Mainstreet Equity : Q2 2024 Report

24 Organic Growth

Discipline

Focus

YEARS of

	IFRS value	Year-over-year	Revenue	Year-over-year	Stock price	Year-over-year
	($ million)	% change	($ million)	% change	($)	% change
2000	90	n/a	7.7	n/a	4.9	n/a
2001	105	17%	11.1	44%	5.4	10%
2002	145	38%	15.2	37%	3.1	(43%)
2003	170	17%	17.0	12%	3.9	25%
2004	178	5%	19.7	16%	6.1	57%
2005	309	74%	23.5	19%	5.2	(14%)
2006	520	68%	30.9	31%	9.9	89%
2007	710	37%	40.4	31%	16.1	62%
2008	625	(12%)	46.3	15%	12.1	(25%)
2009	679	9%	50.8	10%	7.9	(34%)
2010	752	11%	53.1	5%	11.4	44%
2011	911	21%	56.9	7%	17.2	50%
2012	1,052	15%	66.9	18%	31.5	83%
2013	1,149	9%	78.2	17%	30.2	(4%)
2014	1,259	10%	90.6	16%	40.7	35%
2015	1,386	10%	100.4	11%	31.4	(23%)
2016	1,460	5%	100.3	0%	31.1	(1%)
2017	1,632	12%	104.7	4%	37.0	19%
2018	1,866	14%	115.7	11%	48.0	30%
2019	2,040	9%	137.6	19%	63.6	33%
2020	2,183	7%	149.8	9%	71.9	13%
2021	2,616	20%	159.9	7%	104.25	45%
2022	2,818	8%	180.6	13%	106.0	2%
2023	3,052	8%	210.0	16%	133	26%
		16%		15%		15%
	NOI	Year-over-year	FFO	Year-over-year	FFO per share	Year-over-year
	($ million)	% change	($ million)	% change	($)	% change
2000	5.7	n/a	1.5	n/a	0.18	n/a
2001	7.9	39%	2.1	40%	0.22	22%
2002	11.1	41%	3.0	43%	0.24	9%
2003	10.9	(2%)	2.3	(23%)	0.33	38%
2004	11.6	6%	2.2	(4%)	0.26	(21%)
2005	13.8	19%	1.0	(55%)	0.11	(58%)
2006	18.3	33%	1.3	30%	0.14	27%
2007	24.7	35%	5.0	285%	0.46	229%
2008	26.6	8%	3.8	(24%)	0.20	(57%)
2009	31.3	18%	5.5	45%	0.46	130%
2010	33.2	6%	7.7	40%	0.75	63%
2011	37.3	12%	11.4	48%	1.08	44%
2012	44.9	20%	15.2	33%	1.45	34%
2013	52.0	16%	19.1	26%	1.83	26%
2014	60.0	15%	25.6	34%	2.45	34%
2015	67.3	12%	30.0	17%	3.06	25%
2016	64.0	(5%)	26.2	(13%)	2.74	(11%)
2017	64.4	1%	25.6	(2%)	2.91	6%
2018	72.2	12%	29.6	16%	3.35	15%
2019	86.3	20%	39.3	33%	4.27	27%
2020	93.0	8%	43.7	11%	4.66	9%
2021	97.8	5%	47.5	9%	5.08	9%
2022	109.7	12%	52.8	11%	5.65	11%
2023	131.3	20%	68.7	30%	7.37	30%

DOUBLE-DIGIT

year-over-year growth

Q2 2024 vs. Q2 2023

19%

RENTAL REVENUE

23%

NOI

35%

FFO

SAME STORE RESULTS

17%

SAME STORE NOI

13%

SAME STORE

RENTAL REVENUE

Q2 2024

For the three and six months ended

March 31, 2024 and 2023

14%

17%

17%

Key Metrics: Q2 2024 Performance Highlights	1	Interim Condensed Consolidated Statements
Diversified Portfolio	2	of Net Profit andTotal Comprehensive Income	51
Cluster Strategy	3	Interim Condensed Consolidated Statements
of Changes in Equity	51
Message to Shareholders	6
Interim Condensed Consolidated Statements
A Decade of Dedication	12
of Cashflows	52
Management's Discussion and Analysis	14
Notes to the Interim Condensed Consolidated
Interim Condensed Consolidated
	Financial Statements	53
Statements of Financial Position	50
Corporate Information	IBC

