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

In this episode of the Commercial Real Estate Podcast, Adam and Aaron sit down with Francis Cortellino, Chief Analyst at CMHC, to discuss Canada’s housing market challenges. They explore how immigration is driving rental demand, the impact of limited supply on affordability, and the obstacles facing first-time homebuyers. Francis delves into low vacancy rates, rising rents, and the role of government policies in addressing these issues. With insights on municipal regulations, housing starts, and potential solutions to the housing crisis, this episode is a must-listen for anyone interested in Canada’s real estate trends and housing policy.

Here are the key talking points from the episode:

• Demand vs. Supply: The Rental Market Dilemma  
• The Affordability Crisis: Real-Life Impacts  
• The Role of Government in Housing Development  
• Future Outlook: Hope for Increased Housing Supply  
• A Call for Collaboration and Urgency

More about our guest…

Francis Cortellino is the Chief Analyst at Canada Mortgage and Housing Corporation (CMHC) who specialises in housing market dynamics across Canada, focusing on Ottawa and Montreal. He provides critical insights into rental demand drivers, immigration trends, and first-time homebuyer challenges. Known for his expertise on supply-demand imbalances and municipal approval processes, Francis advocates for collaborative government solutions to increase housing supply. His work highlights the urgent need for affordable housing, making him a leading voice in addressing Canada’s housing crisis.

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

In this episode of the Commercial Real Estate Podcast, Adam and Aaron sit down with Katie Paris, Director of Building LeBreton at the National Capital Commission (NCC). Together, they explore the NCC’s unique role as Eastern Ontario’s largest landlord and its impact on Ottawa’s real estate landscape. Katie shares her journey from environmental real estate in the U.S. to leading transformative projects like LeBreton Flats. The conversation delves into leasing strategies, community engagement, and sustainability while offering a behind-the-scenes look at Ottawa’s urban development. The episode highlights the NCC’s vision of balancing public interest with private investment.

Here are the key talking points from the episode:

• Introduction to the NCC
• Katie Paris’s Background
• LeBreton Flats Development Overview
• Leasing and Development Strategies
• Community Engagement and Future Vision
• NCC’s Key Performance Indicators (KPIs)

More about our guest…

Katie Paris is a California native with a career at the intersection of environment and real estate. She began in the U.S., working with land trusts and redeveloping contaminated lands for new uses.

After moving to Ottawa in 2003, Katie joined the National Capital Commission (NCC), where she now leads the redevelopment of LeBreton Flats as Director of Building LeBreton. With expertise in land transactions, sustainable development, and community engagement, Katie oversees projects that enhance Ottawa’s urban landscape, from transforming brownfields to creating vibrant public spaces. Her work exemplifies a commitment to innovation, sustainability, and collaboration in 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, Aaron and Adam welcome Zev Kershman, VP of Product and Customer Success at DashQ, a cutting-edge lead-to-lease platform for multifamily landlords.

Recorded at the Canadian Apartment Investment Conference, Zev discusses how DashQ uses AI to streamline leasing processes, reducing approval times from days to minutes. The platform automates various tasks, allowing landlords to manage leads better and improve tenant experiences. 

Here are the key talking points from the episode:

• Overview of DashQ
• Challenges Faced by Landlords
• The Lead-to-Lease Process
• Integration and Customization of the Platform
• Market Dynamics and Competition
• Future of the Industry
• Operational Complexities and Market Needs

More about our guest…

As the SVP of Customer & Business Enablement at DashQ, Zev Kershman leads initiatives that empower multi-family landlords to transition to a renter-centric model. With over a decade of experience, Zev focuses on creating actionable strategies that redefine tenant experiences across portfolios. His team drives multi-decade client relationships by centralizing tech stacks, modernizing workflows, and streamlining operations. Under his leadership, clients often see a 500%+ increase in lead-to-tour performance, a 60%+ decrease in no-shows, and a 100%+ reduction in approval timelines.

