# Canada Has 3 Square Feet of Self-Storage Per Capita Versus 8 in the U.S., Bluebird CEO Says

> Koonin runs 30 Canadian facilities across five provinces plus six Sunbird sites in North Carolina. He says Québec residents still mistake modern multi-story storage for offices, banks lend conservatively to experienced teams only, and adaptive reuse in Montréal can beat ground-up timelines even without purpose-built aesthetics.

- URL: https://www.yourcaio.co/news/canada-self-storage-3-sq-ft-gap-bluebird-october-2026
- Published: 2026-10-12
- Author: David Cartolano (https://www.yourcaio.co/about)
- Category: Market Trends
- Tags: Canada Self-Storage, Bluebird Storage, Supply Gap, Entitlements, Jason Koonin
- Source: [Inside Self-Storage](https://www.insideselfstorage.com/market-conditions/opportunities-and-challenges-in-the-canada-self-storage-market-an-industry-poised-for-growth)

## Key Takeaways

- Bluebird Storage CEO Jason Koonin wrote in Inside Self-Storage on October 11, 2026 that Canada averages about 3 net rentable square feet of self-storage per capita versus roughly 8 in the United States, calling the market immature despite healthy demand.
- Koonin said many Canadian sites remain older single-story drive-up buildings on gravel in rural areas, while modern multi-story climate-controlled product is rare outside core markets such as Calgary, Toronto, and Vancouver.
- Entitlements typically take one to four years per site plan, and some municipalities levy development charges on new construction that can reach several million dollars, per Koonin's October 11 piece.
- Koonin estimated only about 10% of Canadian consumers currently use self-storage, implying demand could double as awareness spreads; recognition is lower in Québec, where residents often confuse new facilities with office buildings.
- Koonin operates Bluebird across 30 facilities in five Canadian provinces and Sunbird Storage with six North Carolina locations plus two under development, bringing a CFA background and prior BB&T and Wells Fargo portfolio management experience to the sector.

Canada averages about **3 net rentable square feet** of self-storage per capita versus roughly **8** in the United States, **Bluebird Storage CEO Jason Koonin** wrote in **Inside Self-Storage** on **October 11, 2026**. Koonin called the market **immature**: low product awareness, long entitlements, and a stock of older rural drive-up sites while modern climate-controlled infill stays scarce outside **Calgary**, **Toronto**, and **Vancouver**.

The gap is not a footnote for U.S. operators. It explains why Canadian portfolios trade on growth narratives even when American same-store revenue growth is measured in tenths of a percent.

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## Why Does Koonin Say Canada Lags the U.S. by Two Decades?

Koonin's thesis is structural, not cyclical.

**Per-capita supply.** At **3 square feet** per Canadian versus **8** in the U.S., penetration has room to double if usage rates rise from roughly **10%** of consumers today, per his October 11 piece.

**Product generation.** Many facilities remain **single-story drive-up** buildings on **gravel** in rural locations. Multi-story climate-controlled sites are uncommon except in core urban markets.

**Awareness.** Koonin said recognition is especially weak in **Québec**, where residents sometimes mistake new multi-story storage for **office buildings**. That sounds anecdotal until you model marketing spend required to educate a market Phoenix developers never had to teach.

**Developer bench.** Unlike the U.S., Canada has relatively few teams dedicated solely to self-storage, so completions have not kept pace with population growth even when capital wants in.

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## What Entitlement and Cost Friction Does Koonin Document?

Koonin listed barriers that U.S. Sun Belt builders rarely face at the same severity:

| Friction | Koonin's description (ISS, Oct. 11, 2026) |
|----------|-------------------------------------------|
| Land cost | Expensive parcels; frequent rezoning |
| Approvals | Site plans often **1-4 years** |
| Development charges | Municipal taxes on new construction up to **several million dollars** |
| Construction | High build costs nationally |
| Timeline | **~5 years** from concept to completion in some markets |

Montreal and Québec City sit **below** the national supply average, creating opportunity for teams willing to absorb language and zoning risk. Ground-up projects compete with **industrial conversions** in Montreal and Toronto; reuse can be faster though aesthetics may lag purpose-built Class A.

Vancouver attracts capital but often fails economics because of land and **seismic** construction premiums, Koonin wrote.

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## How Are Capital Markets Treating Canadian Storage?

**Debt.** Banks treat self-storage as more mainstream than a decade ago but lend conservatively to **experienced** developer-operator teams. New entrants face funding friction.

**Equity.** Large Canadian institutions remain overweight office and multifamily, still labeling storage **alternative**. Koonin noted recent large portfolio purchases by private equity, pensions, and operators as a sign the characterization may be shifting.

That pairs with U.S. headlines where [PGIM refinanced Irish storage](https://www.yourcaio.co/news/pgim-u-store-it-125-million-ireland-refinancing-october-2026) and [institutional lenders still place permanent debt on Texas operator portfolios](https://www.yourcaio.co/news/talonvest-47-7-million-jenkins-clark-texas-permanent-loan-october-2026). Capital is selective, not absent.

