We’re super thrilled to have Benjamin Tal, Managing Director and Deputy Chief Economist at CIBC, as our special guest on this week’s podcast. In this episode of "Efficiency in CRE," we delve into critical topics shaping Canada's economic and housing landscape. We discuss the policy rate adjustments and that the Bank of Canada will keep cutting rates until the end of 2025. Ben predicts the overnight rate should stabilize between 2.75% and 3% at the end of 2025. Our conversation also explores the idea of adopting a land leasing model and the land selling model, similar to other countries, which could provide new opportunities for housing development and affordability. We address the need for policy adjustments in the immigration point system to prioritize skilled trades in construction, a crucial step in addressing labor shortages and boosting housing supply. The discussion also highlights how the Bank of Canada's rate adjustments have a more pronounced impact on inflation compared to the US Federal Reserve's moves. We also explore the potential introduction of the 1031 exchange in Canada, a policy tool that could incentivize the development of more purpose-built rentals, addressing the ongoing housing affordability crisis. The introduction of the 1031 exchange should have happen soon. Lastly, we tackle the undeniable influence of sustainability practices in today's market. Regardless of personal opinions on sustainability, businesses must adopt these practices to stay competitive. Join us as we explore these vital issues with Benjamin Tal.