Altus Insights Podcast Series

Date: August 22, 2023

Name of podcast: Altus Insights Podcast Series

Episode title and number: State of the Southwest Ontario CRE market

Brief summary of episode: Southwest Ontario region has benefited from affordable housing, increasing population migration from the GTA, and significant growth in its tech center. In this episode, Mitchell Blaine, Executive Vice President at JLL, sits down with Ray and Marlon to discuss how the present cycle has impacted the CRE market in Southwest Ontario and predictions for the region’s future.

Panelists in this episode:

Mitchell Blaine is the Executive Vice President at JLL Canada. Mitchell has over 20 years of experience in commercial real estate in the Southwestern Ontario market. His resume includes more than 1 000 transactions totaling $2.7 B, as he has represented a wide array of global, national, and local companies. Mitchell has consistently been recognized as a top performer, and his successes can be credited to his profound market knowledge, unsurpassed problem-solving capabilities, communication, transparency and relentless drive to deliver superior results for his clients.
Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

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Date: August 15, 2023

Name of podcast: Altus Insights Podcast Series

Episode title and number: Canada office capital markets

Brief summary of episode: In this episode, Jaysen Smalley, Vice Chairman at CBRE Investment Capital Markets in Toronto, joins Ray and Marlon to discuss the evolving dynamics of Canada’s office sector in a post-COVID world.

Panelists in this episode:

· Jaysen Smalley is the Vice Chairman at CBRE Investment Capital Markets in Toronto. Jaysen has over 20 years of experience working for CBRE and has worked on over $50 billion in real estate transactions in all asset classes across Canada. Jaysen currently leads the Office Sector for Toronto’s National Investment Team, prior to joining CBRE, he worked in the investment banking industry with both private and public companies executing corporate divestitures, and equity and debt financings.

· Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

· Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

01:58 – Perspectives on office investment demand: Are we seeing significant market discounts on these assets?

06:15 – Is the pace of core office sales in Canada going to keep up the pace?

09:38 – How will conversion play out in the office market?

11:57 – How are office conversions impacting sales?

15:54 – Are there significant increases in credit defaults with office assets on the horizon?

23:25 – Predictions for office demand over the next 4-5 years

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We live in contradictory times, demand for housing is at an all-time high. But developers across North America are struggling with a constantly changing environment that can inject risk from many different angles, entitlement approval, interest rates, supply chain, labor, construction costs, sustainability, climate change and the list goes on. To help sort this all out we’ve got two experts on these development risks joining us for the show, Faris Rehman, Director of Development Advisory at Altus, and Jack McGowan, Senior Director of Cost and Project Management at Altus.

Panelists in this episode:

· Faris Rehman is the Director of Altus Group’s US development advisory team. With over 20 years of progressive experience in construction due diligence, quantity surveying and construction risk management for project ranging in value from $1 million on $700 million in various roles. His career includes developing residential, healthcare, institutional projects and renovations for post-secondary and research institutions in US and Canada.

· Jack McGowan is a Senior Director for Cost and Project Management at Altus Group, responsible for the overall management and growth of Altus’ project management services including operations, strategic development and business development. Jack has been involved with managing and delivering large-scale construction and infrastructure projects for over thirty years and had experience with managing over $5 billion dollars in construction.

· Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

02:26 – Five key risks when assessing a development project

03:30 – Advice for mitigating the five key development risks

05:53 – How do the risks change when moving into a different/new area for development?

07:50 - What’s the advice for mitigating today’s volatility risks?

08:16 - Even as a veteran developer, how hard is it to manage risks on a development project that represents a completely new regulatory environment?

13:10 – How important is change management if you’re looking at doing a development in a new market?

15:37 – Do approaches to risk differ from region to region? North America to the Middle East?

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Date: November 17, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Episode 13 – Top 10 government policies / actions impacting CRE in Canada

Episode summary: Marlon Bray and Raymond Wong share their top 10 list of municipal, provincial and national government actions that are making or will be making the most impact to Canada’s CRE market.

Mentioned in this episode:

More Homes Built Faster Act
“Alberta is calling” campaign

Panelists in this episode:

Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

01:20 – Marlon presents the top 10 government policies/actions
03:34 – Ray addresses impacts to residential and commercial based on government actions
08:10 – Is there a shift to positivity in the CRE market?
09:10 – Digging into the More Homes Built Faster Act
10:15 – Spectrum of concerns for the market persist
12:35 – Predictions for 2023-2025
14:24 – Light at the end of the tunnel?

