Abstract

This thesis explores the influence of international migration on the operational performance of Real Estate Investment Trusts (REITs) in Canada. This study focuses on the relationship between international migrants and the operational performance of Canadian REITs. An exposure to international migration measure is built using the weight of properties held by REITs in different provinces and the international migrants in the respective province. The findings reveal that an increase in the exposure to net non-permanent residents will increase the operational performance of Canadian REITs. Furthermore, the implementation of Bill-28 in British-Colombia and NRST in Ontario results in REITs residential exposure to net non-permanent residents decreasing the operational performance in each respective region. This thesis contributes to the understanding of how demographic shifts, specifically international migration, affect REITs operational performances.