Supported by continued interprovincial migration, strong employment growth and significant investment in Western Canada, we believe long-term fundamentals remain favourable. Alberta has remained Canada’s top destination leading to total population growth, recording positive net increases for three consecutive years of more than 186,375 in 2024, 59,970 in 2025 and 8,926 in Q1 2026, according to Statistics Canada. Continued population inflows, supported by relative housing affordability and employment opportunities, are expected to underpin long-term demand for Mainstreet’s affordable mid-market rental housing. However, certain macroeconomic risks remain, as discussed below.