Morguard Corporation and Morguard North American Residential REIT have reached a key milestone in their acquisition of a large Canadian multi-suite residential portfolio from TD Asset Management (TDAM), completing due diligence and finalizing the allocation of property ownership interests.
Under the agreement, Morguard will acquire interests in 31 properties totalling 4,728 suites for approximately $621 million, while Morguard Residential REIT will acquire interests in 60 properties comprising 7,574 suites for approximately $478 million. The portfolio spans major urban and suburban markets across Ontario, Alberta, Quebec and Nova Scotia, including several newly completed rental developments.
“This acquisition aligns with our strategy of expanding our multi-suite residential portfolio in markets with high barriers to entry, strong underlying rental demand and attractive long-term growth potential,” said Angela Sahi, President and CEO of Morguard.
The transaction is expected to be financed through a combination of cash, assumed mortgages, approximately $225 million in vendor financing, and short-term borrowings. Morguard said the acquisition is expected to be immediately accretive to both organizations. The assumed CMHC-insured mortgages carry an approximate loan-to-value ratio of 46 per cent.
Alongside the acquisition, Morguard has successfully completed the transition of property management responsibilities for TDAM’s broader residential portfolio, valued at approximately $5.4 billion and encompassing 109 properties and roughly 15,800 suites across Canada. The transfer was completed during the second and third quarters of 2026 and included the integration of operations, technology, accounting, human resources and resident services.
Following the transition, Morguard’s total owned and managed assets have grown to approximately $24.1 billion, including a residential platform valued at $12.3 billion across 164 properties and more than 33,200 suites in Canada and the United States. The company said the addition of the TDAM management portfolio significantly expands its residential platform and reinforces its position as a leading residential property and asset manager in North America.
