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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In this episode of the Commercial Real Estate Podcast, hosts Aaron and Adam connect with Cameron Choquette, CEO of the Saskatchewan Landlord Association, at the CFAA Rental Housing Conference in Toronto. Join them as they discuss Saskatchewan’s thriving rental market, which is seeing strong growth with low vacancy rates and increasing rents. Cam highlights the province’s pro-business stance, lack of rent control, investment appeal, and the challenges posed by high development costs. He stresses the need for legislative reform to support rental housing development. They also explore the downtown environments of Saskatoon and Regina, with Saskatoon thriving and Regina facing revitalization challenges.

Here are the key talking points from the episode:

• Saskatchewan’s Rental Market Growth
• Challenges in Developing Rental Housing
• Legislative Reform and Incentives
• Downtown Environments in Saskatoon and Regina
• Legislative Reform as a Priority
• Attractiveness of Investing in Saskatchewan’s Rental Market
• Hope for the Adoption of Similar Approaches Across Jurisdictions

More about our guest…

Cameron Choquette is the CEO of the Saskatchewan Landlord Association, leading its operations since 2019. An award-winning young professional, Cam holds an Honours Degree in Management from the Edwards School of Business and a Master’s in Public Administration from the Johnson Shoyama Graduate School of Public Policy. Under his leadership, the Association has achieved significant growth and advocacy success, winning the CFAA’s 2021 Association Achievement of the Year Award. In 2022, he was named Saskatchewan’s Young Professional of the Year. Cam is passionate about governance, strategy, and policy.

Episode Resources

• Cameron Choquette on LinkedIn
• Saskatchewan Landlord Association Website
• Aaron Cameron on LinkedIn
• Adam Powadiuk on LinkedIn 
• First National Website

 

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In this episode of the Commercial Real Estate Podcast, hosts Aaron and Adam connect with Ana Bailao, Head of Affordable Housing & Public Affairs at Dream, an asset manager, owner and developer of real estate. With over 20 years of senior leadership experience across government, private, and non-profit sectors, Ana is passionate about creating more livable, inclusive, and affordable cities.

She shares her journey from politics to real estate, focusing on the significance of affordable housing in city development. She explains the collaboration between the City Council, the Toronto Community Housing Corporation, and the federal government’s role in housing policy. Ana highlights successes in fostering partnerships and policy reforms while discussing Dream’s efforts to build mixed-income communities. The episode concludes with insights on risk, return, and the need for immediate housing construction solutions.

Here are the key talking points from the episode:

• Importance of Affordable Housing in Building Cities
• Relationship between City Council and Toronto Community Housing Corporation
• Role of the Federal Government in Affordable Housing
• Ana’s Role at Dream and Building Mixed-Income Communities
• Importance of Risk and Return in Development Process
• Clearing Misconceptions Surrounding Developers and Affordable Housing

More about our guest…

With over 20 years of senior leadership experience across government, private, and non-profit sectors, Ana Baila is passionate about creating more livable, inclusive, and affordable cities. After establishing a successful career in the private sector, she transitioned to public service and was elected to Toronto City Council in 2010, where she was re-elected three times. She served as Deputy Mayor and the City’s Housing Advocate during her tenure, securing billions in federal and provincial funding to revitalize Toronto’s housing initiatives. 

She played a key role in the 2020-2030 Toronto Housing Plan by expanding the affordable housing budget. In 2023, she ran for Mayor in the largest by-election in Canadian history, finishing second. Engaging with thousands of Torontonians during the campaign was a deeply rewarding experience, and she remains optimistic about the city’s future. Today, she works with industry leaders to advance affordable housing projects in Toronto and Canada.

 

Episode Resources

• Ana Bailao on LinkedIn
• Dream Website
• Aaron Cameron on LinkedIn
• Adam Powadiuk on LinkedIn 
• First National Website

 

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In this episode of the Commercial Real Estate Podcast, hosts Aaron and Adam interview Andrew Duncan, RioCan’s Chief Investment Officer to discuss his company’s evolving investment strategy to stay aligned to a dynamic market. Andrew shares insights into his background, RioCan’s focus on capital allocation, and the challenges of making long-term investment decisions in an unpredictable market. 

He explores RioCan’s residential portfolio, detailing the obstacles to growth in apartment and condo development. The conversation then shifts to RioCan’s strong retail portfolio, and Andrew highlights the key performance indicators he monitors and a sneak peek at some potential retail acquisitions. Andrew also points to RioCan’s focus on debt reduction and portfolio adjustments that would positively impact the company’s stock value. 

