Built data centre space in Canada is effectively full, and the story has moved from occupancy to power. Operating stock in this quarter's data is functionally fully leased, while a pre-construction pipeline more than six times its size waits on grid capacity that does not yet exist.
Weighted vacancy across ten existing Canadian assets is 12.7%, but excluding a single unleased 130,134 SF Saskatoon build, operating vacancy is roughly 0.3% [CoStar Data Centre Export, July 2026]. Eight proposed and under-construction projects total 6.84 million SF against 1.04 million SF of existing stock, with Alberta holding eleven of eighteen tracked assets [CoStar Data Centre Export, July 2026]. The AESO reports more than 20,000 MW of load requests against a grid able to accommodate about 1,200 MW, fully allocated in November 2025 [AESO Data Centre Update, September 2025; AESO Phase 1 allocation, November 2025]. Ontario development land is repricing on grid access: Amazon paid $1.25 million per acre in Nepean, and an Oakville parcel traded at $2.19 million per acre in January 2026 [CoStar Land Export, July 2026].
Interconnection queue position, not vacancy or cap rate, will determine how much of this pipeline becomes supply.