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Date: October 18, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Episode 12 – The impact of rising interest rates for CRE in Canada

Episode summary: Colin Johnston, President of Altus Group’s Research, Valuation and Advisory division, joins Marlon Bray and Raymond Wong to discuss discuss some of the key takeaways from a recent national survey of CRE leaders and professionals regarding the Bank of Canada’s interest rate hikes, what options are available to address this latest addition to the market’s challenges, and what predictions can be made about CRE in Canada for 2023.

Mentioned in this episode:

· Article: The impact of rising interest rates on CRE in Canada

· Survey findings: The impact of rising interest rates on CRE in Canada

Panelists in this episode:

· Colin Johnston is the President of Altus Group’s Research, Valuation and Advisory division in Canada, a group comprised of over 350 appraisers, economists, planners, advisors and data scientists. During his 25 plus years in the industry, Colin has become one of the country’s pre-eminent valuation and advisory professionals, with a particular emphasis on investment grade assets. Colin has spoken on numerous panels, written several papers on valuation, PropTech and served as an expert witness in arbitration cases. He is an active member of several industry associations, a designated member of the Appraisal Institute of Canada and a Fellow of the Royal Institute of Chartered Surveyors.

· Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

· Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

· 01:01 – Highlights of survey on the impact of rising interest rates for CRE in Canada

· 02:40 – The key takeaways and feedback from the national survey

· 07:32 – Do we have a bid/ask gap in the market?

· 10:59 – Which will be impacted more by interest rate hikes? New or existing developments?

· 12:21 – How much further can rent go up to justify development projects?

· 15:08 – Do the rising interest rates complete the perfect storm of challenges in the CRE market?

· 17:21 – Investing in core / core-plus vs. other assets, what makes more sense in this market?

· 19:50 – Predictions for 2023

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Date: October 11, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Episode 11 - Benchmarking the GTA’s municipal development application process

Episode summary: Daryl Keleher, Senior Director in Altus Group’s Economic Consulting practice, joins Marlon Bray and Raymond Wong to discuss a very recent GTA municipal benchmark study Altus Group undertook on behalf of BILD. In this episode Daryl, Marlon and Ray walk through some of the more eye-opening findings from the study which draw connections between housing affordability and municipal processes and policies.

Mentioned in this episode:

BILD Municipal Benchmarking Study – GTA – 2nd edition

Panelists in this episode:

· Daryl Keleher is Senior Director at Altus Group Economic Consulting, having been there now for 15 years. He is a registered professional planner (RPP), land economist and is a frequent expert witness at the Ontario Land Tribunal. Daryl specializes in matters related to municipal finance, provincial and municipal planning policy, housing and commercial real estate markets. His clients are a mix of municipalities, home builders, developers, and public agencies.

· Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

· Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

· 02:02 - Affordability concerns and regional demographics across the GTA municipalities

· 06:15 - Long municipal processes and resource intensive requirements

· 08:22 - Which municipality has the longest approval timeline?

· 08:48 - How many studies are municipalities requiring for planning applications?

· 10:48 - What’s slowing down applications in smaller municipalities?

· 11:35 - The correlation between development application timelines and unit count

· 13:26 - Barriers to development approvals – Province vs. municipality

· 15:32 - The ironic connection between municipal staffing levels and affordability

· 17:03 - What is the difference in municipal charges between high-rise and low-rise developments?

· 19:44 - Increases in development charges across municipalities

· 20:44 - Have there been any improvements in development application processes?

· 20:54 - Perspectives on municipal data transparency and accessibility

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Date: August 22, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Construction cost escalation in the GTA: Past, present, future

Episode summary: Raymond Wong sits down with David Schoonjans, Senior Director in Altus Group’s Cost & Project Management business unit, to discuss cost escalation in the GTA. In this episode Ray and David break down the drivers of cost escalation, how developers and lenders need to adapt to mitigate risk in the current cost escalation environment, and what the future potentially looks like for construction costs in the near and mid-term.

