Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Ryan Berlin, VP of Intelligence and Head Economist at Rennie, for an in-depth look at Vancouver’s real estate paradox: falling prices amid housing shortages. They unpack the impact of immigration changes, demographic shifts, and rental market pressures, including record-high construction and sticky land values. Ryan offers sharp insights into what’s driving demand, why recovery may be near, and how evolving living patterns reshape Vancouver’s housing landscape.

 

What you will learn:

• Why Vancouver’s housing market is seeing price declines despite supply shortages
• How demographic shifts and immigration policy are leading to population decline 
• The impact of record-high rental construction on market dynamics and rental rates
• Why $5/sq ft has become the new rental rate benchmark in Vancouver 
• How are changing living patterns reshaping housing demand
• The challenge of 2,200 completed but unsold units in Vancouver’s condo market
• Why land values remain sticky despite market pressures and price declines
• How market confidence and resale dynamics influence pre-sale market success
• The long-term value proposition of Vancouver real estate, despite current headwinds
• Why rental rates are projected to decline 4.5% in 2025 

Ryan Berlin is the VP Intelligence and Head Economist at Rennie, where he leads a top-tier research division supporting 270 advisors, developers, and real estate stakeholders across Metro Vancouver, Greater Victoria, the Central Okanagan, and Seattle. Passionate about data and the Cascadia Corridor, Ryan distills complex resale, pre-sale, economic, and demographic trends into clear insights that empower confident decisions. Whether you’re buying, selling, or simply curious, Ryan makes real estate data engaging, actionable, and yes, even fun. Explore more at rennie.com/intelligence.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Wendy Waters, VP of Research Services and Strategy at GWL Realty Advisors, for a deep dive into Canadian real estate strategy during economic uncertainty. Recorded at the Western Canada Apartment Investment Conference, the discussion covers resilient asset classes like grocery-anchored retail and purpose-built rentals, the effects of geopolitical tensions, and how demographic trends shape housing demand. Listeners gain actionable insights on navigating today’s evolving CRE landscape.

 

What you will learn:

• How GWL Realty Advisors manages an $18B portfolio across multiple assets
• Why grocery-anchored retail remains resilient despite market uncertainty
• The impact of geopolitical tensions and tariffs on development costs 
• How demographic shifts will shape future housing demand
• Why purpose-built rental shows more stability than condo rentals 
• The relationship between housing supply increases and market affordability
• How regional economic strengths influence real estate investment opportunities 
• Why development decisions are increasingly location-specific 
• The emerging importance of flight-to-quality in all asset classes 
• How infrastructure costs and development charges affect housing affordability 

Wendy Waters is Vice President of Research Services and Strategy at GWL Realty Advisors, where she leads a team delivering proprietary analysis to support real estate investments across office, multi-residential, industrial, and retail sectors. Passionate about urban issues like housing attainability, climate resilience, and livability, she serves on leadership committees for ULI BC, RealPac, and the Urban Development Institute of BC. Wendy is a sought-after speaker and thought leader with a Ph.D. in History and a unique career spanning academia, startups, and commercial real estate.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Mark Rothschild, Analyst at Canaccord Genuity, for a deep dive into Canada’s evolving REIT market. Covering everything from industrial sector pressures and the fallout of Hudson Bay Company’s collapse to senior housing opportunities and office sector stagnation, Rothschild shares sharp analysis on valuations, portfolio strategies, and market pivots. A must-listen for CRE professionals seeking clarity amid market uncertainty.

 

What you will learn:

• How apartment REITs are adapting to changing market conditions 
• Why industrial REITs are trading at 7% cap rates despite strong fundamentals 
• The impact of the Hudson Bay Company’s insolvency on retail REITs 
• How senior housing REITs are benefiting from strong demographics 
• How rising construction costs and market uncertainty are hampering construction
• How REIT management teams evaluate privatization offers and strategic alternatives 
• The shifting dynamics of retail anchors to experience-based tenants
• Why the office has become the “most boring” asset class 
• How REITs are strategically managing their portfolios 
• Why manufactured housing remains a stable asset class 

Mark Rothschild is an Analyst at Canaccord Genuity and is recognized for his expertise in REIT analysis and commercial real estate market trends. With extensive experience covering Canadian REITs and real estate markets, he provides deep analytical insights into various property sectors, including apartment, retail, office, and industrial assets. In this episode, Mark shares a comprehensive analysis of current REIT valuations, market dynamics, and strategic trends across different asset classes. His work in REIT analysis has helped investors and industry professionals understand complex market dynamics, making him a respected voice in Canadian commercial real estate. Mark’s balanced perspective on REIT performance, privatization trends, and sector-specific challenges makes this conversation particularly valuable for those interested in commercial real estate investment and market analysis.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

Before we dive in…

This episode was recorded just a few weeks ago, but with the recent geopolitical shifts and market uncertainty, a few parts of our discussion may already feel a bit outdated. Still, there’s so much value packed into this conversation that we didn’t want to hold it back. Just a heads-up—and now, on with the show!

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk speak with Sasha Cucuz, CEO of Greybrook Securities Inc., to unpack the evolving landscape of real estate development in Canada and the US. Sasha shares how Greybrook built a $2.5B equity platform, why co-living is gaining traction, and how developers can stay resilient in volatile markets. From navigating regulatory differences to predicting condo market recovery, this episode delivers sharp insights for investors, developers, and industry pros alike.

