Simon Belanger

So, I mean, most of it comes from temporary foreign workers, permanent immigration and natural increase also slowed during the first quarter of 2026.

Well, I mean, like we, you know, we mentioned that this would happen and that people should make their models, you know, their deals resilient against changes to like, have it

People who didn't stress test their real estate investments with rents falling, a lot of the reads that we've discussed on other episodes included, are going to have a bad time in this market.

Rents are falling massively as a result of this trend.

Actually, did you see the Fed paper I posted on X?

No, I didn't see it.

What is it?

It was basically like, you know, we have papers on this.

Oh, geez, the White House just tweeted Iran is finished too.

So this war is not going anywhere.

Oh, my God.

Let me find this Fed paper here.

So it says Dallas Fed unauthorized immigration drove 30% of home price growth and 20% of rent growth in the average metro from 2021 to 2024 growth.

And like the unauthorized piece, let's set that aside.

Canada's population growth was massive and we saw obviously a similar factor.

I'll pull up some charts like that show, let me just pull it up here.

Your rent, rent inflation, you see rent CPI and national population growth.

And, um, you know, you basically, if I pull this and pull it, get rid of my housing market here and your year over year change, like look at, look at how well those two track each other.

Right.

So, you know, population growth is going to pull continue declining population growth is going to continue to pull rents down and rents are the leading indicator on, on house prices through one, the way that they reduce NOI, which reduces the amount that, uh,