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

In this episode of the Commercial Real Estate Podcast, Aaron and Adam welcome Stephen Sender, Board Member at  Allied Properties REIT and Sienna Senior Living, to discuss the evolution, challenges, and opportunities in the Canadian REIT market.

Stephen shares his journey from South Africa to leading roles in banking and corporate directorship. The trio explores REITs’ history, institutional growth, and current IPO challenges. Stephen offers insights on the discount between public and private valuations, the competitive pressures from non-public entities, and the future of REITs. The conversation blends strategic analysis with practical insights and offers high-value takeaways for industry professionals.

Here are the key talking points from the episode:

• Current Economic Landscape
• Stephen’s Backstory and Journey into REITs
• History of REITs in Canada
• Evolution of the Canadian REIT Market
• Current IPO Landscape for REITs
• Future of REITs and Structural Adjustments
• Investor Expectations and NAV Concerns
• Competitive Landscape for REITs
• Optimism for the Future of REITs

More about our guest…

Stephen Sender served as an investment banker for over 30 years in Canada and abroad. He was Industry Head – Real Estate in Scotiabank’s Global Banking and Markets Division, representing the bank’s capital market activities in the Canadian real estate industry.

Since the early 1990s, he has provided investment banking advice to numerous public entities involved with raising capital and providing guidance in numerous large transactions, including mergers, takeovers, and related party transactions. He has been a frequent moderator/speaker at conferences in Canada and is a part-time instructor at York University, Schulich School of Business.

Stephen holds a B.Comm. (Honors) degree from the University of Cape Town and qualified as a C.A. (S.A) in 1984. He serves as a trustee and Chair of the Audit Committee of Allied Properties REIT and as a director and Chair of the Audit Committee of Sienna Senior Living Inc.

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• Market Sentiment and Interest Rates
• Alex’s Career Journey
• The Spin-Out of Primaris REIT
• Current State of the Mall Sector
• Acquisition Strategy and Market Dynamics
• Competitive Advantage in Retail
• Evolution of Mall Spaces and Anchor Stores
• Strategies for Repurposing Vacant Spaces

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

In this special episode of the Commercial Real Estate Podcast, Aaron and Adam dive into the evolving landscape of Canadian commercial real estate lending, emphasizing shifts in CMHC-insured lending, especially in apartment financing.

They explore the impact of new government policies on market dynamics, such as supply-demand imbalances and increased capacity in the Canada Mortgage Bond (CMB) program. The hosts discuss current trends in rental rates, the strategic advantages of CMHC’s MLI Select program, and the benefits of affordability-focused financing. Concluding with insights on interest rate trends, Adam and Aaron provide valuable guidance for borrowers navigating this competitive lending environment.

Here are the key talking points from the episode:

• Current Lending Environment
• Conventional vs. CMHC Insured Lending
• Unpacking the Canada Mortgage Bond Program (CMB)
• Market Dynamics and Capacity Issues
• Recent Policy Changes and Risk Management
• Future Outlook for Borrowers
• Rental Market Trends
• CMHC Financing Strategies for Owner-Operators
• Interest Rate Trends and Market Implications

More about our hosts…

Aaron Cameron is the VP of Commercial Origination at First National. Aaron has over 15 years with the company and 18 years of industry experience. He is a confident decision-maker who values logic in business. With expertise in operations, sales, servicing, product development, and investor relations, Aaron understands the complexities of the mortgage process and prioritizes perspective, hard work, and progress in his work.

Adam Powadiuk is the Assistant VP of Commercial Financing at First National. He has been with First National since 2012 and helps originate over $2 billion annually. He emphasizes building trust through sound advice, enabling clients to reach their goals. His approach combines persistence and thoroughness, focusing on understanding clients and applying creativity and intelligent risk-taking to close deals successfully.

