Welcome to the CRE podcast, 100% Canadian, 100% commercial real estate. Canada’s multifamily real estate sector is navigating a challenging market shaped by rising interest rates, shifting immigration policies, and record levels of new housing supply. But could today’s correction create the foundations for the next upturn?
In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk welcome back Brad Cutsey, President and CEO at CAPREIT, to explore the forces reshaping Canada’s apartment REIT sector. Drawing on his experience in capital markets and real estate operations, Brad explains how interest rate cycles affect valuations, why public and private market pricing has diverged, and why disciplined balance sheet management matters more than aggressive growth. He also examines the outlook for rental demand, the importance of realistic asset valuations, and the opportunities that could emerge as market conditions normalize.
What You Will Learn:
- How the speed of 2023’s rate hikes reshaped cap rates and investor sentiment in multifamily real estate
- Why the gap between public REIT valuations and private market pricing has fueled a wave of take-private deals
- The case for why REITs were never meant to deliver 20%+ returns
- How declining REIT relevance within major indices has shrunk the pool of generalist investors
- Why disciplined balance sheet management, not aggressive growth, is the key differentiator for well-run REITs
- How record housing supply colliding with near-zero population growth is creating short-term pain
- Why disposing of assets at realistic, IFRS-aligned valuations (rather than holding out for pre-cycle pricing) is critical to funding accretive unit buybacks
Brad Cutsey, CFA, is President and Chief Executive Officer of CAPREIT, having joined the company in July 2026. He brings approximately 30 years of experience in real estate and capital markets, including serving as President and CEO of InterRent Real Estate Investment Trust, where he oversaw strategy, capital allocation, and operations across a nearly $4 billion multifamily portfolio. Previously, he held senior investment banking and equity research roles, advising on billions of dollars in real estate transactions and financings. Brad holds a Bachelor of Business Administration from Bishop’s University and serves on the board of Automotive Properties REIT.
Episode Reference:
- Brad Cutsey on LinkedIn
- CAPREIT Website
- Adam Powadiuk on LinkedIn
- Aaron Cameron on LinkedIn
- Commercial Real Estate Podcast on Apple Podcasts
- Commercial Real Estate Podcast on Spotify
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