The Coming Surge in Demand for Property Managers: Canada's Critical Talent Challenge
May 2, 2025
By Allwyn Dsouza, Senior Analyst, Research and Insights, REIC/ICI
By Allwyn Dsouza, Senior Analyst, Research and Insights, REIC/ICI
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Canada is on the cusp of an unprecedented housing expansion – but there’s a catch. Who will manage all the new condos, rentals, and commercial spaces coming online? Property managers are the unsung stewards of real estate, and a talent crunch in this field could undermine Canada’s housing ambitions. The warning signs are clear: nearly half of Canadian property managers today are 50 years or older, meaning a wave of retirements is imminent. At the same time, demand for professional property management is set to surge alongside a booming housing supply. This convergence – soaring demand and shrinking supply – poses a critical talent challenge for Canada over the next decade. In this article, we explore the drivers behind the coming demand spike, the looming talent shortage, and strategic solutions to ensure Canada’s real estate expansion doesn’t falter for lack of skilled managers.
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Drivers of Rising Demand for Property Management
Several forces are aligning to drive rapid growth in demand for property management services in Canada. Canada is experiencing an unprecedented surge in rental housing construction. The share of purpose-built rentals has been consistently increasing over the years. Today, purpose-built rental apartment completions far exceed historical averages – the level of rental construction for the 6 CMAs in the first half of 2024 was the highest since the 1990s. This will drive unprecedented demand for property managers as every new rental building or condo development effectively creates demand for property management, since someone needs to handle tenant relations, maintenance, and operations.
Several forces are aligning to drive rapid growth in demand for property management services in Canada. Canada is experiencing an unprecedented surge in rental housing construction. The share of purpose-built rentals has been consistently increasing over the years. Today, purpose-built rental apartment completions far exceed historical averages – the level of rental construction for the 6 CMAs in the first half of 2024 was the highest since the 1990s. This will drive unprecedented demand for property managers as every new rental building or condo development effectively creates demand for property management, since someone needs to handle tenant relations, maintenance, and operations.
Figure 1.0
Source: CMHC Housing Market Report
Figure 2.0
*Vancouver, Calgary, Edmonton, Toronto, Ottawa, and Montréal
Source: CMHC Housing Market Report
Source: CMHC Housing Market Report
Figure 3.0
Source: CMHC Rental Market Report
Compounding this is a shift toward renting amid high home prices and interest rates. More Canadians are renting for longer, or indefinitely, which expands the pool of properties under rental management[1]. In 2021, there were 5.0 million renter households, or a rental rate of 33.1%[2]. Renters have increased at three times the rate of homeowners in the past decade. The shift to renting has been widespread across age groups and areas, with millennials renting for longer than previous generations. Even smaller landlords who historically managed on their own are increasingly turning to professional managers as regulations grow complex and tenants expect high service levels. In short, as Canada builds more housing and more Canadians become tenants, the need for competent property managers is rising in tandem.
Importantly, the role of the property manager itself is expanding. Today’s property managers are not just caretakers; they navigate intricate legal frameworks, advanced building systems, and investor expectations for returns. This professional complexity means even properties that might have been casually overseen before (like a small condo building run by volunteer owners) are now leaning on experts. The industry grew about 4% annually from 2012 to 2023[3], but all signs point to an acceleration as Canada’s rental market matures. Put simply, demand is not only growing in volume but in sophistication – fueling a surge for skilled managers capable of handling modern realities.
Importantly, the role of the property manager itself is expanding. Today’s property managers are not just caretakers; they navigate intricate legal frameworks, advanced building systems, and investor expectations for returns. This professional complexity means even properties that might have been casually overseen before (like a small condo building run by volunteer owners) are now leaning on experts. The industry grew about 4% annually from 2012 to 2023[3], but all signs point to an acceleration as Canada’s rental market matures. Put simply, demand is not only growing in volume but in sophistication – fueling a surge for skilled managers capable of handling modern realities.