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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 and Adam connect with Gordon Wadley, COO of Dream Unlimited. Join them as they discuss the post-pandemic market dynamics, highlighting cautious optimism in occupancy rates and tenant behavior, with a shift towards shorter leases. Gordon addresses the challenges facing Class B and C office spaces and emphasizes the importance of ESG initiatives and community engagement. The conversation also touches on investment strategies and the complexities of converting office spaces to residential use. Listeners gain valuable insights into current trends and future outlooks in the Canadian office market.

Here are the key talking points from the episode:

• Market Dynamics and Optimism
• Tenant Behavior and Flexibility
• Office Occupancy: Trends and Demand
• Investment Landscape Disparities
• Cap Rates and Valuation Insights
• Challenges for Class B and C Office Spaces
• ESG Initiatives and Financing
• Importance of Amenities and Community Engagement
• Office Conversions and Market Viability

More about our guest…

Gordon Wadley is the Chief Operating Officer for Dream Unlimited’s Office REIT in Toronto, overseeing a mixed-use portfolio of approximately 10 million square feet across Canada’s major markets. Since joining Dream in 2011, he has played a key role in asset strategy, leasing, and operations in major Canadian cities, including Toronto, Ottawa, and Quebec. His extensive portfolio includes the Zibi sustainable development in the National Capital Region and Toronto’s historic Distillery District. Recognized as a Top 40 Under 40 by the Ottawa Business Journal in 2015, Gordon has led high-impact real estate strategies totaling over 14 million square feet.

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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 and Adam connect with Steven Haylestrom, CEO of The Modular Solution. Join them as they discuss the potential of modular construction in addressing Canada’s affordable housing crisis. They cover modular construction’s history, benefits, and challenges, highlighting its ability to reduce build time by 50%, improve quality control, and minimize waste. Challenges include resistance to change in the industry, financing issues, and the limited capacity of modular manufacturers. The episode concludes by calling for industry collaboration, education, and investment to scale modular construction as a viable solution for housing shortages.

Here are the key talking points from the episode:

• Understanding Modular Construction
• Historical Context and Terminology
• Benefits of Modular Construction
• Challenges in Adoption
• Insurance and Financing Complications
• The Role of Industry Stakeholders
• The Importance of Standardization
• The Future of Modular Construction

More about our guest…

Steven Haylestrom is a leader in modular design, manufacturing, logistics, and site construction, with over 18 years of experience. As President and COO of The Modular Solution, he oversees modular projects from design to completion, focusing on quality, budget, and scheduling. Steven’s mission is to increase the construction of affordable housing across Canada using modular technology. He also volunteers as a consultant for organizations like AHFA Canada and HousingNowTO, leveraging his expertise to advance affordable housing and positively impact communities.

Episode Highlights

• 00:00 – Intro
• 02:31 – Understanding Modular Construction
• 07:16 – Historical Context and Terminology
• 12:01 – Benefits of Modular Construction
• 17:31 – Challenges in Adoption
• 23:01 – Insurance and Financing Complications
• 28:01 – The Role of Industry Stakeholders
• 34:01 – The Importance of Standardization
• 40:01 – The Future of Modular Construction

Quotes

• “My focus has been on helping clients leverage modular prefabrication to streamline housing development. It’s about efficiency and speed, especially in today’s climate.”

• “One of the biggest advantages of modular construction is the time savings. We often see timelines reduced by up to 50%. That’s a game changer for developers. It minimizes waste and ensures a higher quality standard than traditional methods.”

• “One major challenge is the mindset in the construction industry. There’s a significant resistance to change. Many still operate as if we’re decades behind in innovation. We need to break down those barriers.”

• “The traditional financing models just don’t work for modular construction. Manufacturers need upfront payments, which complicates things. And it creates a risk, especially if manufacturers go bankrupt after taking deposits.”

• “If we can educate stakeholders and streamline processes, I truly believe modular construction can revolutionize our industry.”

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