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

In this episode of the Commercial Real Estate Podcast, hosts Aaron and Adam welcome back Mark Goodman, Principal of Goodman Commercial Inc. Join them as they discuss the current state of the Vancouver commercial real estate market. Goodman reveals that his firm commands about 20% market share despite its size and reflects on the impacts of COVID-19, interest rate fluctuations, and the recent rise in nonprofit buyer activity. The conversation also covers government initiatives for affordable housing, geopolitical factors influencing investment, and future cap rate predictions, highlighting the complex dynamics of Vancouver’s real estate landscape.

Here are the key talking points from the episode:

• Vancouver Market Overview
• Looking at the Market with a Historical Context
• Market Dynamics and the Impact of Interest Rates
• Examining the Bid-Ask Spread
• Buyer Profiles and the Rental Protection Fund Initiative
• Government Initiatives for Affordable Housing
• Impact of Geopolitical Factors on Pricing
• Future Outlook

More about our guest…

With over 50 years of experience, Mark Goodman is a leading expert in multi-family apartment sales and development in Metro Vancouver. He oversees the Goodman Report, the region’s premier resource for multi-family investment insights, relied upon by thousands of owners, investors, and analysts. Mark’s impressive career boasts over $3.5 billion in sales and 700 transactions, making him a trusted voice frequently quoted in top media outlets like The Vancouver Sun and National Post. Known for his innovative marketing strategies, Mark is dedicated to maximising client success through a comprehensive, results-driven approach to real estate transactions.

Episode Highlights

• 00:00 – Intro
• 02:30 – Vancouver Market Overview
• 05:15 – Looking at the Market with a Historical Context
• 08:45 – Market Dynamics and the Impact of Interest Rates
• 12:00 – Examining the Bid-Ask Spread
• 15:30 – Buyer Profiles and the Rental Protection Fund Initiative
• 18:00 – Government Initiatives for Affordable Housing
• 21:00 – Impact of Geopolitical Factors on Pricing
• 24:00 – Future Outlook

Quotes

• “Despite being a relatively small firm, we control about 20% of the Vancouver commercial real estate market. This gives us a unique perspective compared to giants like CBRE and the Royal Bank of Canada. It really speaks to how specialised our approach is in this landscape.”

• “When COVID-19 hit in March 2020, our firm was classified as an essential service. We could keep operating while many others were forced to shut down. This distinction allowed us to navigate the early pandemic market with a different strategy.”

• “2022 marked a significant turning point as interest rates began to rise. By mid-2023, the market froze, with the Bank of Canada rate hitting 5%. It was a tough environment until we started seeing a recent resurgence in activity.”

• “The bid-ask spread remains a persistent issue in our market. Sellers have to adjust their expectations if we want to see more transactions. Seeing some movement is encouraging, but we still have a way to go before we reach equilibrium.”

• “We’re witnessing an interesting trend with nonprofits stepping into the market, largely due to the Rental Protection Fund initiative. This is not just a temporary shift; it’s reshaping our buyer profiles significantly.”

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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 Adam Carapella, VP at Tricar Developments, live from the Southwestern Ontario Real Estate Forum. Adam shares his journey from hands-on construction to leading a company managing over 2,000 rental units and developing condominiums. Discover how Tricar is adapting to market dynamics, navigating challenges in municipal approvals, and focusing on affordable living options. Plus, get insights into upcoming projects in cities like Kitchener and the rising trend of amenities like golf simulators in residential buildings.

Here are the key talking points from the episode:

• Adam Carapella’s Background
• Transition to Family Business
• Current Role at Tricar and Operations
• Business Focus and Strategy at Tricar
• The Commercial Real Estate Market Conditions and Challenges
• Municipal Approval Challenges
• Future Projects and Community Development
• Importance of Affordable Living
• After Show Insights

More about our guest…

Adam Carapella is the Vice President of Tricar, a family-founded company with nearly 40 years of experience in real estate development. Adam oversees day-to-day operations, managing over 2,000 rental units and leading construction projects, including mid- and high-rise condominiums. A University of Guelph graduate, Adam’s deep industry knowledge and hands-on experience have been instrumental in Tricar’s continued success.