Figure 4.0
Source: Statistics Canada
Talent Shortage: The Looming Crisis
Rising demand for property managers might be manageable — if Canada had a strong pipeline of new talent. Unfortunately, the reality is quite the opposite. The country faces a looming talent crisis, driven by an aging workforce and too few qualified entrants. Nearly 49% of current property managers are over the age of 50, and with a median retirement age of around 65[4], thousands are expected to exit the profession over the next decade, taking decades of institutional knowledge with them.
By 2033, approximately 26,100 job openings are projected in the property management sector — an average of 2,610 per year[5]. Critically, 69% of these roles (about 18,000) will be due to retirements, with the remaining 31% (roughly 8,100) driven by industry growth.
Rising demand for property managers might be manageable — if Canada had a strong pipeline of new talent. Unfortunately, the reality is quite the opposite. The country faces a looming talent crisis, driven by an aging workforce and too few qualified entrants. Nearly 49% of current property managers are over the age of 50, and with a median retirement age of around 65[4], thousands are expected to exit the profession over the next decade, taking decades of institutional knowledge with them.
By 2033, approximately 26,100 job openings are projected in the property management sector — an average of 2,610 per year[5]. Critically, 69% of these roles (about 18,000) will be due to retirements, with the remaining 31% (roughly 8,100) driven by industry growth.
Figure 5.0
Source: Canadian Occupation Projections
This wave of retirements is colliding with the aforementioned growth in housing stock, setting up a perfect storm. The talent pipeline is not currently sufficient to smoothly backfill all these roles. While the Government of Canada’s occupational outlook cautiously predicts that the supply of new property managers (from graduates, immigrants, and career switchers) might keep pace with demand at a national level – roughly 27,000 new job seekers for 26,100 jobs over the decade. However, that optimistic scenario factors in untrained resources as the main source of supply of talent, primarily school dropouts, followed by workers from other occupations and new immigrants.
Canada’s rental apartment stock grew by 55,000 units, bringing the total to 2.2 million purpose-built rentals in 2022[6]. If current development trends continue, up to 800,000 new units could be added by 2030[7].
At a staffing ratio of 1 manager per 60 units[8], this would require 13,000–15,000 new property management professionals — far more than government forecasts suggest. This projected 7,000–8,000 personnel shortfall could trigger sharp wage inflation as firms compete for scarce talent, adding pressure to already strained housing and rental markets.
Canada’s rental apartment stock grew by 55,000 units, bringing the total to 2.2 million purpose-built rentals in 2022[6]. If current development trends continue, up to 800,000 new units could be added by 2030[7].
At a staffing ratio of 1 manager per 60 units[8], this would require 13,000–15,000 new property management professionals — far more than government forecasts suggest. This projected 7,000–8,000 personnel shortfall could trigger sharp wage inflation as firms compete for scarce talent, adding pressure to already strained housing and rental markets.
Figure 6.0
Source: REIC estimates
The early warning signs are already visible. Industry veterans report a scarcity of candidates for open jobs, and heavier workloads for existing staff. In Ontario’s condominium sector – which recently introduced mandatory licensing for condo managers – the demand for accredited managers far outstripped supply, leading to fierce competition among employers. Starting salaries for condo property managers reportedly shot up to as high as $80,000 for entry-level hires[9] (a figure virtually unheard of for a newbie just a few years prior) as companies scrambled to fill positions. Some firms began offering instant $10,000 raises and signing bonuses to poach licensed managers from competitors. These anecdotes illustrate the broader point: when an occupation faces a talent shortage, salaries surge and employers pull out all the stops. If Canada doesn’t proactively address the property manager shortfall, we may see widespread poaching wars, service disruptions, and escalating costs across the real estate sector.
Professionalization and Technology: Twin Solutions
How can Canada navigate this looming talent challenge? Two strategic responses stand out: professionalization of the industry and adoption of technology. These twin solutions can attract fresh talent, upskill the workforce, and mitigate the strain of growing demand.
1. Professionalization
Historically, property management in Canada had low barriers to entry. Many learned on the job or transitioned from administrative roles. But that’s changing. Ontario’s 2017 licensing requirements for condominium managers marked a “transformational change,” signaling that credentials are now essential to manage properties professionally[10].