Forward-Looking Information

Certain statements contained herein constitute "forward-looking statements" as such term is used in applicable Canadian securities laws. These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning: estimates related to the effect of rising interest rates on the Corporation, the effect that inflation will have on: (i) the Corporation's tenants and the effect on credit risk; and (ii) the cost of renovations and other expenses, disruptions effecting the global supply chain and energy and agricultural markets (including as a result of geopolitical turmoil including Russia's invasion of Ukraine and other geopolitical conflicts), future acquisitions, dispositions and capital expenditures, future vacancy rates, increase of rental rates and rental revenue, future revenue, income and profitability, timing of refinancing of debt, access to low-costlong-term Canada Mortgage and Housing Corporation ("CMHC") insured mortgage loans, benefits from shorter term mortgages in the short term, the amount of liquidity the Corporation will have access to in the current fiscal year, including the amount of funds to be raised through up-financing of maturing mortgages and financing of clear titled assets after stabilization, the potential changes in interest and mortgage rates, completion timing and costs of renovations, benefits of renovations, funds to be expended on renovations in fiscal year 2024 and the sources thereof, increased funds from operations and cash flow, access to capital, minimization of operating costs, the Corporation's liquidity and financial capacity, the Corporation's intention and ability to make distributions to shareholders in fiscal 2024, improved rental conditions and decreased vacancy rates, rates of international immigration and population growth in areas where Mainstreet operates, the period of time required to stabilize a property, future climate change impact,

the Corporation's strategy and goals and the steps it will take to achieve them, changes in zoning laws and potential benefits to Mainstreet as a result of the same, the Corporation's anticipated funding sources to meet various operating and capital obligations, key accounting estimates and assumptions used by the Corporation, the attraction and hiring of additional personnel, the effect of changes in legislation on the rental market, expected cyclical changes in cash flow, net operating income and operating margins, the effect of environmental regulations on financial results, the effect of income taxes on the Corporation, the handling of any future conflicts of interests of directors or officers, the effects of cyber incidents on the Corporation, the benefits in trading volume from the Corporation's new dividend policy, and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements.

Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Corporation's AIF, dated November 30, 2023 under the heading "Risk Factors", that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors include, among others, , the effect of inflation on consumers and tenants, the effect of rising mortgage and interest rates on the Corporation, including its financing costs, challenges related to up-financing maturing mortgages or financing of clear titled assets after stabilization, public health measures (including travel and post-secondary restrictions), disruptions in global supply chains, labour shortages, the length and severity of geopolitical conflict and the occurrence of additional global turmoil and its effects on global markets and supply chains, costs and timing of the development or renovation of existing properties, availability of capital to fund stabilization programs, other issues associated with the real estate industry including availability of labour and costs of renovations, supply chain issues, fluctuations in vacancy rates, general economic conditions, competition for tenants, unoccupied units during renovations, rent control, fluctuations in utility and energy costs, carbon tax increases, environmental and other liabilities, effects of climate change, credit risks of tenants, availability of capital, changes in legislation and regulatory regime applicable to the corporation, loss of key personnel,

a failure to realise the benefit of acquisitions and/or renovations, the effects of severe weather events on the Corporation's properties, cyber-incidents, climate change, uninsured losses, fluctuations in the capital markets and the trading price of the Common Shares, conflicts of interest of the Corporation's directors and officers, and other such business risks as discussed herein. This is not an exhaustive list of the factors that may affect Mainstreet's forward-looking statements. Other risks and uncertainties not presently known to the Corporation could also cause actual results or events to differ materially from those expressed in its forward-looking statements.

Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements include, among others, the impact of economic conditions in Canada and globally including as a result of inflation, interest rate increases, supply shortages and geopolitical turmoil, the Corporation's future growth potential, prospects and opportunities, the direction of the residential rental environment, trends in interest and mortgage costs, access to capital markets to fund (at acceptable costs), the future growth program to enable the Corporation to refinance debts as they mature, changes in tax laws, mortgage rules and other temporary legislative changes in respect of pandemics or otherwise, and the availability of purchase opportunities for growth in Canada.