What you will learn:

• How Greybrook built a $2.5B equity platform 
• Why the US and Canadian real estate markets require different investment approaches 
• The evolution of co-living spaces as an innovative solution to urban housing 
• Why the condo market recovery will likely follow a specific sequence
• The strategic advantage of conservative leverage 
• How amenity-rich developments are becoming table stakes in US markets
• Why successful real estate investment relies more on execution capability 

Sasha Cucuz is the CEO of Greybrook Securities Inc., where he leads the firm’s capital markets and real estate investment strategies. Under his leadership, Greybrook’s portfolio spans 110+ residential and multi-family projects with an estimated completion value exceeding $40 billion across 30+ countries. He co-chairs Greybrook’s Investment and Project Advisory Committees. Formerly President of Greybrook Health, Sasha helped launch Greenbrook TMS and led major acquisitions, including MacuHealth and TearLab. He sits on several corporate and charitable boards, including Greenbrook, Neupath Health, Delos Canada, and the Greybrook Foundation, and advises Northland Properties, owner of the Dallas Stars and Moxie’s.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk sit down with Rob Kumer, CEO at KingSett Capital, to explore strategies for navigating today’s uncertain market. Rob shares insights on balancing institutional growth with entrepreneurial flexibility, how impact investing can drive both strong returns and social good and why zero-carbon initiatives present lucrative opportunities. He also breaks down Canada’s real estate landscape compared to the U.S. and what catalysts could shift the market in the next 24-36 months.

Here is what you will learn:

• How to balance institutional growth while maintaining entrepreneurial decision-making and culture
• Why impact investing must generate both social benefits and compelling economic returns to achieve scale
• The strategy behind achieving double-digit returns through zero-carbon building retrofits
• How to identify opportunity in today’s “capital recession” environment while operating fundamentals remain strong
• Why current market conditions present unique opportunities to acquire institutional-quality assets at attractive yields
• How Canadian real estate market dynamics differ from the US in terms of valuation adjustments and transaction volume
• The key factors driving institutional write-downs and why asset pricing is finally aligning between buyers and sellers
• Why maintaining a 200-250 basis point spread between cap rates and interest rates remains crucial for investment success

Rob Kumer is the CEO of KingSett Capital, a leading Canadian investment management firm with approximately $19 billion in assets under management. With extensive experience in both credit and equity investments, he has successfully led the firm’s evolution while maintaining its entrepreneurial spirit and core values. His leadership has been instrumental in expanding KingSett’s portfolio across various sectors, including affordable housing, zero-carbon initiatives, and institutional-quality assets, while focusing on generating compelling returns alongside social impact.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk sit down with Michael Brooks, CEO of REALPAC, on the sidelines of the RealCapital 2025 conference to discuss Canada’s evolving real estate landscape. They explore the impact of US tariffs, interprovincial trade barriers, and the challenges facing CMHC’s funding programs. Brooks also shares insights on housing policy across party lines and the role of AI in transforming real estate development. 

Here are the key talking points from the episode:

• Understanding REALPAC: Canada’s Leading Real Estate Association
• Trump’s Tariffs: Impact on Canadian Real Estate & Trade
• Breaking Down Interprovincial Trade Barriers in Canada
• Housing Policy: Liberal vs Conservative Approaches
• CMHC Funding Crisis: $80 Billion Deficit and Industry Impact
• Development Charges: Reforming a Broken System
• AI Revolution in Real Estate: From Planning to Zero Waste

Michael Brooks is the CEO of the Real Property Association of Canada (REALPAC), representing the country’s largest real estate investment and development firms. A lawyer and former partner at Aird & Berlis LLP, he has been a leader in real estate law, policy, and sustainable development. Brooks has served on boards including the Toronto Foundation and the World Green Building Council. He also advises the Canadian government on sustainable development and has held academic roles at Toronto Metropolitan University.

 

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate.

In this episode of the Commercial Real Estate Podcast, hosts Adam Powadiuk and Aaron Cameron sit down with Carl Gomez, Chief Economist and Head of Analytics at CoStar Group, to discuss the future of Canadian commercial real estate. They explore key trends, including the impact of potential U.S. tariffs, shifting apartment and office market dynamics, and evolving interest rate policies. From investment opportunities to rent control challenges, this insightful discussion offers a data-driven outlook for CRE professionals navigating today’s market.

Here are the key talking points from the episode:

• Market Recovery: From ‘Survive till ’25’ to New Reality
• Interest Rates: Why Bank of Canada Cuts Don’t Tell the Full Story
• Trump’s Tariffs: Potential Impact on Canadian Economy
• Housing Market: Supply Challenges and Affordability Crisis
• Rent Control: Comparing Canadian Markets to Alberta Model
• Investment Opportunities: Finding Value in Office and Retail
• Future of Office: Hybrid Work and Market Evolution

Carl Gomez is the Chief Economist and Head of Analytics at CoStar Group, bringing over 25 years of expertise in real estate economics and financial markets. With previous experience working on trading floors with bond traders, he offers unique insights into the intersection of macroeconomics, capital markets, and commercial real estate. His comprehensive understanding of both economic indicators and real estate fundamentals makes him a trusted voice in analyzing market conditions and forecasting industry trends. 

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