Welcome to the CRE podcast, 100% Canadian, 100% commercial real estate. What if the down cycles everyone fears are actually the best entry points for disciplined capital?

In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk welcome back returning guest Jeremiah Shamess, Executive Vice President at Colliers and head of the Private Capital Investment Group. Jeremiah revisits his previous market calls from 2016 and 2022 to examine where Canada’s commercial real estate market stands today. He unpacks why income-producing properties and urban residential land are reaching their bottoms, how private capital and family offices are navigating current yield compression, and why patient long-term planning will set up operators for success as supply deficits loom later this decade.

The conversation explores structural shifts in capital allocation, comparing the risk-averse posture of institutional capital against the agile approach of family offices who are positioning for the next cycle. Jeremiah breaks down the realities of development land economics, the impact of high absorption rates in purpose-built rental markets, and the historical duration of Canadian real estate cycles. From street-front retail challenges to suburban office opportunities, this episode provides a data-grounded overview of how operators can navigate today’s pricing discovery phase to capture long-term value.

What You Will Learn

• How to identify market bottoming signals across multifamily, office, and development land.
• Why Canadian real estate cycles historically take 8 to 11 years to fully play out.
• The critical difference between private family office strategies and institutional hurdle rates in today’s market.
• How current rental absorption numbers signal an impending supply deficit by 2028–2029.
• How to underwrite development land opportunities at today’s compressed land values.
• Why risk-adjusted returns in suburban office and urban multifamily are attracting opportunistic capital.

Jeremiah Shamess is an Executive Vice President at Colliers and heads the Private Capital Investment Group. With over a decade of experience in commercial real estate brokerage, Jeremiah specializes in asset sales across development land, multifamily, urban office, retail, and industrial properties across the Greater Toronto Area and Canadian markets.

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

What can we learn about life, leadership, and the Canadian real estate landscape from someone celebrating his retirement after nearly three decades as the President and CEO of Canada’s largest publicly traded apartment landlord?

In this celebratory episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Mark Kenney, former President and CEO of CAPREIT. Following his recent retirement after nearly three decades with the company, Mark shares his candid perspectives on Canada’s housing affordability crisis, rental markets, immigration, and the forces shaping apartment performance. 

He explains why national housing narratives often overlook critical local differences, and why employment, population growth, and supply are essential to understanding market health. He also reflects on leadership, retirement, building strategy, and where investors can find value as capital markets, replacement costs, and housing fundamentals continue to shift. 

What you will learn:

• How to recognize when it’s time to leave a role
• Why the “affordability crisis is solved” narrative is dangerously wrong
• The three-pillar framework for assessing apartment market health
• Why your most expensive apartments are paradoxically your most affordable
• The optimal apartment building size is 130 units, not 200+
• How to identify the real inflection point in real estate

Mark Kenney is the former President and CEO of Canadian Apartment Properties Real Estate Investment Trust (CAPREIT), with nearly three decades of leadership in Canadian multi-family real estate. During his tenure, he led portfolio modernization, geographic expansion, strategic acquisitions, and capital allocation across Canada, the Netherlands, and Ireland. A respected voice on housing, investment, and market fundamentals, Mark has served on the boards of REALPAC and FRPO and remains a frequent contributor to BNN Bloomberg and other media outlets, offering candid perspectives on Canada’s housing market.

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

This is one of the episodes our audience keeps coming back to, and we’re putting it back in front of you because it deserves a wider audience than it got the first time. The arguments Dermot makes are just as sharp today as when we first recorded them, arguably sharper.

What if the biggest barrier to solving Canada’s housing crisis isn’t capital or construction capacity, but zoning itself? In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk sit down with Dermot Sweeny, Founding Principal at Sweeny&Co Architects, for a provocative conversation challenging the fundamental assumptions behind how Canadian cities regulate development. With nearly four decades of architectural practice spanning office, residential, hospitality, and institutional projects, Dermot argues that zoning has become the single greatest impediment to building livable, affordable, and sustainable cities.

The conversation explores why front yards represent wasted land, how Victorian-era fire codes still dictate modern building design, and why corner stores require council debates in 2026. Dermot shares lessons from Tokyo, Rome, and Paris on density done right, explains how industrial design principles from boats and trains could transform micro-unit living, and makes the case for why eight-story mid-rise buildings on underutilized employment lands could solve Toronto’s housing shortage without touching farmland.

What you will learn:

• Why zoning has been antithetical to building great cities
• How industrial design from boats and trains can transform micro-unit living
• The economics of mid-rise intensification in underutilized neighborhoods
• Why front yards represent the most wasted land in Canadian cities
• How Victorian-era building codes still block housing innovation
• The real cost breakdown of government charges in new housing
• Why collective amenities matter more than private space in urban living
• How to build housing under $2,000 per unit while maintaining 7% returns
• What Canadian cities can learn from Tokyo, Rome, and Paris on density

Dermot Sweeny is the Founding Principal of Sweeny&Co Architects, an architecture firm he started in his twenties that now employs over 55 people across a diverse portfolio of work. With 38 years of practice, Dermot has led design on over 7 million square feet of high-performance office buildings, innovative residential projects, and landmark institutional developments. His firm was responsible for Toronto’s first two-story open loft new build in 1987 and has pioneered green technology, raised floor systems, and tenant-driven workplace innovation across major projects including TELUS House, Loblaw’s headquarters, and BMW’s Canadian headquarters. Known for challenging conventional thinking around zoning, density, and sustainability, Dermot brings both sides of his brain—technical rigor and creative vision—to every conversation about the future of Canadian cities.