Mentioned in this episode:

Altus Group Cost Escalation report

Panelists in this episode:

David Schoonjans is a Senior Director at Altus Group and currently leads the Cost & Project Management business unit’s Business Intelligence group. David and his team are responsible for leveraging systems and technology to aggregate and anonymize structured construction data utilized by the business unit to provide cost estimating, loan monitoring, and project management services for approximately 1,300 engagements across Canada annually. Databases managed by David’s team currently include thousands of projects, representing several hundred billion dollars of construction value.
Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

Key topics:

00:46 – Introducing David Schoonjans
02:56 - Where are construction costs moving to?
05:59 - How do developers reconcile their sales prices from 2-3 years ago with today's construction costs?
07:57 – How is Altus' cost escalation index helping developers mitigate project risk?
10:17 – Approach to addressing the "known unknowns" in cost forecasting
11:55 – How has the approach to building pro formas needed to change compared to 3-5 years ago?
14:27 – How have lenders been impacted with cost and interest rate changes?
16:00 – What factors should developers/owners look at to mitigate cost escalation risk?
20:31 - Is there a short-term relief for developers on construction costs?
22:40 - Forecast for construction costs over the next 2-3 years

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Date: August 9, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Deciphering inclusionary zoning in Toronto

Episode summary: Ray and Marlon take on Toronto’s inclusionary zoning bylaw with John Galluzzo, Senior Director Altus Group’s land valuation practice. In this episode Ray, Marlon and John discuss inclusionary zoning’s impact in the short and mid-term, lessons that could be learned from other municipalities, and potential ways forward with inclusionary zoning that could help more than hinder future housing development.

Panelists in this episode:

· John Galluzzo is a Senior Director at Altus Group and currently manages the Land Valuation Team based in the downtown Toronto office of the Altus Group Research, Valuation and Advisory (“RVA”) division providing real estate valuation services to developers, lawyers, financial institutions, accounting firms, pension funds, real estate divisions of national corporations, various levels of government, etc. John is an accredited appraiser and a land economist with over 25 years of experience and has presented at various industry events.

· Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

· Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

· 00:44 – What is inclusionary zoning per Toronto municipality

· 02:44 – Introduction to episode guest speaker: John Galluzzo

· 03:51 – Inclusionary zoning’s anticipated impact in Toronto and overall development market

· 06:06 – What’s causing a bigger impact than inclusionary zoning?

· 09:10 – Who gets the bill on affordable housing in Toronto?

· 12:42 – Is inclusionary zoning better implemented in other Canadian cities?

· 15:03 – Does inclusionary zoning make sense with purpose built rental?

· 16:52 – Is there a disconnect on inclusionary zoning between the Federal, Provincial and Municipal government?

· 18:55 – The effect of ramping up housing development have on land values?

· 21:48 – Potential approaches to better housing affordability

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Date: July 21st, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Rising construction delays in Canada – Part 2: The solutions

Episode summary: Ray and Marlon continue their discussion on commercial and residential real estate development delays with Duan van der Merwe, Associate Director in the Contract Solutions Group at Altus Group. In this episode Ray, Marlon and Duan lay out strategies, solutions, and innovations for addressing the increasing number of delays in construction.

Panelists in this episode:

· Duan van der Merwe is an Associate Director in Altus’ Contract Solutions Group. Duan is a Planning and Project Controls professional experienced in both Project Management and Forensic Delay Analysis roles on major projects across the Middle East and North America. His experience includes high rise towers, road/rail infrastructure, major ports and airports. He is a qualified Chartered Construction Manager with the Chartered Institute of Building and is currently working towards his Chartered Engineer qualification under the Institution of Civil Engineers in the United Kingdom and his P.Eng. License under Professional Engineers Ontario.

· Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

· Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

· 00:31 – Proactive vs. Reactive - Mitigating risk in your construction schedule

· 08:04 – How detailed should a construction schedule be?

· 08:57 – Striking the balance on a construction schedule

· 11:20 – Updates from Ray on special renovations: Raising the roof on industrial and office to residential conversion

· 14:09 – Tackling renovation scheduling

· 22:53 - Innovations in documenting construction progress and claims defense

· 29:35 - What happens when schedules go wrong?

· 32:10 - Why you should treat scheduling with the same level of concern as construction costs

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Date: July 15th, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Rising construction delays in Canada – Part 1: The issues

Episode summary: Ray and Marlon discuss commercial and residential real estate development delays with Duan van der Merwe, Associate Director in the Contract Solutions Group at Altus Group. In this episode Ray, Marlon and Duan tackle the growing impact of construction delays in Canada, the major contributors to creating those delays, and what scheduling challenges may be on the horizon for Canada’s real estate industry.