Although the forward-looking information contained in this MD&A is based upon what management believes are reasonable assumptions, there can be no assurance actual results will be consistent with these forward-looking statements and no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur at all, or if any of them do so, what benefits that Mainstreet will derive from them. As such, undue reliance should not be placed on forward-looking statements. Certain statements included in this MD&A may be considered "financial outlook" for purposes of applicable securities laws, and such financial outlook may not be appropriate for purposes other than this MD&A.

Forward-looking statements are based on management's beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws.

Management closely monitors factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements and will update those forward-looking statements where appropriate in its annual and quarterly financial reports.

This MD&A includes forward-looking information about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action and that is not presented in the format of a historical balance sheet, income statement or cash flow statement ("Financial Outlook"). Actual results may vary from the Financial Outlook summarized in this MD&A. Management of the Corporation has approved the Financial Outlook as of May 2, 2024. The Financial Outlook has been included in this MD&A to provide readers with disclosure regarding the Corporation's reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the Financial Outlook may not be appropriate for other purposes.

2 Q2 2024

KEY METRICS | Q2 2024 PERFORMANCE HIGHLIGHTS

Rental Revenue

From operations	| Up 19% to $61.2 million (vs. $51.6 million in Q2 2023)
From same asset properties	| Up 13% to $55.7 million (vs. $49.5 million in Q2 2023)
Net Operating Income (NOI)
From operations	| Up 23% to $37.3 million (vs. $30.4 million in Q2 2023)
From same asset properties	| Up 17% to $34.2 million (vs. $29.2 million in Q2 2023)
Funds from operations (FFO)1
FFO-before current income tax	| Up 46% to $20.7 million (vs. $14.1 million in Q2 2023)
FFO per basic share-before	| Up 46% to $2.22 (vs. $1.52 in Q2 2023)
current income tax
FFO-after current income tax	| Up 35% to $19.0 million (vs. $14.1 million in Q2 2023)
FFO per basic share-after	| Up 34% to $2.04 (vs. $1.52 in Q2 2023)
current income tax
Operating Margin
From operations	| 61% (vs. 59% in Q2 2023)
From same asset properties	| 61% (vs. 59% in Q2 2023)
Net (Loss) Profit
Net profit per basic share	| Net income of $33.6 million (vs. gain of $20.7 million in Q2 2023, including change in fair value of $20.4
	million in Q2 2024 vs. $12.0 million in Q2 2023)
Total Capital Expenditures	| $7.2 million (vs. $6.4 million in Q2 2023)
Total Capital Expenditures
(unstabilized assets)	| $1.1 million (vs. $0.7 million in Q2 2023)
Total Capital Expenditures
(stabilized assets)	| $6.1 million (vs. $5.7 million in Q2 2023)
Stabilized Unit	| 403 properties (15,246 units) out of 456 properties (17,659 units)
Vacancy rate
From operations	| 3.2% (vs. 4.5% in Q2 2023)
From same asset properties	| 3.2% (vs. 4.3% Q2 2023)
Vacancy rate as of May 2, 2024	| 2.5% excluding unrentable units
Total Acquisitions
During Q2 2024	| $31.9 million 255 units (vs. $71.26 million 637 units in Q2 2023)
Subsequent to Q2 2024	| 169 units ($23.7 million) in Alberta and British Columbia
Total YTD Acquisition 2024	| 785 units ($100.9 million)
Total Units
As of March 31, 2024	| 17,717 units²
As of May 2, 2024	| 17,886 units
Fair Market Value	| Up 6% to $3.22 billion (vs. $3.05 billion in 2023)
Liquidity Position	| $396 million³

1. See "Non-IFRS Measures" and Note (1) in MANAGEMENT'S DISCUSSION AND ANALYSIS to the table titled "Summary of Financial Results" for additional information regarding FFO and FFO before income tax a reconciliation of FFO to net profit, the most directly comparable IFRS measurement.
2. Include 58 units held for sale
   3. Including: (i) $164 million cash-on-hand, (ii) estimated $102 million expected funds to be raised through up-financing of maturing mortgages and financing of clear titled assets after stabilization and, (iii) a $130 million line of credit.

