As the puck drops for the 2025 Stanley Cup Finals, we’re witnessing a classic showdown: underdog versus seasoned contender. The Edmonton Oilers, Western Conference finalists for the second consecutive year, are hungry for glory. In contrast, the Florida Panthers, last year’s Stanley Cup champions, are no strangers to the top. Off the ice, a similar narrative is playing out in their respective multifamily markets.
Florida’s multifamily sector, much like the Panthers, has been a dominant force. The state’s warm climate, absence of personal income tax, and thriving job market, particularly in tech, finance, and healthcare, have made it a magnet for new residents, driving robust demand for housing.1 While rent growth continues, appreciation has moderated due to record-high deliveries in 2024 and a deceleration in population growth, as a result of stricter immigration policies.2 Yet, with approximately 6.4 million residents across the Miami-Fort Lauderdale-West Palm Beach MSA, multifamily demand remains widespread, with certain submarkets standing out to investors.
Take Miami, for example. As the ninth-largest metropolitan area in the United States, this coastal city remains a top destination for new residents, driving sustained demand for multifamily development. According to CoStar, unlike other South Florida markets, Miami’s development pipeline remains active, with more than 7,800 new units expected to be delivered in 2025. This growth is heavily focused on 4- and 5-Star properties concentrated in Downtown Miami, where supply is projected to increase by over 50 percent through 2028. Despite this planned expansion, Miami’s multifamily market is expected to tighten further, reflecting strong and consistent demand, particularly for newer luxury units.3
Chart 1: Miami Multifamily Market Forecasted to Tighten
Source: CoStar3, Peakhill Capital
Civica Miami Project
1050 NW 14th Street
Miami, Florida
With a portfolio of over $200 million in joint venture and preferred equity projects across Miami and Tampa, Peakhill continues to look to these markets for multifamily investment opportunities. Notably, in 2024, we successfully exited our Civica Miami Project (3.5 years ahead of proforma) as the land was sold to the University of Miami.
Across the border, Edmonton, one of the most affordable urban centres in Canada, has become an established player in the nation’s multifamily landscape over the last few years.4 As a thriving hub for AI and innovation, notable research and academic institutions have flocked to the area, making Edmonton a top choice for students and young professionals.5
Chart 2: Edmonton Rent Growth Forecast
Source: CMHC4, Peakhill Capital
With greater access to available land as compared to other urban areas, Edmonton can develop for less, Michael Mak, a housing economist for CMHC, noted “Edmonton — like all Prairie markets — has an advantage over larger centers in Ontario and British Columbia, which have higher prices, lower supply and less land to develop.”6 Despite vacancy rates forecast to increase, completions have slowed, allowing demand to work on digesting the existing supply.7 As such, rents are projected to appreciate as multifamily demand remains strong, enhancing Edmonton’s attractiveness to multifamily investors eager to capitalize on its favourable investment conditions.
Having financed $160+ million YTD and $940+ million financed since inception, Peakhill is an active lender in Edmonton’s multifamily market.
Just as the Oilers and Panthers clash for hockey’s biggest prize, Edmonton and Florida are skating hard in the multifamily arena. Whether you’re betting on the boards or the buildings, 2025 is shaping up to be an exciting year on and off the ice.
Let’s continue the conversation
Interested in learning more about Edmonton’s multifamily market? Check out our recent article below.
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Opportunity Amid Uncertainty: A Closer Look at Edmonton’s Rental Market
Market Insights As Edmonton establishes itself as one of Canada’s most attractive multi-family markets, Gaurav Sobti, Vice President of Financing at Peakhill Capital, breaks down the powerful trends driving this momentum and what they signal for the future ahead…
Footnotes
- Trinity Street Capital Partners. (2024, November 18). 2025 outlook for multifamily property in Florida: Key trends and projections. LinkedIn. ↩︎
- Jordan B. (2025, April 22). Sunbelt under pressure as multifamily deliveries peak. CREdaily. ↩︎
- CoStar. (2025) Miami Multifamily Report. ↩︎
- Canada Mortgage and Housing Corporation. (2025). Housing market outlook – Edmonton. Catalogue No. NH12-60E. ↩︎
- Marcus & Millichap. (2025). Multifamily – Edmonton Metro Area 1Q/25. ↩︎
- Edmonton Journal. (2024, April 9). CMHC forecast points to Edmonton real estate enjoying strong year. Edmonton Journal. ↩︎
- Marcus & Millichap. (2025). Edmonton Metro Area: Multifamily Market Report 1Q 2025 ↩︎