Panelists in this episode:

· Duan van der Merwe is an Associate Director in Altus’ Contract Solutions Group. Duan is a Planning and Project Controls professional experienced in both Project Management and Forensic Delay Analysis roles on major projects across the Middle East and North America. His experience includes high rise towers, road/rail infrastructure, major ports and airports. He is a qualified Chartered Construction Manager with the Chartered Institute of Building and is currently working towards his Chartered Engineer qualification under the Institution of Civil Engineers in the United Kingdom and his P.Eng. License under Professional Engineers Ontario.

· Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.

· Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

· 02:10 – What impacts are we seeing from delays

· 05:54 – Are government regulations contributing to delays?

· 10:21 – Productivity – Is construction just running slower?

· 13:33 – Indicators for a construction lull

· 17:17 – Ray’s outlook on construction in Q3 and Q4 2022

· 20:40 – How long before we see more trade challenges?

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Date: June 21st, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: When development projects in Canada go sideways

Episode summary: Marlon sits down with Colin Doran, EVP of Cost Consulting & Project Management at Altus Group, for a one-on-one discussion on distressed development projects in Canada. Don’t miss this highly informative conversation as Colin covers distressed projects from delays to insolvencies to cancellations, why we’re seeing an uptick, and what key project stakeholders can do to address projects that turn risky.

Panelists in this episode:

Colin Doran is the EVP of Cost Consulting & Project Management at Altus Group. Based in North America (Toronto) for approximately 25 years and currently responsible for overseeing the Cost Management and Lender & Developer Service lines in Eastern Canada. Colin has extensive experience in preparation and analysis of real estate development feasibility studies, capital cost budgeting, development due diligence, risk assessment and management, cost planning and loan monitoring. Colin also specialises in providing advice on distressed projects/work out deals in the Caribbean, the United States and in Canada.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

01:10 – Market factors for distressed projects
03:26 – Potential for future project distressed projects
04:21 – Project insolvencies in Canada
06:06 – Project profiles to watch for insolvency
07:11 – Project cancellations
10:59 – Steps lenders can take when concerned about projects turning risky
15:04 – Addressing distressed projects

Referenced in this episode

Episode 4: Canada's Housing affordability crisis
Episode 5: Canada real estate market news roundup

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Date: May 18th, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Canada real estate market news roundup

Episode summary: It’s been a hot minute since the National State of the Market presentation we hosted in February, 2022, so this episode serves as a special conversation between Marlon and Ray on all the changes they’ve observed in the Canada real estate market since then. It’s a little bit of good news, a bit of bad news, some opinion, and probably 100% of your daily value in gruff from Marlon.

Panelists in this episode:

Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

01:10 – Q4 2021 performance afterglow

02:33 – Expectation on returns

03:23 – Increased property activity – retail & office

04:36 – Leasing activity
05:27 – Homage to Avi

05:42 – Challenge snowball for construction

07:55 – Construction levels

08:42 – Government policies

09:36 – Housing supply

11:02 – Inflation and interest rates

14:30 – Uncertainty in the market driving cautiousness

20:39 – Silver linings in the market

Referenced in this episode

· 2022 National state of the market presentation

· CMHC releases first series of reports on housing supply

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Date: May 11th, 2022 (Orignally recorded on April 1st, 2022)

Name of podcast: Altus Insights Podcast Series

Episode title and number: Canada’s housing affordability crisis

Episode summary: In this episode we'll be talking about affordability, mainly the housing affordability crisis in Canada. It’s been a growing issue over the last few years with a lot of moving parts contributing to the problem. This year, in particular, we’ve got a perfect storm of logistic, economic, and geo-political issues that have further amplified the situation. Given the size of the problem, we're turning this episode into a “mega-sode”, that means an extra twenty minutes for the Altus Insights team to talk this topic out. So strap in, because this one's going to be a bumpy ride!

