Quebec Private Operator Expands Into Five New Markets

Written by:

Steve Marcinuk

Date:

14 Jan 2026

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Société immobilière Bélanger is planning a strategic expansion into Montreal, Gatineau, Ottawa, Calgary, and Edmonton.

The multifamily investment landscape is experiencing a period of capital reallocation, creating a compelling window for well-capitalized private operators to expand into growth-oriented secondary markets. Société immobilière Bélanger is positioning itself to capitalize on this environment through a disciplined acquisition strategy focused on long-term fundamentals, operational efficiency, and scalable growth.

Société immobilière Bélanger, which owns and manages nearly 4,000 multifamily units in Quebec City, is now planning on undertaking a significant geographic expansion into two new provinces (i.e., Ontario and Alberta). The move reflects confidence in both the firm’s balance sheet and the underlying strength of these markets.

According to Evguenia Kapchii, Director of Acquisitions, the firm’s strategy is centered on acquiring assets that offer substantial operational upside and cater to every tenancy profile (i.e., single, couple, family, etc.). “Our focus is on demographic fundamentals such as population and employment growth, the city’s infrastructure investment, and low vacancy rates,” Kapchii says. “These are the drivers that support long-term NOI growth, regardless of short-term market noise.”

The firm’s expansion intentions beyond Quebec mark a new chapter in its growth trajectory. Having operated exclusively in the province since 2008, Société immobilière Bélanger is now targeting portfolios of 100 units or more in its new markets to secure sustained expansion. This scale-driven approach allows the company to replicate its proven-effective management model while maintaining in-house operational efficiencies, as it has always done since its establishment almost 20 years ago.

Kapchii notes that the firm is deliberately prioritizing markets that have not yet experienced significant pricing compression. “We are looking for cities where indicators are positive, as well as where pricing and cap rate guidance still allow the marriage between buyers and sellers for fruitful transactions.”

Montreal, Ottawa, Gatineau, Edmonton, and Calgary share several characteristics the firm finds attractive: growing populations, diversified employment bases, public and private infrastructure investment, and relatively low vacancy rates. These conditions align closely with Société immobilière Bélanger’s historical success in Quebec, where its portfolio maintains a vacancy rate below 1.5%.

A key advantage underpinning the firm’s expansion strategy is its ownership and governance structure. The company is wholly owned by François Bélanger, enabling rapid decision-making and flexible execution. “At this scale, having a sole owner is rare,” Kapchii says. “But it gives us an enormous advantage. Decisions are made quickly, and we can move decisively when the right opportunity presents itself.”

The firm’s financial position further supports its growth ambitions. Over the past two years, Société immobilière Bélanger has actively repositioned its portfolio, selling carefully selected outlying assets to build a sizable cash position to acquire properties in new target areas further. As a result, the company enters its expansion phase with significant liquidity and a conservative capital structure.

“We are well capitalized and ready to execute,” Kapchii says. “That allows us to pursue multiple acquisitions simultaneously while remaining disciplined on pricing and underwriting.”

While broader economic uncertainty persists, particularly around interest rates and property valuations, Kapchii remains focused on the medium- and long-term outlook. She points to recent commentary from economists suggesting continued volatility in the near term, followed by a more stable environment in the coming years.

“You have to act when opportunities present themselves,” she says. “Periods of uncertainty are often when the best assets can be acquired with the strongest risk-adjusted returns.”

Société immobilière Bélanger’s expansion strategy into new territories will test the depth and durability of secondary markets. For the firm, however, the strategy is clear: deploy patient private capital, continue leveraging its in-house operational expertise, and establish a meaningful presence in markets with long-term growth potential.