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Opinions Andrew Pyle
Boardwalk REITBEI.UN.TOPAST TOP PICKDec 04, 2023
Andrew PyleStock price when the opinion was issued
As of Jun 19, 2026. Market Open.
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Headline "Soaring Canadian housing costs drive population boom in Alberta" tells the story. Affordable housing, with 78% concentration between Alberta and Saskatchewan. Despite being able to increase rents, they continue to be affordable. Discount to NAV, yet NAV continues to grow. Limited new supply, pricing power. Yield is 2%.
(Analysts’ price target is $66.70)
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Premium contentOur PAST TOP PICK with BEI.UN has triggered its stop at $64. To remain disciplined, we recommend covering the position at this time. This will result in a net investment gain of 24%, when combined with previous recommendations.
Alberta benefits from population growth, international migration, and inter-provincial migration. Not rent regulated. Quality housing. Large discount of about 20% to NAV. Outlook continues to be bright. Yield is 1.78%.
Good landlords. A very important characteristic. Could increase rents by 20%, but seldom goes above 9%.
Andrew MoffsPremium content
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Premium contentQuite bullish on it. Still lots of runway, with stock trading at 20% discount to NAV. Occupancy has increased over 98%. 10% in leasing spreads. Foresees 8.5-12.5% income growth this year.
Andrew MoffsPremium contentIt is in the Alberta market which has a great opportunity for attractive rents and affordability. Trades at a good discount to NAV which is growing as markets are recovering. Has a 98% occupancy rate and it can push for rent incentives.
Andrew MoffsPremium content
(A Top Pick Dec 06/22, Up 42%)
He knew going into 2023 that there would be an explosion boom given more immigration and the housing shortage. He owns CAP REIT too. This trend continues into 2024 unless supply-demand change, which will be slow to happen.