The Untold Opportunity in Atlantic Canada’s Rental Market
While real estate investors stampede toward Alberta, drawn by headlines and affordability, Pier 4 is quietly building a high-performing portfolio where few others are looking at Atlantic Canada. And it’s paying off.
When Pier 4 entered New Brunswick in 2020, the move seemed offbeat. But to managing partner Michael Ashby, the East Coast’s fundamentals: rising population, tight vacancy, and government investment spelled long-term value. “We weren’t trying to be contrarian,” says Ashby. “We were just following the data.”
They secured units for under $70,000 apiece with cap rates over 7%. Rents have since jumped nearly 50%, fueled by a demographic shift few anticipated. Thanks to programs like the Atlantic Immigration Program, the region is attracting and keeping newcomers at unprecedented rates. Halifax alone saw rents surge over 13% in 2023, with steady growth continuing in 2024.
Meanwhile, Alberta’s market despite recent hype is showing signs of volatility. Rents are falling in cities like Calgary and Edmonton, echoing their boom-bust past. “We prefer consistency over flash,” Ashby says. “Atlantic Canada gives us predictability. It’s not about headlines, it’s about performance.”
Rather than chase high-rise glitz, Pier 4 focuses on under-the-radar mid-rise buildings, upgrading and modernizing to deliver real value to residents and investors alike. With billions in infrastructure spending now pouring into Nova Scotia and beyond, the East Coast is no longer just catching up, it’s breaking out.
For Pier 4, the path forward is clear. “We’re not just investing in properties, we’re investing in a future that’s quietly, steadily unfolding,” says Ashby.
Sometimes, the smartest move isn’t where the crowd is running, it’s where the fundamentals are rising.
