An apartment property at 411 & 423 Despard Avenue, Parksville, BC, one of several acquisitions that Skyline Apartment REIT celebrated in 2022.

Skyline Apartment REIT: 2022 Year in Review

A recap of Skyline Apartment REIT’s major transactions and news in 2022, and President Matthew Organ’s industry outlook for the next year.

Skyline Apartment REIT, a Guelph, Ontario-based Real Estate Investment Trust (REIT) specializing in multi-residential real estate, is reporting strong performance in 2022 and is anticipating further growth opportunities for the year ahead.

In 2022, the REIT made several new additions to its portfolio, adding more than $422.8 million in land and property assets and bringing the total number of suites in its portfolio to 22,259. Skyline Apartment REIT currently comprises 250 properties in 61 communities in seven provinces across Canada, with 22,259 total suites.1

In 2022, Skyline Apartment REIT acquired:

While Skyline Apartment REIT typically maintains a buy-and-hold strategy, in 2022 the REIT identified several non-core assets that were appropriate for strategic disposition. The sale of these six assets, totaling 582 suites and 81,531 square feet of commercial space, resulted in a combined sales price of $182.9 million. The equity surfaced from the sales will be used toward accretive property acquisitions to ensure maximum value for Skyline Apartment REIT Unitholders.

A smart contribution to housing supply

In 2022, Skyline Apartment REIT completed construction on two new developments in communities with low vacancy rates. In August 2022, construction was completed on Lancaster Park Apartments, a new development in Welland, Ontario, that brought 98 new rental suites to the city. At the time of groundbreaking in September 2020, Welland faced a low rental housing vacancy rate of 2.8%. Construction was also completed on Twamley Manor Apartments, bringing 118 units to the community of Listowel, Ontario which also faced a low vacancy rate at the time of groundbreaking.

Two newly developed buildings that Skyline Apartment REIT purchased in British Columbia contributed new housing supply to areas with vacancy rates under 2%, adding 108 rental suites to the rental market in Nanaimo and 122 rental suites to Parksville.

2022 also saw Skyline and partners break ground for a Permanent Supportive Housing development that will provide living spaces for 32 people in the Guelph, Ontario, area who are currently facing homelessness. Skyline Apartment REIT donated the land for the development, and various businesses within Skyline Group of Companies (of which Skyline Apartment REIT is a part) will continue to provide expertise and resources until it is complete. The event saw attendance from Ontario’s Minister of Housing as well as government representatives at federal, county, and city levels.

Other key accomplishments for Skyline Apartment REIT in 2022

Beyond transactions and new developments, Skyline Apartment REIT celebrated many other highlights in 2022, including:

Outlook for 2023

The multi-residential real estate market continues to see high demand as inflation and rising interest rates are causing many would-be home buyers to continue to rent. As of October 2021, the average vacancy rate for purpose-built rental apartments was only 3.1% and by 2022, 1 in 3 Canadians were renting.2,3 Rental rates saw year-over-year price jumps in the double digits for most of 2022.4

Matthew Organ, President, Skyline Apartment REIT, anticipates this trend will continue through 2023 and beyond.

“While demand for affordable rental housing is strong, new supply has not been able to keep up, as labour shortages and high construction costs are impacting development,” said Organ.

“New construction is essential to meeting the rising demand for rentals and addressing the housing supply shortage that Canada is facing. Skyline Apartment REIT sees value in continuing to advance new rental housing development in markets where this supply is needed most.”

Over the past few years, the REIT has increased its investment in the development of new multi-residential builds, which it plans to continue through 2023. The REIT also aims for additional strategic purchases of established apartment properties, which it considers “value-add” stock. For both activities, the REIT focuses on acquiring mainly in secondary and tertiary communities.

“With such a high demand for rental housing, we have found great value in both new developments, and in repositioning existing properties as well,” says Organ.

“Not only do they benefit our Unitholders, but they also add quality rental homes to markets with substantial demand.”

Skyline Apartment REIT is currently open for investment. Visit to learn more about Skyline Apartment REIT and contact an Advisor.

Skyline Apartment REIT is now available on Fundserv (SKY2006).

1 As at January 13, 2023

2 The time is right to invest in real estate. (2023, January 24). Retrieved January 25, 2023, from

3 Why Canada is losing affordable rental housing faster than it’s being built. CBC News. (2022, March 10). Retrieved January 5, 2023, from data suggests. CBC News. (2022, December 14.). Retrieved January 5, 2023, from

About Skyline Apartment REIT

Skyline Apartment REIT (the “REIT”) is a privately owned and managed portfolio of primarily multi-residential properties, focused on acquiring both established and newly developed properties in secondary and tertiary communities across Canada.

Skyline Apartment REIT is distributed as an alternative investment product through Skyline Wealth Management Inc. (“Skyline Wealth Management”), the preferred Exempt Market Dealer for the REIT.

Skyline Apartment REIT is committed to providing best in class apartment suites and service to its residential tenants, while surfacing value with a goal to deliver stable returns to its investors.

To learn more about Skyline Apartment REIT, please visit

To learn about additional alternative investment products offered through Skyline Wealth Management, please visit

Skyline Apartment REIT is operated and managed by Skyline Group Of Companies.

For media inquiries, please contact:

Bethany Curtis
Manager, Content Marketing and Communications
Skyline Group of Companies
5 Douglas Street, Suite 301
Guelph, ON N1H 2S8
519.826.0439 x231