Apartment in Toronto, Ottawa and Montreal. It's not exposed to tariffs. Management has done a good job and their chart looks good. They internalized management which will boost earnings. They continue to pick up rental units outside the urban core in the GTA. It helps that few rentals are being built. Stock price has risen a lot, but this is a good long-term play. (2.3% dividend, Analysts' price target: $12.10)

Immigration significantly contributed to population growth in Canada. In the last year, it has probably accounted for about three quarters of it. There is a benefit to owning apartment REITs if you think the cost of housing is relatively high, and you have an influx of immigrants. This REIT has a fantastic management team that tends to be more focused on “value add”. They will buy a property that is not necessarily maximizing its income possibility. They will gussy it up, increase rents, which will drive a significant increase in the share price and the value proposition. He likes this very much.

(A Top Pick March 19/15. Up 19.04%.) An apartment REIT based in Eastern Canada. Most properties are in Ontario where rents are regulated, but they tend to focus more on “value add”, where they buy a property that is not really achieving its full potential, put a little bit of money into it, and try to ramp up the occupancy, which has certainly worked out well for them.

He is a big fan of this company. They have a very entrepreneurial style. Dividend payout is very low and very sustainable. Sees more than average growth potential, so continues to like it. Good management.

He likes that it is exposure to Ontario, which is a hot market.  You are seeing visibility of low cap rates and developments that will come online.  This will continue to provide income.  The returns will be a little more stabilized than the last few years.

You’re not getting the yield on this that you would normally get, but in this case he thinks that is a good thing. The company is retaining more of the cash and redeploying it into the markets that they know so well. Focused in the Ottawa area. They are real creators of value, so he thinks it is a great long-term hold.

Apartment REIT. Has a management team that is well aligned with a history of creating value for shareholders. Trading well below its NAV. They recently raised equity at around $6.40, and he thinks that capital is going to be invested into acquisitions, development and re-development. The stock got hit because of a large repositioning effort on a property in Ottawa that needs to flow through in terms of driving free cash flow. Payout ratio is around 70%. Yield of 3.68%.