🎧 First-time listener or repeat visitor, this is the kind of conversation that rewards a second look.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Carlo Timpano, President of Capital Developments, about the forces reshaping Canada’s residential development market. Carlo explains why developers are increasingly turning to purpose-built rentals as condo financing becomes more difficult, and how regulatory changes have improved rental project viability. 

The conversation explores lender expectations, land valuations, unit sizing strategies, and the importance of choosing established neighbourhoods that support long-term demand. Carlo also makes the case that today’s condo pricing may present compelling opportunities for first-time buyers. 

What you will learn:

• Why “boring lenders” killed the condo market
• The three regulatory shifts that made rental viable
• How to underwrite rental when lenders won’t assume rent growth
• The suite size myth debunked with data
• Why neighborhood selection is the primary amenity for rental success
• The honest case for condos as wealth-building tools

Carlo Timpano is President of Capital Developments, where he oversees the company’s day-to-day operations and strategic growth initiatives. Previously, he co-led high-rise office development at Oxford Properties Group, managing a pipeline exceeding $5 billion. With experience at Boston Consulting Group and Bain & Company, Carlo brings deep expertise in strategy and real estate development. He holds an MBA from Harvard Business School and a B.Comm from Queen’s University. An avid traveler, amateur astronomer, proud father, and horror movie enthusiast, Carlo is passionate about building exceptional teams and lasting stakeholder relationships. 

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In part two of a two-part episode on State of Lending on the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk discuss the latest developments affecting borrowers, developers, and lenders across the country. They explain how a sharp increase in Canada Mortgage Bond liquidity is creating more competition among lenders while examining the long-term impact of the large wave of construction loans set to mature in 2027 and 2028. 

The conversation also covers major CMHC policy changes taking effect on September 30, including tougher energy efficiency standards, stricter application requirements, and the likelihood of longer approval timelines as applications surge. Aaron and Adam also discuss why lenders are placing greater emphasis on net effective rents, updated stabilized expense assumptions, and realistic project schedules. This episode provides practical guidance for anyone financing, developing, or investing in Canadian commercial real estate. 

What You Will Learn:

• How to navigate the Canada Mortgage Bond liquidity explosion.
• Why the September 30 energy efficiency requirement change will create a backlog at CMHC
• The ACLP maturity tsunami coming in 2027-2028 and why CMHC’s $20 billion capacity increase was essential
• How to underwrite apartment rents correctly using net effective rates, not face rents
• The stabilized expense increase across Canada, especially Quebec’s material jump.
• Why stricter CMHC application timelines are now enforced

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In part one of a two-part hosts-only episode of the Commercial Real Estate Podcast, powered by First National, Aaron Cameron and Adam Powadiuk discuss the current state of lending in CRE. They discuss why Canada’s commercial real estate lending market is awash with capital, but far fewer deals are getting done. Adam and Aaron unpack the forces reshaping financing across the country, from historically tight lending spreads to the ripple effects of the condo construction slowdown. 

They explain why conventional apartment construction financing has largely disappeared, how recent CMHC policy changes have altered developers’ financing strategies, and why certainty is becoming more valuable than pricing alone. The conversation also explores the widening gap in credit pricing across asset classes, the surprising recovery in office financing, and the continued struggles facing land development. Whether you’re borrowing, lending, or investing, this episode provides a timely snapshot of Canada’s rapidly evolving commercial lending landscape. 

What You Will Learn:

• Why a surplus of capital is collapsing spreads to historic lows
• How the death of condo construction is flooding alternative lending markets
• The critical exit risk that’s keeping conventional construction financing out of apartments
• How CMHC’s rental achievement policy change eliminated an entire financing alternative
• The steep credit curve that makes risk pricing unpredictable for non-AAA assets
• Why office is staging a comeback while land continues to deteriorate

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Michael Lambert, President and Managing Partner at WHITNEY & Company Realty Limited, Brokerage, to explore how smaller markets across Southwest Ontario are becoming major opportunities for commercial real estate investment. The conversation examines how institutional capital is moving beyond the GTA, why municipalities are playing a larger role in shaping development, and what infrastructure challenges are impacting growth. 

Michael shares insights on emerging secondary markets, shifting investor strategies, the rise of grocery-anchored retail, and how a regional water crisis has created uncertainty for development across Waterloo Region. This episode offers valuable perspectives for developers, investors, and brokers navigating Ontario’s evolving real estate landscape. 