Here are the key talking points from the episode:

• Making Strategic Investment Decisions in a Volatile Market
• RioCan’s Residential Portfolio and Growth Aspirations
• Factors Influencing Residential Investment Decisions
• The Importance of Strong Performance and Positive Fundamentals
• Potential Opportunities in Retail Acquisitions
• Future Plans for RioCan
• Challenges in the Apartment and Condo Market
• Acknowledging the Performance of the Retail Market

More about our guest…

Andrew oversees RioCan’s development pipeline and investment transactions to optimize the Trust’s portfolio for future growth opportunities. His focus is maximizing the full potential of RioCan’s real estate, unlocking intrinsic value through development, partnerships and strategic acquisitions and dispositions to support RioCan’s evolution into Canada’s dominant urban mixed-use REIT. 

Andrew has significant experience working with partners and stakeholders to deliver complex mixed-use development projects. His balanced knowledge of construction, planning, and analytics allows him to manage the development portfolio responsibly while leveraging expertise in asset classes and deal structures to maximize returns for unitholders.

Andrew joined RioCan in 2013. An engineer by trade, he previously led Engineering and Design at Lowe’s Companies of Canada and maintains his professional engineering license. Andrew holds a Bachelor of Engineering degree from the University of Guelph.

Episode Resources

• Andrew Duncan on LinkedIn
• RioCan Website
• Aaron Cameron on LinkedIn
• Adam Powadiuk on LinkedIn 
• First National Website

 

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In this episode of the Commercial Real Estate Podcast, hosts Aaron and Adam connect with Ene Underwood, CEO of Habitat for Humanity GTA. This nonprofit organization helps people in your community and worldwide build or improve a place they can call home. Join them as they discuss Habitat for Humanity’s mission and their focus on creating pathways to homeownership. Ene explains their model of zero down payment mortgages and buyback provisions, ensuring affordability and accessibility. They also explore government incentives, developer partnerships, and the need for creative solutions in the affordable homeownership market. 

Here are the key topics discussed:

• Introduction to Habitat for Humanity’s mission
• Habitat for Humanity’s model of zero down payment mortgages
• Government incentives for affordable homeownership 
• Addressing the high interest rate environment
• Habitat for Humanity’s partnerships with developers
• Government’s role in providing tax incentives and credits
• Importance of affordable homeownership
• Need for aggressive measures to address the housing crisis
• Government response and the conversation about expanding urban boundaries

More about our guest…

Ene Underwood’s professional purpose throughout her career has been applying business thinking to some of society’s most challenging social and economic well-being issues. Building on a career that began in the private sector with one of the world’s preeminent strategy consulting firms, Ene spent nearly two decades in leadership roles in some of Canada’s most respected hospitals. 

Since 2013, Ene’s focus has been housing, leading Habitat for Humanity’s work in the GTA to leverage the power of homeownership to transform lives and build generational change. Ene has increasingly been a leading voice in broader housing policy changes to re-establish a Canada where affordable housing is available to all.

Episode Resources

• Ene Underwood on LinkedIn
• Habitat for Humanity Website
• Aaron Cameron on LinkedIn
• Adam Powadiuk on LinkedIn 
• First National Website

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In this episode of the Commercial Real Estate Podcast, hosts Aaron and Adam connect with Adam Jacobs, the National Head of Research at Colliers. They explore the current state of the commercial real estate market and discuss the impact of data analytics, interest rates, and economic factors on market valuations. Adam highlights unexpected market resilience despite recession fears and examines challenges like high construction costs and shifting buyer dynamics. The conversation also delves into Canada’s real estate future, including office market trends and its growth potential.

Here are the key topics discussed:

• Adam Jacobs’ back story and transition to real estate
• The current state of the market and expectations of a deep recession
• Impact of rising interest rates on commercial real estate
• Rising construction costs and a lack of adjustment
• Entering the next cycle of the real estate market
• Reluctance to devalue assets and revaluations
• Canadian psyche and reluctance to accept the current market state
• Challenges facing the downtown area

More about our guest…

Adam is a national commentator on the economy, real estate market, and hot topics like return to office and investment trends. He has been regularly interviewed and featured on BNN Bloomberg, the Globe and Mail, the Financial Post, the Toronto Star, and various industry publications. His publications at Canada’s largest brokerage cover topics including institutional investors, office leasing, life sciences, and retail trends. Adam is a regular presenter at national conferences for groups ranging from student housing developers to credit unions to property managers.

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