Credentialing systems like Certified Property Manager (CPM®), Accredited Residential Manager (ARM®), or Certified Leasing Officer (CLO) all offer structured pathways for skill development. These designations elevate the field’s credibility and compensation. As noted by the Institute of Real Estate Management (IREM®), CPM® holders earn ~30% more and sometimes even twice as much as non-designated peers[11] — often managing larger portfolios and occupying leadership roles. Formal credentials also open doors to mentorship, professional networks, and ongoing training through bodies like IREM®, and REIC.
Raising the share of designated professionals is not just a pay boost — it’s a strategy to ensure new entrants view property management as a long-term, well-compensated career.
The property management field in Canada can progress toward a more formalized and respected profession. The comparison to the CPA designation is apt – a few decades ago, accounting underwent a transformation to increase professionalism and public trust, and now CPAs are widely respected and have a clear professional identity. Property management is on a similar path: it has already evolved far beyond the old stereotype of a superintendent collecting rent. With data-driven advocacy and a focus on education, standards, and public awareness, property managers can achieve a status where their role is well understood and valued.
2. Technology Adoption
Once viewed as low-tech, property management is now rapidly digitizing. Tools like Proptech platforms automate rent collection, maintenance requests, and tenant communications — enabling one manager to oversee significantly more units than in the past. Smart building systems with IoT sensors and AI analytics streamline operations, improve energy efficiency, and reduce reactive repairs.
Research shows that Proptech can increase managerial productivity, reducing reliance on sheer workforce expansion. While tech can’t replace the human touch — especially in tenant relations and strategic planning — it frees up managers to focus on higher-value tasks. In turn, this makes the profession more dynamic and appealing to tech-savvy recruits.
Property management has evolved beyond a side occupation — it now requires credentialed, tech-enabled operators. Professionalization equips managers to use tech effectively; tech amplifies their impact — creating a feedback loop that future-proofs the field.
Canada’s housing future hinges not just on construction, but on the ability to manage that housing effectively. A shortage of qualified property managers could undercut national affordability goals. Without enough professionals to maintain new rental and condo units, buildings risk falling into disrepair, vacancies may rise, and tenant satisfaction could plummet. Mismanagement threatens both public investment and private returns, undermining the very intent of housing supply expansion.
As Canada faces a wave of new housing construction, a critical question emerges: who will manage these assets? With nearly half of today’s property managers approaching retirement, and demand for skilled managers surging, the Real Estate Institute of Canada (REIC) is at the forefront of building the future workforce. REIC’s nationally recognized training programs equip professionals to meet modern demands — from smart building operations to legal compliance and tenant service.
REIC isn’t just filling jobs; it’s professionalizing a sector. Designated professionals earn more and are trusted with Canada’s most complex portfolios. Through education, ethics, and excellence, REIC is cultivating the next generation of property leaders. As governments and developers race to solve the housing crisis, REIC ensures that what gets built can be managed — sustainably, efficiently, and professionally.
Professionalization and Technology: Twin Solutions
How can Canada navigate this looming talent challenge? Two strategic responses stand out: professionalization of the industry and adoption of technology. These twin solutions can attract fresh talent, upskill the workforce, and mitigate the strain of growing demand.
1. Professionalization
Historically, property management in Canada had low barriers to entry. Many learned on the job or transitioned from administrative roles. But that’s changing. Ontario’s 2017 licensing requirements for condominium managers marked a “transformational change,” signaling that credentials are now essential to manage properties professionally[10].
Credentialing systems like Certified Property Manager (CPM®), Accredited Residential Manager (ARM®), or Certified Leasing Officer (CLO) all offer structured pathways for skill development. These designations elevate the field’s credibility and compensation. As noted by the Institute of Real Estate Management (IREM®), CPM® holders earn ~30% more and sometimes even twice as much as non-designated peers[11] — often managing larger portfolios and occupying leadership roles. Formal credentials also open doors to mentorship, professional networks, and ongoing training through bodies like IREM®, and REIC.