Panelists in this episode:

Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

00:46 - What are the main causes for the affordability crisis? (Property purchase perspective)
07:36 - Rental affordability issues
08:50 - Is there a simple solution to the affordability crisis?
14:33 - Will the "More Homes For Everyone" Act impact housing availability?
16:53 - What does the future look like for the primary market vs. the secondary and tertiary markets?
24:40 - Realities and psychology of owning vs. renting
32:03 - Urban vs. suburban affordability
34:37 - Pros & cons of pre-construction
36:52 - Opinions on laneway housing
41:04 - Marlon's final remarks on housing affordability
42:30 - Will the foreign buyer speculation tax make a difference?
46:53 - Ray's final remarks on housing affordability

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Date: April 21st, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Purpose-built rental property in Canada

Episode summary: Purpose-built rental has been a hot trend, will it get hotter? The affordability issue we're experiencing in some of the major markets are caused by low supply versus increasingly high demand. Luckily, purpose rental has been thriving with new construction. In this episode, we’ll discuss purpose-built rental and why this asset type’s demand is only increasing and how its addressing some of the gaps in the market.

Panelists in this episode:

Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

· 00:43 – How does purpose-built rental help address growing housing needs?

· 06:33 – Pro Forma: Purpose-built vs. Condo

· 13:39 – Regional demand for purpose-built rental

· 18:46 – Cap rates and best markets for purpose-built rental

· 24:38 – Closing remarks: Concerns about affordability and supply & demand from Marlon

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Date: March 16th, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Addressing ESG in Canadian Real Estate

Episode summary: In this episode Ray, Marlon and Avi focus on ESG and its importance to the Canadian real estate market. ESG is an increasingly hot topic amongst investors across the globe, it stands for environmental, social and governance. ESG is a set of criteria for assessing an investment or company's sustainability in terms of environmental conservation, social impact, and corporate governance.

Panelists in this episode:

Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

00:54 – How is ESG driving the market?
04:49 – Net Zero and other initiatives under ESG
08:21 – Balancing Development Pro Forma with ESG
13:10 – Tenant Appetite for ESG-conscious Design
18:26 – Final Episode Remarks by Marlon and Ray

Resources mentioned during this episode:

Carbon Leadership Forum
Net-Zero Emissions
Upcoming release: GTA Multifamily Rental Dataset

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Date: March 2nd, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Impact of the pandemic on Canadian real estate – Part 2

Episode summary: In part two of our first episode, Ray, Marlon and Avi continue their discussion on the impact of the pandemic on Canadian real estate with perspectives and insights on 2021/2022 cap rates, construction cost impacts across asset types, the accelerated evolution of retail, and a deeper dive on office market values.

Panelists in this episode:

Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

00:36 – Cap Rate Trends
03:54 – Industrial Construction Costs
07:15 – The Retail Pivot
13:05 – The Return to Office
21:04 – Construction Cost guide
23:09 – Marlon’s Current Concerns
26:50 – Ray’s Current Concerns

Resources mentioned during this episode:

2022 Canadian Cost Guide

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Date: February 17th, 2022

Name of podcast: Altus Insights Podcast Series

Episode title and number: Impact of the pandemic on Canadian real estate – Part 1

Episode summary: We kickoff our new podcast series with a “2-parter” where we’ll be discussing the ongoing impact of the pandemic on commercial and residential real estate across Canada, with retrospectives on 2021, predictions for 2022, and market trends real estate investors and real estate developers should keep an eye on.

Panelists in this episode:

Raymond Wong is the Vice President of Data Operations for Altus Group’s Data Solutions team. Overseeing 60+ researchers across Canada, Ray’s primary responsibility is to ensure data collection is all encompassing, reliable and accurate and that it adheres to the Altus Group data governance guidelines. Ray works closely with both internal and external clients to ensure the information meets their needs and that it is both accurate and timely. He also regularly presents on key market trends to clients and at industry events.
Marlon Bray is the head of Altus Group's Ontario pre-construction and contract administration services as part of the Cost and Project Management team. With over 25 years of experience, specializing in budgeting, value optimization, and providing visibility on risk through the entire lifecycle from early due diligence through to completion. Marlon oversees a team that leads the way with cutting-edge estimating technology and data analytics, bringing a greater level of transparency, and added value to all projects he is involved with.

Key topics:

01:04 – 2021 and 2022 Market Drivers
03:26 – 2021 and 2022 GTA Residential
04:40 – 2021 Cost Escalations
07:14 – Construction Cost Predictions
09:04 – Industrial Sales and Lease Rates
12:06 – Demand for Commercial Development
13:57 – Migration in Urban Condo Market
17:42 – Impacts of Inclusionary Zoning
20:31 – Condo Cancellations

Resources mentioned during this episode:

2022 Canadian Cost Guide
National State of the Market Webinar(On Demand)
Send Marlon flowers

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