Real Estate Development: The Curtis Way

With political uncertainty, changing interest rates, tariffs and economic pressures dominating the headlines, is Alberta still a smart place to invest in real estate?

In this episode of the RMS Real Estate Development Podcast, Curtis Way welcomes back Darin Rayburn of KV Capital for a wide-ranging conversation about the future of real estate investment in Alberta and across Canada.

Curtis and Darin explore how political uncertainty, including discussions surrounding Alberta separation and developments in Quebec, is influencing investor confidence and decisions about where to deploy capital. Darin shares what he's hearing from investors and lenders across the country, including why some are taking a wait-and-see approach to new opportunities in Alberta.

The conversation also examines the impact of tariffs on construction costs and supply chains, the outlook for interest rates, and why developers need to build realistic contingencies into their financial projections. Drawing on decades of experience, Curtis and Darin discuss lessons learned during previous economic downturns and how periods of uncertainty can create opportunities for investors who are prepared.

They also look at Canada's housing needs, the importance of job creation, skilled labour shortages and why major infrastructure investments could help shape the future of Western Canada's real estate market.

Despite the challenges, both remain optimistic about Alberta's long-term potential, emphasizing the importance of strong partnerships, financial discipline and looking beyond the headlines when making investment decisions.

In This Episode:

• How political uncertainty is affecting real estate investment in Alberta
• What lenders and investors are saying about Alberta's future
• The potential impact of Alberta and Quebec separatist movements
• Why some investors are delaying decisions
• How tariffs are affecting construction costs and material sourcing
• The importance of contingency budgets in development projects
• What developers should expect from changing interest rates
• Why strong financial projections need to account for higher borrowing costs
• Lessons learned from the 2008 financial crisis
• Finding investment opportunities during economic uncertainty
• Why maintaining access to capital is critical
• The relationship between job creation, population growth and housing demand
• Skilled labour shortages and their impact on future development
• Why Alberta and Western Canada remain attractive investment markets
• How developers can separate market noise from meaningful economic risks

The key takeaway: Successful real estate investing isn't about predicting every political or economic change. It's about understanding the risks, maintaining financial flexibility and recognizing opportunities when others are hesitant to act.

Whether you're an experienced developer, investor or simply interested in the future of Canada's real estate market, this episode offers practical perspectives on navigating uncertainty and positioning yourself for long-term success.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

Before you buy the land or start designing the building, you need to understand what you can actually build.

In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Shaun Visser, Partner at BR2 Architecture, for a practical conversation about planning, zoning, rezoning and the municipal approval process that developers must navigate before construction can begin.

With nearly three decades at BR2 Architecture, Shaun has worked across a wide range of projects including commercial, industrial, institutional, recreational, seniors housing and multifamily developments. He shares an architect's perspective on how successful projects move from an initial concept through zoning, development permits and ultimately building permits.

Curtis and Shaun discuss what happens when a developer's vision doesn't fit the existing zoning, the difference between seeking a variance and pursuing a full rezoning, and why community consultation can become an important part of the process. They also explore why approvals can take months or even more than a year, particularly on more complicated developments.

The conversation also looks at the importance of assembling the right consultant team, dealing with different municipal departments, navigating overlay plans and understanding how requirements can vary between communities and provinces.

Most importantly, Shaun explains why developers should engage with municipalities early. Pre-application meetings and early conversations with planners can uncover potential problems while a project is still being designed, rather than discovering them months later during the approval process.

In this episode:

• What developers should investigate before designing a project
• Understanding zoning requirements
• Variances versus rezoning
• How the rezoning process works
• Why community consultation matters
• Working with municipal administration and council
• Choosing the right architects, engineers and consultants
• Why the individual matters as much as the consulting firm
• Differences between municipalities and provinces
• Why rezonings can take a year or longer
• Development permits versus building permits
• Why municipal approvals sometimes get delayed
• Overlay plans and direct control zoning
• Increasing municipal requirements during development approvals
• The growing role of fire departments in project approvals
• Why pre-application meetings can save developers time and money
• The value of building relationships with municipal planners

For developers, the message is straightforward: do your homework early. Understanding the zoning, identifying potential approval issues and getting the right people around the table before you've invested heavily in a project can prevent expensive surprises later.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

Successful real estate developments are built long before construction begins.

In this special combined interview episode of the RMS Real Estate Development Podcast, Curtis Way is joined by three experienced construction professionals to discuss the realities of delivering successful projects in today's market. The first conversation features David Powick and Mike Fraser from RMS Group, focusing on multifamily construction. The second features Chris Fillmore, President of Fillmore Construction, sharing insights from more than three decades in commercial construction.

