Dan interviews Max Steinman (CEO of RentSync/Rentals.ca) and "Millennial Moron" (Jeb) about current trends in the Canadian rental market. They discuss the impact of increased purpose-built rental supply, declining demand in major cities, rising vacancies, and strategies for both large and small landlords to compete in this shifting landscape. The importance of location, the unintended consequences of rent control, and the need for a more balanced approach to housing affordability that addresses supply-side issues.

• Demand is down and supply is up, leading to declining rents and rising vacancies, especially in Toronto and Vancouver due to an influx of condo units into the rental market.
• Small landlords need to focus on providing excellent service, building relationships with tenants, being willing to negotiate on rent, and highlighting advantages like rent control to compete with larger purpose-built rentals offering incentives.
• Increasing the supply of purpose-built rentals can ultimately improve housing affordability and create a more stable rental market, but it's important to strike a balance and avoid over-relying on demand-side solutions.

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The Foreign Buyer Ban was implemented in January 2023 to make housing more affordable for Canadians by prohibiting non-Canadians from purchasing residential properties with up to 3 dwelling units in urban areas. The ban was recently extended until January 1, 2027. While politically popular, its effectiveness has been questioned due to numerous loopholes and its coinciding with rising interest rates, making it difficult to isolate its impact on the housing market.

• developers have called for lifting the ban, arguing it's stalling construction by blocking foreign capital needed for pre-sales financing, with housing starts in BC dropping 50% from March 2024 to March 2025
• The ban has multiple workarounds including obtaining permanent residency, buying properties with 4+ units, purchasing in rural areas, or investing in development projects
• The ban's effect on prices has been minimal compared to interest rate increases, with industry experts like Royal LePage's COO calling it "unnecessary" with "virtually no impact on home costs or supply"

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We discuss how modular construction and prefabricated housing can address Canada's housing crisis through improved labor productivity. The hosts examine Canada's productivity challenges compared to the US, particularly in construction, and explore innovative building methods that could accelerate housing production despite an aging workforce.

• Canada needs to double its housing construction to approximately 430,000-480,000 annual starts to restore affordability, but faces barriers including labor shortages and weak productivity in residential construction⁠⁠.
• A "silver tsunami" of retirements will remove about 270,000 construction workers (one-fifth of the workforce) over the next decade, creating an urgent need for productivity improvements⁠⁠.
• Innovative methods like modular construction can reduce build times by 20-50%, while mass timber requires half the workforce of concrete builds and speeds construction by 30%

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We explore whether Canada is moving toward a "renters economy" where more people rent homes rather than own them. It examines historical housing trends, current market conditions, and international comparisons to assess if Canada is following countries like Germany where renting is normalized. 

• "You'll own nothing and be happy" represents a subscription-based future economy
• Canadian homeownership rose from 40% (1940) to 60% (1970s) due to post-WWII government policies
• Millennials face the highest barriers to homeownership
• Current construction favors rental units (108,000) over condos, boosted by CMHC incentives
• Germany normalizes renting with strong tenant protections, 11-year average tenancies
• Real estate makes up 28% of Canada's GDP, possibly diverting investment from more productive sectors
• A rental economy shift could improve tenant protections and amenities while increasing property values
• Canada appears to be gradually shifting toward a rental-focused housing landscape

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We open the show with an institutional perspective on the housing market and close it with our hosts who provide boots on the ground updates 

• RBC/BMO Forecast: Home resales are down, but a rebound is expected in 2026, tempered by affordability, labor market, and immigration challenges.
• Regional Differences: Prairies and Atlantic Canada are more stable; Ontario and B.C. face imbalances, with prices dropping into 2026.
• Affordability & Pent-Up Demand: Lower rates and prices offer some relief, but affordability remains a key constraint, and improvements slow population growth.
• High Inventory: Ontario and B.C. are flooded with homes for sale, giving buyers more power while sellers need to compete for a strong come back.

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We are joined by Brian Dorr, President & CEO of DORR Capital, who have funded over 3 billion. 

• Insights on how the public vs. private sectors have influenced Brians Capital's 13-year journey in real estate.
• The 4+1 new build initiative and its impact on housing.
• How standard lot sizes, capital stacks, development charges, and garden suite variances affect project timelines and feasibility.
• An update on the new sixplex zoning and its broader effects on housing development.
• A comparison of private financing vs. institutional capital and the importance of speed in project decisions.
• The Impact of MLI Select and whether CMHC changing role had an impact on the industry.

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We are joined by Brandon Sage on the shot to get his expert insights into the opportunity in multifamily as well property management. 

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In this news episode, we break down whats going on in the market,

• Record numbers of Canadians are emigrating, with many heading to the U.S.
• Canadians are increasingly investing in U.S. stocks ($14.2 billion in May) while pulling back from domestic real estate
• Construction costs are rising well above inflation targets due to tariffs and skilled labor shortages
• Eliminating interprovincial trade barriers could potentially add 30,000 annual housing starts
• Down payment assistance has become essential for 70% of recent Canadian homebuyers
• Seniors are reluctant to downsize, which impacts housing availability for first-time buyers

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Toronto's Housing Policy Changes: Toronto now allows sixplexes in select areas and is waiving development charges for up to 6 units per lot, saving developers approximately $50-80k per unit.

• Nationwide Trend: This is part of a broader movement across Canada, with Vancouver, Edmonton, Calgary, Ottawa, and Halifax also implementing multiplex-friendly zoning.
• Economic Impact: Multiplexes offer a more accessible entry point for small-scale developers, with construction costs around $275/sq ft (less than half the cost of custom homes) and project timelines of 9-12 months.
• Investment Strategy: "Buy, Add Units, Rent, Refinance" is emerging as a new value-creation approach for investors, replacing traditional BRRR strategies in saturated markets.

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We look at cap rate reports from Colliers and CBRE and discuss whats happening in the commercial real estate world. 

• National Market Overview: Canadian CRE remains stable (all-property cap rate: 6.67%) despite economic uncertainty; Bank of Canada cuts to 2.75% created favorable lending conditions.
• Asset Class Performance: Industrial leads with compressing cap rates (6.16%); retail rebounds as "investor darling" (5-6% range); multifamily maintains lowest yields (mid-4%); office struggles with rising cap rates.
• Regional Highlights: Toronto and Vancouver have lowest cap rates; Montreal faces highest office vacancy; Calgary industrial remains strong; Ottawa saw sharpest industrial cap rate drop (-75 basis points in Q1).

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