Raising the share of designated professionals is not just a pay boost — it’s a strategy to ensure new entrants view property management as a long-term, well-compensated career.
The property management field in Canada can progress toward a more formalized and respected profession. The comparison to the CPA designation is apt – a few decades ago, accounting underwent a transformation to increase professionalism and public trust, and now CPAs are widely respected and have a clear professional identity. Property management is on a similar path: it has already evolved far beyond the old stereotype of a superintendent collecting rent. With data-driven advocacy and a focus on education, standards, and public awareness, property managers can achieve a status where their role is well understood and valued.
2. Technology Adoption
Once viewed as low-tech, property management is now rapidly digitizing. Tools like Proptech platforms automate rent collection, maintenance requests, and tenant communications — enabling one manager to oversee significantly more units than in the past. Smart building systems with IoT sensors and AI analytics streamline operations, improve energy efficiency, and reduce reactive repairs.
Research shows that Proptech can increase managerial productivity, reducing reliance on sheer workforce expansion. While tech can’t replace the human touch — especially in tenant relations and strategic planning — it frees up managers to focus on higher-value tasks. In turn, this makes the profession more dynamic and appealing to tech-savvy recruits.
Property management has evolved beyond a side occupation — it now requires credentialed, tech-enabled operators. Professionalization equips managers to use tech effectively; tech amplifies their impact — creating a feedback loop that future-proofs the field.
Canada’s housing future hinges not just on construction, but on the ability to manage that housing effectively. A shortage of qualified property managers could undercut national affordability goals. Without enough professionals to maintain new rental and condo units, buildings risk falling into disrepair, vacancies may rise, and tenant satisfaction could plummet. Mismanagement threatens both public investment and private returns, undermining the very intent of housing supply expansion.
As Canada faces a wave of new housing construction, a critical question emerges: who will manage these assets? With nearly half of today’s property managers approaching retirement, and demand for skilled managers surging, the Real Estate Institute of Canada (REIC) is at the forefront of building the future workforce. REIC’s nationally recognized training programs equip professionals to meet modern demands — from smart building operations to legal compliance and tenant service.
REIC isn’t just filling jobs; it’s professionalizing a sector. Designated professionals earn more and are trusted with Canada’s most complex portfolios. Through education, ethics, and excellence, REIC is cultivating the next generation of property leaders. As governments and developers race to solve the housing crisis, REIC ensures that what gets built can be managed — sustainably, efficiently, and professionally.
[1] https://thoughtleadership.rbc.com/proof-point-is-canada-becoming-a-nation-of-renters/
[2] https://www.statcan.gc.ca/o1/en/plus/2357-national-housing-day-look-homeowners-and-renters
[3] Statistics Canada
[4] https://www.jobbank.gc.ca/marketreport/outlook-occupation/24361/ca
[5] occupations.esdc.gc.ca
[6] assets.cmhc-schl.gc.ca
[7] ca.rbcwealthmanagement.com
[8] https://www.naahq.org/sites/default/files/naa_bestpractices_satffing.pdf
[9] globalnews.ca
[10] acmo.org
[11] https://www.irem.org/File%20Library/GlobalNavigation/Certifications/ForIndividuals/CPM/IREM-CPM-Handbook-2024.pdf
[2] https://www.statcan.gc.ca/o1/en/plus/2357-national-housing-day-look-homeowners-and-renters
[3] Statistics Canada
[4] https://www.jobbank.gc.ca/marketreport/outlook-occupation/24361/ca
[5] occupations.esdc.gc.ca
[6] assets.cmhc-schl.gc.ca
[7] ca.rbcwealthmanagement.com
[8] https://www.naahq.org/sites/default/files/naa_bestpractices_satffing.pdf
[9] globalnews.ca
[10] acmo.org
[11] https://www.irem.org/File%20Library/GlobalNavigation/Certifications/ForIndividuals/CPM/IREM-CPM-Handbook-2024.pdf
Allwyn Dsouza is REIC’s Senior Analyst, Market Research and Insights. He can be reached at [email protected]. Media enquiries can be directed to [email protected]