Episode Highlights

• 02:15 – Adam Carapella’s Background
• 05:45 – Transition to Family Business
• 09:00 – Current Role at Tricar and Operations
• 12:30 – Business Focus and Strategy at Tricar
• 16:00 – The Commercial Real Estate Market Conditions and Challenges
• 20:15 – Municipal Approval Challenges
• 24:00 – Future Projects and Community Development
• 27:30 – Importance of Affordable Living
• 30:00 – After Show Insights

Quotes

• “Growing up in the industry, I was always around construction sites. From a young age, I was involved in everything from digging foundations to painting walls. It gave me a unique perspective on real estate, and after attending the University of Guelph, I realised that this was where my passion lay.”

• “There’s been a significant shift in our approach. We used to focus heavily on rental units, but now we maintain a 50/50 balance with condominiums. It’s essential to stay adaptive. The market constantly changes, and we must respond to those dynamics to remain successful.”

• “The gap between sellers’ and buyers’ expectations is growing, especially concerning land prices. It’s crucial to understand what the market demands, particularly in cities like London, where we have a surplus of rental supply.”

• “Municipal approvals have become increasingly challenging. However, I see a positive shift as municipalities start recognising our housing crisis. It’s time we focus on urban living to rejuvenate our downtown areas.”

• “We’re thrilled about our new residential project in Kitchener. It’s a chance to create a vibrant community in an area that has been underdeveloped for too long. Maintaining a pipeline of projects is crucial to keep our teams engaged.”

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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 Dean Campbell, Vice President of Construction and Design at Parkbridge, about the evolving Canadian housing market and the innovative land lease model. Dean shares his extensive experience in construction and highlights how Parkbridge’s approach—where residents own their homes but lease the land—makes housing more affordable, especially in high-cost areas like the Greater Toronto Area. The conversation also dives into the challenges of rising development costs and labour shortages and how municipalities are stepping up to support housing needs. Tune in for valuable insights into the future of housing and the impact of models like land leasing!

Here are the key talking points from the episode:

• Dean’s Background in Construction
• Overview of Parkbridge and Community Development 
• Explaining the Land Lease Model
• Impact of Development Charges on Affordability
• Labour Shortages in the Construction Industry
• Future of Housing Development Amid Rising Costs
• Municipal Responses to Housing Needs
• Institutional Backing and Its Influence

More about our guest…

Dean is a passionate and enthusiastic homebuilder with over 30 years of experience in condominium high-rise and wood-frame homebuilding. He has held the position of Chief Operating Officer, Housing for Excel Homes in Calgary, Edmonton, and Victoria. Before that, Dean was Vice President of Operations for Losani Homes in Hamilton and Vice President of Construction for Mattamy Homes in Ottawa and Calgary. Dean and his teams have been awarded numerous awards, including JD Power and Associates in Ottawa, Consumer Choice awards in Hamilton, and AVID Western Canada. Dean holds a Bachelor of Arts in Business and Economics and remains committed to ongoing learning.

Episode Highlights

• 02:31 – Dean’s Background in Construction
• 07:16 – Overview of Parkbridge and Community Development 
• 12:01 – Explaining the Land Lease Model
• 15:46 – Impact of Development Charges on Affordability
• 20:01 – Labour Shortages in the Construction Industry
• 25:31 – Future of Housing Development Amid Rising Costs
• 30:01 – Municipal Responses to Housing Needs
• 35:01 – Institutional Backing and Its Influence

Quotes

• “The land lease model is a game-changer for many buyers. It allows residents to own their homes while leasing the land beneath them. This significantly reduces the upfront costs, making it a viable option, especially in high-demand areas like the Greater Toronto Area. By lowering the barrier to entry, we’re aiming to make homeownership more accessible.”

• “We’re seeing development charges and labour costs soar, and unfortunately, these costs are often passed down to the buyers. It raises the question: how do we keep homes affordable when the expenses seem to be out of our control? It’s a pressing issue that needs to be addressed at all levels of government.”

• “The construction industry is facing a critical labour shortage. An aging workforce combined with insufficient new entrants into the trades is a recipe for disaster. While there is interest from younger generations, the current apprentice-to-journeyman ratios hinder their ability to get the necessary training. If we don’t address this soon, we could see a significant slowdown in housing development.”

• “Municipalities need to be more proactive in supporting development. The demand for housing is rising, but are we seeing the necessary policies and frameworks that encourage innovative solutions? Local governments must step up and facilitate rather than hinder the process.”