Together, they explore the challenges developers face throughout the construction process, from assembling the right consultant team and selecting qualified contractors to navigating permits, inspections, supply chain disruptions and labour shortages.

The discussion also examines the differences between construction management and fixed-price contracts, how experienced contractors help reduce project risk, and why communication, planning and strong relationships are critical to keeping projects on schedule and on budget.

Whether you're building apartments, commercial developments or considering your first real estate project, this episode provides practical advice that can help you avoid costly mistakes and better understand the construction process from start to finish.

In this episode:

• Building the right consultant and construction team
• Choosing contractors and evaluating experience
• Common construction challenges and how to solve them
• Renovation versus new construction
• Managing change orders and project delays
• Building permits, inspections and occupancy approvals
• Supply chain challenges and material availability
• Labour shortages and managing today's workforce
• Construction management versus fixed-price contracts
• Managing project risk before construction begins
• Why scheduling is one of the most valuable assets on any project
• How owners should evaluate and qualify general contractors
• Legal considerations, liens and contractor relationships
• Lessons learned from decades of commercial and multifamily construction

One of the biggest themes throughout the episode is that successful construction projects are built on preparation, communication and experience. The right consultants, contractors and project team can often prevent expensive problems long before they appear on the job site.

Whether you're an experienced developer or just beginning your real estate journey, this episode offers valuable insights into how successful projects are planned, managed and delivered.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

Owning an apartment building is one thing. Managing it successfully is another.

In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Laura Way-Olenek, President of RMS Group, to discuss the fundamentals of exceptional property management. Drawing on more than two decades of experience, Laura shares practical strategies that help owners protect their assets, improve tenant retention and maximize long-term property performance.

The conversation explores why today's renters are staying longer than ever before, how creating a sense of community has become a competitive advantage, and why successful property management is built on disciplined systems rather than flashy ideas.

Laura also discusses the importance of documentation, preventative maintenance, vendor management, staffing, operating expenses and understanding Alberta's residential tenancy legislation. Throughout the episode, she explains how strong operational practices not only improve the tenant experience but also protect the long-term value of the asset.

Whether you're an apartment owner, developer, investor or property manager, this episode offers practical advice that can help improve operations, reduce costs and build stronger rental communities.

In this episode:

• Why consistency is the foundation of great property management
• How tenant expectations have changed
• Creating communities that improve tenant retention
• Smart home technology and today's rental experience
• Why documentation protects owners and property managers
• Managing maintenance, repairs and capital expenses
• Staying competitive without racing to the bottom on rents
• Choosing and managing service vendors
• Staffing challenges in property management
• Proactive versus reactive maintenance
• Understanding Alberta's Residential Tenancies legislation
• Collections, evictions and tenant insurance
• Building systems that protect long-term asset value

One of the biggest takeaways from the conversation is that successful property management isn't about reacting to problems. It's about building consistent processes, maintaining strong relationships and making disciplined decisions every day. Great property managers don't just operate buildings. They protect investments and create communities where people want to live.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

Every real estate development needs capital, but choosing the right investment partner can be just as important as choosing the right project.

In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by Darin Rayburn, President of the Real Estate Equity Division at KB Capital. With more than 35 years of experience leading major real estate organizations, including Cambridge Shopping Centres, Oxford Properties, Melcor Developments and now KB Capital, Darin shares practical insights into how developers and investors structure successful real estate partnerships.

The conversation explores the differences between joint ventures, limited partnerships, equity investments and REITs, while providing a behind the scenes look at how professional investors evaluate development opportunities before committing capital.

Darin explains why experience and track record matter, how lenders and equity partners assess risk differently, and why understanding the downside of every deal is just as important as believing in the upside.

Whether you're an experienced developer looking to structure your next project or a first time investor considering real estate partnerships, this episode offers practical guidance on raising capital, managing risk and choosing the right partners.

In this episode:

• Darin's journey through more than 35 years in commercial real estate
• How KB Capital evaluates investment opportunities
• Why developer experience and track record matter
• The difference between debt financing and equity investing
• How professional investors underwrite risk
• Why liquidity and cash calls matter
• Joint Ventures vs. Limited Partnerships
• The pros and cons of investing through REITs
• Understanding investor control, liability and liquidity
• Questions every investor should ask before committing capital
• How to protect yourself when investing in development projects
• Why partnership agreements are critical to every deal

One of the key messages throughout the discussion is that successful real estate investing is not just about finding a good project. It is about partnering with the right people, understanding the risks and structuring the deal properly before construction ever begins. As Darin explains, the work that happens before the shovel hits the ground often determines whether a project succeeds or struggles.