Mainstreet Equity Corp. ("Mainstreet" or the "Corporation") is a Canadian real estate company focused on acquiring and managing mid-market rental apartment buildings primarily in Western Canada. Listed on the TSX since 2000, Mainstreet creates value by purchasing under-performing properties, renovating them to a branded standard, improving operating efficiencies and repositioning them in the market for greater returns.

MAINSTREET EQUITY CORP.

1

DIVERSIFIED PORTFOLIO YTD

		BRITISH COLUMBIA	ALBERTA
		3,819 units	10,115 units
			Kamloops	Prince George
			379 Units
			66 Units	Vernon	Edmonton
		Nelson	(Okanagan)	6,189 Units
		47 Units
		61 Units	Calgary
		Penticton
		Maple Ridge	3,671 Units
	Courtenay	(Okanagan)	included
	(Vancouver	114 Units	77 Units	acquired
	Island)	Surrey		Chilliwack	for sale
	1,691 Units	58 units
	131 Units
	New Westminster	(Okanagan)
		117 Units	Abbotsford 160 Units
			976 Units		Lethbridge
21					255 Units
57	20	2	Q2 2024 Unit Count (%)
27	55	16	2	Q2 2024 NOI Contribution (%)
32	52	15	1	Q2 2024 IFRS Value (%)
BC	AB	SK	MB

SASKATCHEWAN	MANITOBA
3,547 units	405 units

Saskatoon

2,556 Units

Regina	Winnipeg
991 Units
	405 Units

17,886 TOTAL UNITS YTD

Including 58 broken condo suites acquired for resale. 5 development lots and 6 commercial buildings.

ALBERTA PORTFOLIO	BRITISH COLUMBIA PORTFOLIO
9,942 Units	3,765 Units

IFRS

$216K per suite in Calgary $148K per suite in Edmonton

IFRS

$335K per suite in Surrey $290K per suite in Abbotsford

(Newly acquired BC properties are mainly valued at cost.)

$1,674M

contributed

52%

$35M

contributed

1%

WINNIPEG, MANITOBA PORTFOLIO 405 Units

IFRS

$84K per suite (at cost)

$3.22B

IFRS value

Q2 2024

$1,024M

contributed

32%

$487M

contributed

15%

SASKATCHEWAN PORTFOLIO 3,547 Units

IFRS

$139K per suite in Saskatoon $142K per suite in Regina

2 Q2 2024

CLUSTER STRATEGY

Edmonton // ICE DISTRICT

This map displays Mainstreet's Edmonton holdings, the largest in Mainstreet's portfolio. Strategically concentrated in the most popular areas of inner-city Edmonton, our clusters include properties in the city's famous ICE District and the Arts District, high-density student housing by the University of Alberta and student housing near NAIT, MacEwan University, and NorQuest College, and every other part of the inner city where millennials want to be. Property clusters are also on major transit routes and along the LRT lines.

6,189

YTD TOTAL UNITS

EDMONTON*

* Includes Fort Saskatchewan

MAINSTREET EQUITY CORP.

3

CLUSTER STRATEGY

Calgary // INNER-CITY

Looking at this map of Mainstreet's Calgary properties, the strategic value of clustering is clear. Our holdings are concentrated in the areas of the city that our customers care most about: the city core where all of the nightlife and dining is; close to schools where students need` to be; and throughout central communities where our customer's lives are taking place, from work to school. Properties are on major transit routes, LRT lines, and on Calgary's extensive bike paths.

3,671

YTD TOTAL UNITS

CALGARY*

*Includes 58 condo units acquired for resale.

4 Q2 2024

CLUSTER STRATEGY

Regina // GOLDEN MILE

Map of Mainstreet's Regina portfolio. Mainstreet's Regina holdings are concentrated in the city center, specifically in the popular Golden Mile area near great shopping and amenities, and within a short trip to post-secondary institutions. These are very walkable and cyclable areas where customers can park their cars and forget about them.

