12. 

    10 Feb 2021

    Were Back

    Host Patrick discusses his return to podcasting after 20 months and teases upcoming updates in future episodes.

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