• “Institutional investors bring not just capital but also a long-term vision. They’re interested in sustainable, scalable models like land leasing, which can drive innovation in the housing sector. It could really change the game for affordability.”

Episode Resources

• Parkbridge Website
• Aaron Cameron on LinkedIn
• Adam Powadiuk on LinkedIn
• First National Website

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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 Karl Innanen, Executive Vice president at Colliers International. Join them as they explore the commercial real estate market in Southwestern Ontario. Recorded at the Southwest Ontario Real Estate Forum, the discussion highlights the impact of rising interest rates, the state of various asset classes such as office, retail, industrial, and multifamily, and development challenges. Karl shares insights into his career, market trends, and future indicators, offering valuable perspectives on navigating the shifting landscape of commercial real estate.

Here are the key talking points from the episode:

• Current Commercial Real Estate Market Overview
• Office Space Challenges
• Retail Market Insights
• Stability in Industrial and Multifamily Markets
• Development Market Challenges
• Future Market Indicators
• Reflections on Downtown Cores

More about our guest…

With over 30 years of experience in commercial real estate, Karl takes his passion and skills in real estate to mentor, train, and develop the Colliers team in Kitchener Waterloo. He focuses on attracting and retaining the best diverse, enterprising, and innovative commercial real estate professionals. He is always looking to network with talent; whether you’re looking to enter Tri-City commercial real estate market or curious about learning about how and what makes Colliers the best-in-class CRE firm. Please feel free to send him a connection request if you’d like to learn more!

Karl has attended Western University and focused on economics. For the past 24 years, he has been an instructor with CCIM, teaching professionals across North America, Russia, and China.

Episode Highlights

• 00:00 – Intro
• 02:31 –  Karl Innanen’s Background
• 10:01 – Current Commercial Real Estate Market Overview
• 18:01 – Office Space Challenges
• 25:01 – Retail Market Insights
• 32:01 – Stability in Industrial and Multifamily Markets
• 39:01 – Development Market Challenges
• 45:01 – Future Market Indicators
• 50:01 – Reflections on Downtown Cores

Episode Resources

• Karl Innanen on LinkedIn
• Colliers International Website
• Aaron Cameron on LinkedIn
• Adam Powadiuk on LinkedIn 
• First National Website

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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 Richard Lyall, President and CEO of RESCON. This non-profit organization represents builders of Ontario’s low, mid, and high-rise residential buildings. Richard discusses his journey in real estate, the evolving construction industry, and the challenges facing Canada’s rental housing market. Topics include labor shortages, development charges, and the need for housing reform through technology, modular construction, and a streamlined approval process. Despite the challenges, Richard remains optimistic about the future of the housing industry.

Here are the key talking points from the episode:

• Richard’s journey in real estate
• Evolution of the Construction Industry
• Rescon’s Core Mission
• Key Challenges in the Affordable Housing Market
• The Disconnect in Tax Structures
• The Impact of Immigration and Housing Demand
• Calls for Policy Reform

More about our guest…

Richard is an accomplished and experienced executive who has represented the residential construction industry in Ontario since 1991. He is a frequent speaker and popular source quoted by the media on construction industry issues. His insightful columns appear regularly in The Toronto Sun, Canadian Real Estate Wealth, Storeys, Builder Bites, Daily Commercial News and Canadian Construction Business. 

He has a successful track record in advancing RESCON’s vision, mission and values through his high-level board and strategy work. He was honoured with the 2019 Canadian Lifetime Volunteer Award from the International Foundation of Employee Benefit Plans for enriching the organization’s educational efforts. He is also on a steering committee of the Chicago-based Council on Tall Buildings and Urban Habitat. He is also on the Ontario Housing Supply Action Plan Implementation Team.

Episode Highlights

• 00:00 – Intro
• 02:31 –  Richard’s Journey in Real Estate
• 07:16 – Evolution of the Construction Industry
• 12:46 – Rescon’s Core Mission
• 15:31 – Key Challenges in the Affordable Housing Market
• 21:01 – The Disconnect in Tax Structures
• 24:16 – The Impact of Immigration and Housing Demand
• 27:01 – Calls for Policy Reform

Episode Resources

• Richard Lyall on LinkedIn
• RESCON Website
• Aaron Cameron on LinkedIn
• Adam Powadiuk on LinkedIn 
• First National Website

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