991

YTD TOTAL UNITS

REGINA

MAINSTREET EQUITY CORP.

5

MESSAGE TO SHAREHOLDERS

The Mainstreet Mission: We are passionately committed to our role as a crucial provider of quality, affordable homes for Canadians, offering renovated apartments and customer services at a mid-market rental rate averaging around $1,150.

Mainstreet posted our tenth consecutive quarter of double-digit,year-over-year growth across all key operating metrics in Q2 2024. Funds from operations ("FFO") before current corporate tax increased 46%, near the fastest rate in Mainstreet history. Net operating income ("NOI") rose 23%, same-asset NOI grew 17%, rental revenues increased 19%, and operating margins improved to 61%.

Tenth Consecutive Quarterly	19%	23%	35%
Double-Digit Growth

Year-Over-Year

Q2 2024 vs. Q2 2023

We believe these highly positive results are consistent with the proven success of Mainstreet's value-added business model. Since Mainstreet began trading on the TSX in 2000, we have expanded our portfolio from a handful of rental units to close to 18,000 units (YTD), allowing the Corporation to organically build a $3.2 billion asset base with no equity dilution. Over that period, Mainstreet has stuck to a countercyclical strategy of leveraging low cost of capital and our sizable liquidity position ($396 million) to acquire underperforming rental properties at attractive prices.

Our solid operating performance and Q2 results are underpinned by a few distinct drivers that we believe will continue to create opportunity for Mainstreet's continued 100% organic, non-dilutive growth.

• Housing shortages: Fundamentally, an imbalance between supply and demand in Canada's housing market appears poised to persist for years. According to CMHC estimates, the country needs to build more than 3.5 million new homes by 2030 in order to close the current housing supply gap, as explosive population growth drives demand to new highs.
• Structural rental supply gaps: That broader housing imbalance has filtered down into the purpose-built rental space. Canada's entire rental universe consists of around 2.3 million apartments (CMHC), which is less than the 2.49 million people the country added to its population in the last three years alone (Statistics Canada). Supply of new purpose-built rental housing, meanwhile, remained flat over that same three-year period, with just 133,204 apartments added. That has helped push vacancy rates to record lows (1.5%, according to CMHC data) with little indication the market can swiftly return to balance. A combination of high interest rates, rising construction costs, longer construction periods and red tape for apartment builders-as well as a sharp rise in the rental rates that would be required to justify new development-suggest new supply will be limited and slow to enter the market, and will therefore continue to lag demand.
• GDP and population growth: Housing market trends are further bolstered by strong macroeconomic tailwinds. Canada will continue to see robust levels of immigrants, international students and temporary workers entering the country in coming years (see Outlook section below) that will compound housing market imbalances and feed broader economic growth. Alberta in particular is expected to lead the country in coming years, with 2.9% GDP

growth projected in 2024, forecasted by Alberta's Budget 2024.

2000

Listed on TSX

$0.9 million in cash 529 units

Fair market value of $90 million Share price: $4.9 as at Sep. 30, 2000

No equity dilution except exercised options

Q2

2024

$164 million in cash 17,659 units

Fair market value of $3.22 billion Share price: $187.91 as at Mar. 31, 2024

6 Q2 2024

Amid strong market fundamentals, demand for rental units continues to grow in Mainstreet's core areas of operation. In Calgary, month-to-month demand for rental housing increased 23% in March 2024, according to Rentsnyc data. Demand also rose sharply in Abbotsford (23%), Surrey (21%), Edmonton (8%), Saskatoon (18%) and Winnipeg (15%).

We believe the combination of these numerous positive signals underscore the inherent reliability of the rental space, which has remained stable at a time when other sectors are encountering uncertainty and disruption. Those fundamentals in turn provide a bedrock for Mainstreet to continue aggressively expanding our portfolio through non-dilutive acquisitions and boosting NOI through the rapid stabilization of units (See Outlook and Runway sections below).

CHALLENGES:

Inflation and cost pressures

Despite positive macroeconomic tailwinds, rising costs continue to pose a challenge to Mainstreet. Higher interest rates increase the cost of Mainstreet debt, our single-largest expense. (Mainstreet has locked in 99% of our debt into CMHC-insured mortgages at an average interest rate of 2.93%, maturing in 5.4 years, to proactively protect us against any eventual rate increases-see Outlook section below). Inflation also impacts numerous key operating expenses like labour, property taxes and materials, which all lead to raising of overall costs.

