New supply of self-storage space closely linked to population growth in Canada
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- The supply of new self-storage in Canada is projected to double YOY in 2026, demonstrating a notable positive correlation to population growth. A surge in supply was first pronounced between 2021 and 2024, and the high volume of projects under construction in 2025 and 2026 is indicative of the market’s reaction to the past few years of population growth.
- Several demographic factors have driven the demand for self-storage space. 1. Canada’s rapidly aging population tends to down-size their living situation. 2. Increased mobility from international and interprovincial migrants has necessitated space to store possessions while resettling. 3. A trend toward smaller average apartments in new builds, driven by affordability pressures.
- The federal government’s recent policy shift to restrict immigration could impact the supply and demand dynamics for self-storage. While the projections for lower population growth would be a headwind, other factors such as smaller apartment unit sizes, down-sizing, and workforce mobility are likely to persist for the foreseeable future, posing a sustainable tailwind for this sector’s long-term growth.
July 10, 2025
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