We switch things up in this episode and Fred Cassano from PwC interviews Dan on the Emerging trends Report produced annually by PWC and ULI 

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Most Canadians think their home is an investment.

And honestly, the data says they are not crazy.

Homeowners are dramatically wealthier than renters. In Canada, StatCan showed homeowner net worth rising from about $324,000 in 1999 to about $685,000 in 2019, while renter net worth went from about $15,000 to $24,000. CMHC research says homeowners are roughly seven times wealthier than renters, and their homes represent about half of their net wealth.

So yes, homeownership has created an enormous amount of household wealth.

But Robert Kiyosaki also had a point when he said your house is not an asset if it takes money out of your pocket every month.

Because a primary residence can make you rich on paper while making you cash-flow poor in real life.

That is the episode today.

Is your home actually an investment, or is it a liability with good branding?

 

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On the Canadian Real Estate Investor podcast, Daniel welcomes Hooman from Alliance REIT (https://www.alliancereit.com/) to discuss his path from Bay Street lawyer to multiplex developer and operator, and how Alliance built an evergreen, non-exchange-listed REIT focused on Toronto’s missing-middle housing.

They cover shifting CMHC underwriting and how first-time developers can struggle to secure MLI Select financing, plus potential partnerships where Alliance’s experience and conservative underwriting could help.

Hooman explains REIT liquidity, RRSP/TFSA eligibility, and the complexity of capital planning for redemptions, and shares operational realities: flat post-development appraisals on recent projects, rising turnover due to incentives in new purpose-built rentals, cheaper condo rentals, and more renters buying homes. He details cost-control tactics, tenant retention, and neighbor relations strategies, and outlines why authentic, vibrant neighborhoods and “would I live here?” location tests matter again.

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We are joined by friend of the show Ben Singer, of SR Law, Ben, maintains a general commercial real estate practice, including acquisitions, dispositions, financing as well as an emphasis on condominium and sub-division development.

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Part 2 picks up at 2008. Canada dodges the financial crisis, decides it's bulletproof, and spends a decade building brakes (four Flaherty tightenings, foreign buyer taxes, two stress tests) all pointed at demand, while barely touching supply. Then free money in 2020, the February 2022 peak, and the fastest hiking cycle in Bank of Canada history.

The payoff to the 1981 cliffhanger: CMHC's MLI Select in 2022 finally makes purpose built rental pencil again after 41 years, and rental is now about 58% of new construction. Meanwhile 2024 quietly undoes Flaherty with 30 year amortizations and a $1.5M insured cap, and population growth slams into reverse.

Where we are now: benchmark around $666K, down 3.3% year over year, roughly 21% off peak, policy rate 2.25%, and building at half the 500,000 starts target.

Five takeaways, one thesis. Nothing here was weather. Somebody signed something.

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Canada has never had a housing market, it has a housing policy, and the market is what happens downstream. Part 1 traces 100 years of deliberate decisions: 50% down mortgages that detonated in the Depression, CMHC inventing leverage in 1954, the 1972 tax exemption that made your house the best shelter you can own, and the two supply engines we switched off (MURB in '81, social housing in '93) while turning every demand dial to eleven, ending at zero down and 40-year amortizations in 2006.

Also: 21% rates, Toronto's 1989 crash and 13-year recovery, and the map moving from Montreal to Toronto to Vancouver.

Part 2 coming.

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Josh Findlay of BLD Financial joins us again to share all things commercial mortgages. How he started, the journey, and the main differences between small investments and big ones; plus some CMHC updates.

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This week we sit down with Toronto architect and developer Noam Hazan, the guy calling the "missing middle" the most alive part of Canadian real estate. After designing for global firms like Foster + Partners and Richard Meier, Noam now helps regular people turn single lots into fourplexes, sixplexes, and garden suites. We get into his own project, the numbers behind MLI Select and the HST rebate, the rise of the "citizen developer," and how to actually make these deals pencil.

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Four years after the 2022 peak, the first real signs of a floor are showing up, national sales are up 7% from the March low, inventory is tightening, and single-family completions in Ontario just hit their lowest level since 1990. But economists have been burned by three false starts already, and nobody wants to say the b-word out loud.

Meanwhile, over 13,000 Canadians filed for insolvency in June, up 11.5% year over year and running near 2009 levels. So which is it? Dan and Nick dig into whether this is a real bottom or a supply collapse dressed up as a recovery... and what it means if you're deciding whether to buy today.

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We are joined by Nichola & Matthew from M3 Development Management to discuss all things development mamagement  a Calgary-founded firm with offices in Calgary, Canmore, Edmonton, Vancouver and Victoria, joins us to talk about the part of a deal nobody covers: what it actually costs to build. They work on the owner's side, no equity in the project, running feasibility, cost planning and project delivery on everything from Senakw in Vancouver to the BMO Centre expansion in Calgary. We get into Edmonton's constantly shifting infill rules, whether an eight-plex still pencils, how the same building prices out across five markets, and where construction costs sit today versus 2023.

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