Additionally, due to strong growth and solid financial performance over the past 24 years, we are now liable for corporate taxes for one of the first times in Mainstreet's history. We view our performance as an unmitigated success, and do not expect a material impact on Mainstreet's overall performance going forward.

Combatting higher expenses

Mainstreet works on multiple fronts to counteract rising expenses. By securing longer-term natural gas contracts, we substantially reduced energy costs across a large portion of Mainstreet buildings. We also managed to reduce our insurance costs-a sizable Mainstreet expense-by more than 13% for fiscal 2024 by obtaining improved premium rates and coverage. Still, major fixed expenses like maintenance and utilities, property taxes and apartment repairs remain high. Carbon taxes, which place the financial burden on property owners, increased from $65 per tonne to $80 in April. Despite our best efforts to control costs where possible, inflationary pressures nonetheless introduce added financial burdens that will, in some cases, be passed onto tenants through soft rent increases over an extended period of time.

MAINSTREET EQUITY CORP.

7

OUTLOOK:

Putting the S in ESG

Tight rental markets will continue to underscore Mainstreet's position as a crucial provider of affordable, quality housing in Canada. At a time when some members of the public perceive rents to be rising without restraint, Mainstreet offers renovated, quality apartments and customer services at a mid-market rental rate that has averaged around $1,150. We believe this dedication to social responsibility and affordable living lends meaningful support to the numerous middle- class and lower-income Canadians currently facing affordability challenges.

BC continues to perform

We expect Vancouver/Lower Mainland will continue to provide exceptional growth in 2024. British Columbia is a vital aspect of Mainstreet's portfolio, accounting for approximately 43% of our estimated net asset value ("NAV") based on IFRS value. With an average monthly mark-to-market gap of $714 per suite per month, 98% of our customers in the region are below the average market rent. According to our internal estimates, that translates into approximately $29 million in same-store NOI growth potential after accounting for tenancy turnover and mark-to-market gaps.

British Columbia Portfolio Diversification Q2 2024 & NOI Contribution vs. Unit Count

43%

32%

27%

21%

Calgary and Edmonton lead population growth

Alberta, which comprises the largest portion of Mainstreet's portfolio (56%), had the fastest population growth of any province in 2023 at 4.4%. The province welcomed 202,000 new residents in 2023-the fastest rate of annual growth since 1981. We believe the province will continue to lead national growth averages in 2024, in line with estimates from Deloitte.

Saskatchewan market remains robust

NAV based on IFRS IFRS Value

NOI Contribution

% of Unit Count

Vacancies in our Regina and Saskatoon markets remain low amid high levels of in-migration into the

province, and Mainstreet is anticipating rental increases in the region in fiscal 2024-25. In Q4 of last year, Saskatchewan had 6,517 net migrants enter the province according to Government of Saskatchewan, higher than any previous record before 2023.

Strong international migration

High immigration rates will continue to bolster Mainstreet's core markets. The federal government plans to stabilize immigration starting 2026, but will maintain a target of 500,000 newcomers per year, which is more than previous averages. In 2023, 97.6% of Canada's population growth came from international migration, according to Statistics Canada, as the country welcomed 471,000 permanent immigrants and 804,000 international students and temporary foreign workers. While Ottawa has put a two-year limit on student visas, reducing intake 35% from 2023 levels, Canada will still approve 360,000 new study permits in 2024, according to its own estimates.

Turning intangibles to tangibles

In 2024, we see multiple opportunities to expand our portfolio. To combat the ongoing housing shortage, Canadian municipalities are beginning to increase density through rezoning efforts. Mainstreet, with an extensive portfolio of more than 800 centrally-located, low density buildings - as well as buildings with subdividable residual lands - is well placed to similarly extract more value out of existing assets and additional lands for development at no cost. Management has therefore been developing a three-point plan to 1) turn unused or residual space within existing buildings into new units

8 Q2 2024