What you will learn:

• How to identify emerging markets before they saturate
• The demographic and infrastructure drivers unlocking smaller market growth
• Why less than 50 major players are controlling Southwest Ontario’s $20M+ deal flow
• The water crisis paralyzing Waterloo Region’s development pipeline
• How retail is becoming the hottest asset class despite e-commerce growth
• The municipal land strategy that could reset private land pricing

Michael Lambert is the President and Managing Partner of WHITNEY & Company Realty Limited, Brokerage, a fifth-generation family-owned commercial real estate brokerage based in Waterloo Region with over 100 years of market expertise. With a unique background transitioning from professional snowboarding, including World Cup competition and Olympic participation, to commercial real estate, Michael brings disciplined, process-oriented thinking to market strategy and development. His perspective is invaluable for investors, developers, and brokers seeking to understand market maturation, institutional capital influx, and strategic positioning in Canada’s dynamic commercial real estate landscape.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Marlon Bray, EVP at Clark Construction Management, for a candid discussion on the forces reshaping Canadian commercial real estate. Recorded at the Southwestern Ontario Real Estate Forum, the conversation explores why the housing crisis is less about construction capacity and more about regulatory complexity, fragmented municipal systems, and rising development barriers. 

Marlon shares insights on the condo market slowdown, the growing opportunity in purpose-built rental, the impact of government policy, and why cities like Kitchener-Waterloo and London could become major growth hubs. This episode offers developers and investors a strategic look at navigating uncertainty and finding opportunity in the next phase of the market. 

What you will learn:

• How to stop blaming construction costs and identify the real culprit
• Why the HST incentive works where DC waivers fail
• The municipal approval system is broken by design, not intent
• Condo development is mathematically broken until resale markets recover
• Purpose-built rental is a government-backstopped solution, not a market victory
• The shortage ahead creates a “no-lose” bet for patient developers in good locations
• Why Southwest Ontario cities should be Canada’s next major growth engines
• How lenders’ conservatism protects the market in downturns but constrains growth today

Marlon Bray is an Executive Vice President at Clark Construction Management, bringing decades of industry expertise to the commercial real estate development space. With a background spanning construction, pre-construction services, and cost consulting, Marlon has developed a distinctive perspective on the systemic challenges facing Canada’s housing market.

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Jason Castellan, Co-Founder and CEO of Skyline Group of Companies, to explore how Skyline has built a $10.5 billion real estate portfolio by focusing on secondary and tertiary markets across Ontario. Jason shares the investment philosophy behind identifying resilient communities, why markets tied to strong local ecosystems create long-term opportunity, and how municipal partnerships are unlocking major development projects. 

The conversation covers navigating affordability challenges, building trust with investors during market uncertainty, and using technology and AI to improve property management. Jason also explains why patient capital, community-first thinking, and disciplined execution continue to drive sustainable growth in commercial real estate. 

What you will learn:

• How to identify recession-proof secondary markets using a simple thesis
• Why direct investor relationships are your competitive moat 
• The municipal negotiation playbook
• How to reverse-engineer affordability into pro formas 
• Why AI adoption today determines competitive advantage tomorrow
• How supply-demand fundamentals favor patient capital

Jason Castellan is the Co-Founder and CEO of Skyline Group of Companies, where he leads the company’s strategic direction across real estate investment, development, asset management, and investor relations. With experience in acquiring, owning, managing, and financing income-producing real assets since 1991, Jason has helped grow Skyline into a major Canadian real estate organization. He is known for his community-focused investment philosophy, emphasis on long-term investor relationships, and entrepreneurial leadership. Jason is also a graduate of Ivey Business School’s QuantumShift program and has been recognized as one of Canada’s Top 40 Under 40. 

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Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio?

In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Anthony Passarelli, Lead Economist for Southern Ontario at CMHC, to examine the forces reshaping rental housing markets across the region. Anthony explains how trade uncertainty, shifting demographics, and record levels of apartment construction are creating a temporary period of softer rents and rising vacancies in markets such as Hamilton, Kitchener, London, Windsor, and Niagara. 

The conversation explores why this adjustment may present opportunities for long-term investors, the growing divide between purpose-built rentals and condo rentals, and the challenges developers face as projects become harder to finance. They also discuss government-backed lending programs, affordability concerns, and which Southern Ontario markets are best positioned for future growth. 

What you will learn:

• How to evaluate investment timing across Southwest Ontario markets 
• Why the “2-3 year softening window” represents opportunity, not crisis
• The critical difference between purpose-built and condo rental underwriting models 
• How trade uncertainty acts as a psychological brake on housing decisions 
• Why the unsustainable construction peak in London and Kitchener requires policy support.
• Why St. Catharines and Niagara lag behind Hamilton in rental construction

Anthony Passarelli is the Lead Economist for Southern Ontario at CMHC, specializing in commercial real estate market analysis across key regions including Hamilton, Kitchener, London, Niagara, and Windsor. With deep expertise in rental market dynamics, demographic trends, and economic policy impacts, Passarelli combines data-driven analysis with ground-level market intelligence gathered through extensive client engagement and presentations. In this episode, he provides critical insights into Southern Ontario’s rental market softening, the sustainability of current construction levels, and the long-term implications of trade tensions and demographic shifts on housing demand. His work at CMHC, including participation in multi-lender working committees and policy development, has shaped Canada’s approach to rental housing affordability.

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