Whether you're developing apartments, industrial buildings, retail or commercial real estate, understanding how sophisticated investors think can help you become a better developer and make smarter investment decisions.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

Who should be leading Canada's response to the housing crisis?

In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by Derek Lobo, Founder of Rock Advisors and Founder of the National Apartment Council of Canada (NAC). Together, they discuss why Canada's private apartment developers are essential to solving the country's growing housing shortage and why the industry needs a stronger voice in shaping public policy.

Drawing on decades of experience advising apartment developers across Canada, Derek shares why he created the National Apartment Council and how the organization is working to advocate for practical solutions that encourage rental housing development.

The conversation explores the disconnect between government policy and the realities of apartment development, while highlighting how thoughtful legislation can unlock private investment and accelerate the construction of much-needed rental housing.

Topics include:

• Why private developers build approximately 90% of Canada's rental housing
• The creation and mission of the National Apartment Council (NAC)
• Why Canada's apartment industry needs stronger representation
• Lessons from the U.S. National Multifamily Housing Council
• The role of private capital in addressing Canada's housing shortage
• How tax policy can encourage new apartment construction
• The proposed return of the MURB (Multiple Unit Residential Building) program
• Why long-term apartment ownership differs from condominium development
• The importance of CMHC financing and collaboration with government
• Regional differences in housing markets across Canada
• Why developers need a seat at the table when housing policy is created
• Intergenerational succession planning for family-owned development companies
• Long-term solutions for increasing Canada's rental housing supply

Derek also explains why Canada's housing challenges cannot be solved through a single policy or government program alone. Instead, he argues that sustainable solutions require collaboration between governments, developers, lenders, investors, and industry organizations that understand the complexities of apartment development.

One of the most compelling takeaways from the conversation is that Canada's private apartment developers have quietly provided the vast majority of the country's rental housing for decades. By creating policies that encourage investment, reduce unnecessary barriers, and support long-term development, Canada has an opportunity to dramatically increase housing supply while strengthening communities across the country.

Whether you're a developer, investor, policymaker, lender, or simply interested in the future of housing in Canada, this episode offers valuable insight into one of the country's most important economic and social challenges.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

What are the biggest legal mistakes developers make—and how can you avoid them before they cost hundreds of thousands of dollars?

In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by construction lawyer Bryan Kwan, Partner at MacLennan Ross LLP, to explore the legal side of commercial real estate development.

From construction contracts and change orders to builders' liens, litigation, arbitration and project documentation, Bryan explains how legal decisions made before construction begins can determine whether a project runs smoothly—or ends up tied up in years of costly disputes.

The conversation provides a practical look at how developers, contractors and owners can better allocate risk, manage contracts and avoid common pitfalls throughout the construction process.

In this episode you'll learn:

• The difference between fixed-price and construction management contracts
• How CCDC contracts allocate risk between owners and contractors
• Why supplementary conditions can dramatically strengthen a construction contract
• The most common causes of construction litigation
• How poorly managed change orders lead to expensive disputes
• Why documentation can make or break a legal case
• What construction liens are and why they stop financing immediately
• How lien claims are removed from title
• What every developer should know about Alberta's Prompt Payment and Construction Lien Act
• Why construction lawsuits often take years to resolve
• The advantages of mediation and arbitration over traditional litigation
• Why investing in legal advice early can save enormous costs later

Bryan also walks through Alberta's construction litigation process—from statements of claim and document discovery to examinations, mediation and trial—giving listeners a realistic understanding of what happens when projects end up in court.

One of the key themes throughout the discussion is that the best legal strategy is prevention. Well-drafted contracts, clearly defined scopes of work, disciplined documentation and experienced advisors dramatically reduce the likelihood of disputes and improve outcomes when disagreements do arise.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

What separates a financeable development from one that never gets approved?

In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by Brandon Kot, Managing Partner at Canada ICI, to explore how commercial lenders evaluate real estate projects across Canada.

Drawing on billions of dollars in annual commercial mortgage placements, Brandon provides an insider's perspective on what lenders are really looking for when they assess apartment developments, industrial buildings, retail centres, office projects and land acquisitions.

The discussion breaks down the commercial lending landscape from traditional bank financing and life insurance companies to pension funds, private lenders and mezzanine financing, while explaining how each plays a different role in today's market.