---

## What Operating Realities Does Koonin Flag on the Ground?

**Staffing.** Wage inflation and turnover now challenge nearly every Canadian market, not just hot metros. Koonin recommended competitive pay and bonuses to retain site teams.

**Demand curve.** If only **10%** of consumers use storage today, doubling penetration is a long runway story. It also means competitors who educate the market first capture brand recall, similar to early U.S. REIT roll-ups.

Koonin leads **Bluebird** across **30 facilities in five provinces** and **Sunbird** with **six** North Carolina sites plus **two** under development. His **CFA** credential and prior **BB&T** and **Wells Fargo** portfolio roles frame the piece as operator finance perspective, not broker hype.

---

## How Should U.S. Investors Read Canada's Gap in October 2026?

American fundamentals are mixed: [national advertised rents fell 1.9% year over year through August 2026](https://www.yourcaio.co/news/yardi-matrix-september-2026-advertised-rates-1-9-percent-august-2026) while [Trepp projects 2026 deliveries down 19.6%](https://www.yourcaio.co/news/trepp-self-storage-deliveries-19-6-percent-decline-recovery-september-2026). Canada is playing a different game: **undersupply plus awareness**, not post-pandemic glut absorption.

Cross-border operators already blur the map. Public Storage's investor materials cite **68 Canadian facilities** alongside U.S. scale. Koonin's argument is why greenfield Canada still tempts patient capital even when U.S. developers [pivot from building to buying portfolios](https://www.yourcaio.co/news/colliers-tom-de-jong-self-storage-bridge-loan-handbacks-2026).

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## The Numbers Worth Writing Down

- **3** net rentable square feet per capita in Canada vs. **~8** in the U.S.
- **~10%** of Canadian consumers using self-storage today, per Koonin
- **1-4 years** typical site-plan approval range
- Development charges up to **several million dollars** in some municipalities
- **~5 years** concept-to-completion in challenging markets
- **30** Bluebird facilities across **5** Canadian provinces
- **6** Sunbird locations in North Carolina, **2** more under development

---

## Undersupply With Friction Still Beats Oversupply

Koonin's October 11 piece is a reminder that "self-storage" is not one market. The U.S. is working through **pandemic-era deliveries** and soft street rates. Canada is **20 years behind** on product quality and penetration, with **entitlements** as the moat.

Operators who can survive four-year approvals and seven-figure development charges may harvest rent growth U.S. Sun Belt builders will not see until supply curves cross. That is the Canada trade in one sentence.

---

## Sources

- [Opportunities and Challenges in the Canada Self-Storage Market: An Industry Poised for Growth](https://www.insideselfstorage.com/market-conditions/opportunities-and-challenges-in-the-canada-self-storage-market-an-industry-poised-for-growth), Inside Self-Storage, October 11, 2026 (Jason Koonin, CEO, Bluebird Storage)

## Frequently Asked Questions

### How undersupplied is Canada compared with the U.S. self-storage market?

Jason Koonin told Inside Self-Storage on October 11, 2026 that Canada has about 3 net rentable square feet of storage per capita versus roughly 8 in the United States. He described Canadian supply as immature, with older rural drive-up product dominating and modern climate-controlled infill rare outside major metros.

### What barriers does Jason Koonin cite for Canadian self-storage development?

Koonin's October 11, 2026 article lists expensive land, rezoning requirements, site-plan approvals that often take one to four years, development charges that can run to several million dollars, and high construction costs. He said relatively few developers focus exclusively on storage, so new supply has lagged population growth.

### Which Canadian markets attract institutional capital?

Koonin pointed to Toronto as always in demand and Vancouver as desirable but often uneconomical because of land prices and seismic construction costs. Montreal and Quebec City offer lower supply than the national average but carry zoning, entitlement, and language considerations. Adaptive reuse of industrial buildings in Montreal and Toronto can reach market faster than ground-up builds.

### Is Canadian bank debt available for self-storage?

Koonin wrote that banks are keen to lend to self-storage today but remain conservative, favoring experienced developer-operator teams. New entrants struggle to secure debt, while equity investors still treat the asset class as alternative relative to office and multifamily concentration at large Canadian institutions.

### How does Canada's supply gap relate to U.S. operator strategy in 2026?

U.S. REITs and private capital are recycling suburban boxes while advertised rents fall 1.9% year over year nationally. Koonin's Canada thesis is the opposite problem: undersupply and awareness gaps that can support rent growth for operators who survive long entitlements, while [SmartStop scales Canadian exposure](https://www.yourcaio.co/news/smartstop-140-million-deca-initiative-september-2026) alongside U.S. DECA investments.

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Cite as: David Cartolano, "Canada Has 3 Square Feet of Self-Storage Per Capita Versus 8 in the U.S., Bluebird CEO Says," YourCAIO.co, 2026-10-12, https://www.yourcaio.co/news/canada-self-storage-3-sq-ft-gap-bluebird-october-2026