Beyond financing mechanics, Brandon shares why strong cash flow, experienced developers and conservative underwriting continue to be the foundation of successful projects, regardless of market conditions.

In this episode you'll learn:

• How commercial real estate financing actually works
• Understanding the capital stack: debt vs. equity
• Why lenders focus on repayment before anything else
• When higher loan-to-value financing makes sense
• How mezzanine financing differs from traditional lending
• Which property types are easiest and hardest to finance
• Why Alberta remains one of Canada's strongest lending markets
• How lenders assess sponsors versus tenants
• The importance of execution, liquidity and experience
• Common reasons development projects fail
• Why conservative underwriting protects developers
• How interest rates, inflation and capital markets affect commercial lending
• Why surrounding yourself with experienced advisors can dramatically improve your chances of success

Curtis and Brandon also discuss the broader Canadian economy, affordability challenges, and where commercial capital is flowing today. They explain why lenders remain optimistic about Alberta's long-term prospects and why predictable cash flow continues to drive financing decisions across every asset class.

One of the biggest takeaways from the conversation is that financing isn't simply about securing the highest possible loan, it's about demonstrating that your project can successfully execute and repay that debt under realistic market conditions. For developers, preparation, conservative assumptions and the right advisory team can make all the difference.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

How do apartment developers secure financing for projects worth tens or even hundreds of millions of dollars?

In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Jessica Harland, Senior Vice President with CBRE Capital, to break down the financing process behind modern multifamily developments.

Drawing on her experience as both a lender and a former CMHC professional, Jessica walks through the programs, requirements, risks, and realities developers face when securing construction financing for apartment projects.

The conversation explores how CMHC financing programs have transformed rental housing development in Canada, why Alberta remains one of the country's strongest markets for purpose-built rentals, and what developers need to understand before submitting an application.

Topics Include:

• Understanding CMHC financing programs for apartment development
• CMHC MLI Select versus conventional financing
• Affordable housing, energy efficiency and accessibility incentives
• How much equity developers really need to contribute
• The importance of a strong development pro forma
• Cost consultants, appraisals and due diligence requirements
• Working effectively with lenders and mortgage brokers
• Construction financing approvals and timelines
• Bonding requirements and alternatives such as letters of credit
• Corporate guarantees, personal guarantees and recourse requirements
• Interest rate assumptions and takeout financing strategies
• Managing construction delays and cost overruns
• Common mistakes developers make during the financing process
• Why project management and documentation matter as much as financing

Jessica also explains why having the right financing team is critical, especially for newer developers entering the multifamily space. From application preparation to final loan conversion, the episode highlights how seemingly small decisions can have significant impacts on project success.

Whether you're building your first apartment project or expanding an existing portfolio, this episode offers a practical look at how financing decisions influence every stage of development.

One key takeaway from the discussion: successful financing starts long before the loan application. It begins with a well-prepared pro forma, experienced advisors, and a clear understanding of the risks and requirements involved in bringing a project to life.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

What are apartment investors looking for today, and how do different markets across Western Canada compare?

In this episode, Curtis Way of the RMS Group is joined by Brad Gingerich, Senior Managing Director with Institutional Property Advisors (IPA), one of Western Canada's leading multifamily brokerage teams.

Brad shares insights from decades of experience helping buyers, sellers, investors, and institutions acquire and dispose of apartment properties across Alberta, Saskatchewan, Manitoba, and British Columbia.

The conversation explores how different markets are performing, what drives investor demand, and why Alberta continues to attract attention from developers and multifamily investors.

Topics include:

• Apartment market conditions across Western Canada
• The impact of rent controls in Manitoba and other provinces
• Cap rates and investor expectations in today's market
• Why Saskatchewan remains a unique investment opportunity
• Migration trends and how population growth impacts housing demand
• The evolution of apartment design and tenant expectations
• Condo-quality rentals and the rise of lifestyle amenities
• Why developers are building larger projects than ever before
• Challenges facing new developers entering the market
• The importance of scale, financing, and long-term planning
• How apartment ownership creates wealth over time
• What investors are looking for in today's multifamily market

Brad also discusses how tenant expectations have changed dramatically over the last decade, from in-suite laundry and smart-home technology to fitness facilities, co-working spaces, social lounges, and condo-quality finishes.

Whether you're an investor, developer, property owner, or someone considering your first multifamily project, this episode provides valuable insight into the realities of apartment investing and development across Western Canada.

One theme emerges throughout the discussion: successful multifamily investing is about understanding people, understanding markets, and creating housing that tenants genuinely want to call home.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca