Podcast
Commercial Real Estate Podcast
Hosted by First National · ENGLISH
Explore the Canadian commercial real estate market with the Commercial Real Estate Podcast. Hosted by industry experts Adam Powadiuk and Aaron Cameron of First National, they bring you insightful conversations with some of the most influential figures in the commercial real estate sector. Whether you're looking for market insights, cutting-edge strategies, or stories from the front line of commercial real estate in Canada, The CRE Podcast is your go-to source.
20episodes
Episodes
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Predictability Over Hype: Real Estate Lessons from Jamie Cooper, President of Development & Income Properties at Dream
Nov 500:29:58Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the best real estate investment opportunities weren’t in Canada’s hottest markets? In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk are at the Canadian Department Investment Conference, and sit down with Jamie Cooper, President of Development & Income Properties at Dream, to unpack why Western Canada’s rental markets are outperforming Toronto. They explore Dream’s 10,000-acre land strategy, the real difference between affordability and housing crises, and how government programs like ACLP are reshaping development economics. From managing long-term portfolio stability to stacking public incentives for viable rentals, Cooper shares how predictability rather than hype drives sustainable real estate returns. A must-listen for developers, investors, and industry professionals navigating Canada’s evolving property landscape. What you will learn: The Geographic Rent-to-Income Framework Why Condo Supply Is Crushing Rental Economics in Toronto The 15-Year Planning Model for Multigenerational Real Estate How to Stack Government Programs for Project Viability The Land Ownership Advantage Predictability as the Core Real Estate Value Proposition Jamie Cooper is President of Development & Income Properties for Dream Unlimited Corp., a leading Canadian real estate developer and asset manager. With nearly 11 years of experience at Dream and a diverse background spanning renewable power, office leasing, strategic finance, investments, and development, Cooper brings a comprehensive understanding of real estate across multiple asset classes and markets. He is instrumental in Dream’s ambitious expansion of purpose-built rental communities across Western Canada and Eastern markets, overseeing a portfolio strategy that prioritizes long-term income-generating assets and innovative affordability solutions. The post Predictability Over Hype: Real Estate Lessons from Jamie Cooper, President of Development & Income Properties at Dream appeared first on Commercial Real Estate Podcast.
Transcribe →Mastering Lease-Ups and ROI Through Smart Marketing with Riz Dhanji, Founder and President of RAD Marketing
Oct 2900:30:10Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Riz Dhanji, Founder and President of RAD Marketing, about how real estate marketing is evolving across Toronto’s condo and purpose-built rental sectors. Riz shares his expertise on tackling today’s challenging condo market, where default rates reach 20%, and outlines why purpose-built rentals demand a completely different marketing playbook. From unit mix and amenity planning to CRM-driven leasing strategies, he explains how smart marketing can dramatically shorten lease-up times and maximise returns. The conversation offers deep insights for developers navigating shifting market dynamics. What you will learn: How to transition from condo development to purpose-built rental with the right marketing approach Why traditional leasing practices are insufficient in today’s competitive rental market The importance of sophisticated CRM systems and professional sales teams How to reduce lease-up periods through targeted demographic marketing and amenity programming Why condo marketing budgets and strategies don’t directly translate to rental properties How default rates of 15-20% on condo closings are reshaping the Toronto market Why purpose-built rental requires a different unit mix and amenity planning than condos How to position rental properties to achieve optimal ROI The critical differences between the condo developer mindset and the apartment operator Why sophisticated marketing strategies can justify their cost through faster lease-up and better returns Riz Dhanji is the Founder and President of RAD Marketing and one of Canada’s leading experts in pre-construction sales and marketing. With over $4 billion in sales and 15,000+ condominium suites sold across Toronto, Montreal, Vancouver, and internationally, Riz has helped shape some of North America’s most iconic developments, including One Delisle, King Toronto, and the Shangri-La Residences. His innovative approach to real estate marketing continues to redefine how developers achieve record-breaking success in competitive urban markets. The post Mastering Lease-Ups and ROI Through Smart Marketing with Riz Dhanji, Founder and President of RAD Marketing appeared first on Commercial Real Estate Podcast.
Transcribe →Solving the Modular Puzzle: Path to Mainstream Adoption with Jennifer Keesmaat, President and CEO of Collecdev Markee
Oct 2000:47:52Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome back Jennifer Keesmaat, President and CEO of Collecdev Markee, to discuss the critical moment for modular housing in Canada. Fresh from organizing the Canada Builds Modular Summit, Jennifer shares why this government-backed push could finally move modular from the margins to mainstream. From her unique perspective as both former Chief City Planner of Toronto and an active developer building cross-laminated timber projects, she breaks down the interconnected challenges—financing, zoning, factory capacity, and site readiness—that must be solved simultaneously for modular to scale. What you will learn: Why modular housing has remained on the fringes in Canada while Sweden builds 70% of homes this way How Prime Minister Carney’s Build Canada Homes initiative could finally transform housing delivery The complex ecosystem challenges: financing, zoning, factory capacity, and site readiness must align Why factories like Element Five are shipping product across North America but lack local demand The real story behind Toronto’s modular disaster: modules stored at $40,000/month in Owen Sound How CMHC’s new bonding solution finally solves the off-site financing challenge Why modular must become mainstream market housing, not just affordable or temporary shelter The overlooked obstacles: garbage rooms, bike parking, overhead wires, and municipal approval processes How developers can incrementally adopt modular through bathroom pods, panels, and CLT Why Jennifer believes we’re five years from hitting the tipping point on modular adoption Jennifer Keesmaat is President and CEO of Collecdev Markee, a development company focused on sustainable, purpose-built rental housing using innovative construction methods. As Toronto’s former Chief City Planner, Jennifer brings unique insight into both policy challenges and practical development realities. Her company is currently building a 1,400-unit cross-laminated timber development in North Toronto and breaking ground on a 72-unit modular building in January 2026. Jennifer organized the sold-out Canada Builds Modular Summit to bring together manufacturers, developers, financiers, and government stakeholders to accelerate the scaling of factory-built housing in Canada. The post Solving the Modular Puzzle: Path to Mainstream Adoption with Jennifer Keesmaat, President and CEO of Collecdev Markee appeared first on Commercial Real Estate Podcast.
Transcribe →Why Retail Spaces are a Great Bet Today: Insights from Jason Parravano, President and CEO of Plaza Retail REIT
Oct 1600:28:51Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk sit down with Jason Parravano, President and CEO of Plaza Retail REIT, to explore how non-discretionary retail, demographic shifts, and disciplined capital strategies are fuelling growth. From succession planning in founder-led REITs to navigating high interest rates, Jason shares practical insights on why focused retail strategies continue to outperform in today’s volatile market. What you will learn: Why retail real estate remains resilient with a focus on non-discretionary retail like grocery and pharmacy How demographic trends and limited new supply are driving retail rent growth The challenges of retail development economics, including land and development costs Why succession planning in founder-led organizations requires careful navigation How retail REITs are adapting growth strategies in a high-interest-rate environment The advantages of maintaining a focused retail strategy Why non-discretionary retail tenants continue expanding despite market headwinds The strategic importance of capital recycling and portfolio optimization How tax-advantaged REIT structures provide enhanced yield opportunities for investors Jason Parravano is the President and CEO of Plaza Retail REIT, a major retail-focused real estate investment trust managing 9 million square feet across the Maritimes, Quebec, and Ontario. With a background in accounting and previous experience as CEO of Canadian Net REIT, where he grew the portfolio from 10 to 100 properties, Jason brings extensive expertise in retail real estate management and development. He has successfully navigated two founder successions in his career, while demonstrating strong leadership capabilities in organizational transitions. The post Why Retail Spaces are a Great Bet Today: Insights from Jason Parravano, President and CEO of Plaza Retail REIT appeared first on Commercial Real Estate Podcast.
Transcribe →Toronto Condo Crisis: What’s Next for Developers with Shaun Hildebrand, President of Urbanation
Oct 800:43:45Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Shaun Hildebrand, President of Urbanation, to explore the forces reshaping Toronto’s real estate landscape. They discuss why new condo development is slowing, the limits of purpose-built rentals in filling the gap, policy-driven cost pressures, and the shifting dynamics of downtown and suburban demand. Sean shares data-driven insights on market corrections, supply challenges, and what lies ahead over the next five years of the Toronto real estate landscape. What you will learn: Why Toronto condo sales have dropped to their lowest levels since 1993 How the current cycle will lead to virtually zero new condo completions by 2029 Why purpose-built rental construction, despite reaching record levels, cannot offset the decline in condo development The impact of development charges and government taxes making up 30% of development costs How rental market dynamics are shifting, with downtown Toronto showing early signs of stabilization Why a 20% correction in condo prices is needed before the market can reach equilibrium How population flows and work-from-home trends are reshaping demand patterns in downtown vs. suburban markets The critical need for policy changes to incentivize both condo and purpose-built rental development Why small units (under 600 sq ft) face the greatest market challenges, while larger units remain relatively stable How the conversion from condo to rental developments presents both opportunities and challenges for developers Shaun Hildebrand is the President of Urbanation, a leading research firm specializing in analyzing high-rise residential apartment markets across Canada. With extensive experience in real estate market analysis, he has established himself as a trusted authority on housing supply, demand dynamics, and market trends. Shaun’s work involves tracking new construction condos, purpose-built rentals, and land markets throughout the Greater Toronto Area, Greater Golden Horseshoe, Ottawa, and Montreal. The post Toronto Condo Crisis: What’s Next for Developers with Shaun Hildebrand, President of Urbanation appeared first on Commercial Real Estate Podcast.
Transcribe →Building the Future of Healthcare Real Estate with Mike Brady, President of Northwest Healthcare Properties REIT
Oct 200:34:09Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Mike Brady, President of Northwest Healthcare Properties REIT, for a deep dive into the rapidly evolving healthcare real estate sector. From the transformation of medical office buildings into advanced healthcare campuses to the impact of demographics and government spending, Brady shares insights into why healthcare real estate is one of the most resilient and attractive real estate asset classes today. Listeners will learn about tenant dynamics, global market differences, and the strategic opportunities shaping Canada’s healthcare property landscape for long-term investors. What you will learn: How specialized healthcare real estate differs from traditional medical office buildings Why healthcare real estate has become the largest asset class for publicly traded REITs The economics driving the shift from traditional hospitals to community-based outpatient and surgical centers How international markets like Australia and Europe are 20-30 years ahead of Canada in healthcare real estate institutionalization Why healthcare real estate maintains 90% tenant retention rates and 3% annual NOI growth The role of public-private partnerships in expanding healthcare infrastructure and delivery models across Canada How specialized building requirements and tenant relationships create high barriers to entry in healthcare real estate Why government healthcare spending and demographic trends point to continued growth in the sector The opportunities emerging in key Canadian markets, including Ontario, Quebec, and Alberta, for healthcare real estate investment The importance of understanding different healthcare delivery models globally to identify real estate opportunities Mike Brady is President of Northwest Healthcare Properties REIT, a global leader in healthcare real estate investment and management across seven countries. Since joining Northwest in 2006, he has held senior roles, including Executive Vice President and General Counsel, before becoming President in 2023. With over two decades of experience spanning real estate investment, finance, governance, and global leadership, Brady has played a pivotal role in expanding Northwest’s portfolio of specialized healthcare facilities. He holds a joint LL.B./MBA and a BA in Economics from Dalhousie University. The post Building the Future of Healthcare Real Estate with Mike Brady, President of Northwest Healthcare Properties REIT appeared first on Commercial Real Estate Podcast.
Transcribe →Driving Federal Housing Policy Change to Address the Housing Crisis with Tony Irwin, President and CEO of Rental Housing Canada
Sep 2500:29:50Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Tony Irwin, President and CEO of Rental Housing Canada, to explore the evolving landscape of federal housing advocacy. Tony shares insights on the rebranding and expansion of his organization, current policy priorities like development charge reform, and strategies for engaging government stakeholders effectively. Listeners will learn about emerging initiatives such as Build Canada Homes, the potential return of the MIRB program, and why unified industry advocacy is essential for shaping Canada’s housing policies and addressing the national rental housing challenge. What you will learn: How the federal government’s approach to housing policy has evolved over the years The strategic importance of having unified advocacy across municipal, provincial, and federal levels Why development charge reform requires specific solutions beyond deferrals to meaningfully impact housing development How the proposed Build Canada Homes program could reshape federal housing initiatives The potential impact of reintroducing the MIRB (Multiple-unit Interest Realty Building) program on rental housing development Why industry advocacy must balance technical complexity with clear, actionable policy recommendations How industry associations are working to streamline processes between government agencies and housing developers The critical role of maintaining consistent messaging across all levels of government to achieve effective policy change Why housing supply solutions require multiple coordinated approaches rather than single policy fixes Tony Irwin is the President and CEO of Rental Housing Canada and the Federation of Rental Providers of Ontario (FRPO), bringing extensive expertise in rental housing advocacy and policy development. With a career-long background in government relations and lobbying, Tony has been instrumental in shaping housing policy discussions at both provincial and federal levels. In this episode, he shares insights on the evolution of rental housing advocacy in Canada, the current state of federal housing initiatives like Build Canada Homes, and key policy priorities, including development charge reform and the MIRB program. His work in building relationships between the rental housing industry and government stakeholders has helped create more effective dialogue around housing solutions. The post Driving Federal Housing Policy Change to Address the Housing Crisis with Tony Irwin, President and CEO of Rental Housing Canada appeared first on Commercial Real Estate Podcast.
Transcribe →The Real Estate Recovery: Navigating Market Cycles with Peter Senst, President of Canadian Capital Markets at CBRE
Sep 1800:28:28Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Peter Senst, President of Canadian Capital Markets at CBRE, to discuss the emerging real estate recovery after five challenging years. From his vantage point at a global firm with $170B under management, Peter shares insights on office leasing surging 40% year-over-year, the shift from Chinese to Asian capital flows, and why food-anchored retail has become the hottest asset class. He explains how tariff concerns are actually driving European capital toward Canada and predicts new tower announcements before June 2026. What you will learn: How CBRE’s August 2025 revenues jumped 40% year-over-year, signaling market recovery Why office leasing is experiencing a dramatic turnaround with record rents at CIBC Square The shift from Chinese capital to Singapore, Japan, and Australian investment in Canada How food-anchored retail has become the most sought-after asset class for investors Why apartment rents are declining but fundamentals suggest a 2026 recovery The impact of geopolitical tensions on global capital flows and Canadian real estate How institutional capital moved from real estate to infrastructure during the downturn Why positive leverage (buying at 5%, financing at 4%) is attracting international investors The productivity challenges facing Canadian workers and return-to-office mandates How ESG priorities shifted from top-tier to middle-tier during survival mode Peter Senst is the President of Canadian Capital Markets at CBRE, overseeing investment activities for the world’s largest commercial real estate services firm. With operations in over 100 countries and a market cap exceeding $50 billion, Peter provides strategic insights to institutional investors globally. His role includes managing relationships with sovereign wealth funds, pension funds, and private capital across North America, Europe, and Asia. Peter regularly travels internationally to facilitate cross-border investment and has been instrumental in positioning Canada as an attractive alternative to US real estate amid geopolitical uncertainties. The post The Real Estate Recovery: Navigating Market Cycles with Peter Senst, President of Canadian Capital Markets at CBRE appeared first on Commercial Real Estate Podcast.
Transcribe →Building a $2.7B Real Estate Powerhouse with Sandy Shindleman, Founder and President of Shindico Realty Inc.
Sep 1100:33:47Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk welcome Sandy Shindleman, Founder and President of Shindico Realty Inc., to reflect on 50 years of building one of Canada’s leading private real estate companies. From his first mixed-use project in Portage La Prairie to managing a $2.7B portfolio, Sandy shares how patience, low leverage, and disciplined growth fueled long-term success. He discusses strategies for site intensification, diversification into multiple asset classes, and navigating market cycles with conservative financial management. Listeners gain invaluable lessons on resilience, opportunity, and creating enduring value in commercial real estate. What you will learn: How maintaining low leverage (17% across portfolio) creates stability and opportunity Why focusing on site intensification and existing property improvement drives sustainable growth The power of patient capital: How holding properties for 20-25 years enables strategic development How to successfully expand from retail into industrial, multi-residential, and mixed-use developments Why maintaining strong management teams enables continued growth while preserving quality The benefit of looking beyond traditional metrics (like cap rates) to find value in real estate deals How immigration and labor markets impact construction costs and development timelines Why relationship-based lending and conservative financial management create long-term resilience The importance of maintaining investment discipline even during aggressive market cycles Why focusing on the next deal while building robust management systems drives sustainable growth Sandy Shindleman is the Founder and President of Shindico Realty Inc., a leading Canadian real estate company with over $2.7 billion in assets under management. With over 50 years of experience, he has grown Shindico from one mixed-use property into nearly 200 assets spanning retail, industrial, multi-residential, and mixed-use projects. A CCIM Senior Instructor Emeritus, Sandy has shared his expertise worldwide while championing sustainable development and disciplined investment. His leadership and insights continue to shape commercial real estate across Canada’s Prairie regions. The post Building a $2.7B Real Estate Powerhouse with Sandy Shindleman, Founder and President of Shindico Realty Inc. appeared first on Commercial Real Estate Podcast.
Transcribe →Unlocking Housing Supply in Mississauga with Julian Schonfeldt, Chief Investment Officer at CAPREIT
Sep 400:38:58Tap to summarizeWelcome to the CRE podcast. 100% Canadian, 100% commercial real estate. In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk once again welcome back Julian Schonfeldt, CFA, CPA, CBV, Chief Investment Officer at CAPREIT. Together, they explore how municipal incentives are helping unlock much-needed rental housing in Mississauga. Julian explains how development charge waivers and tax reductions have made larger three and four-bedroom units financially viable, thereby filling a critical “missing middle” gap in Canada’s housing market. From achieving stronger development yields to transforming CAPREIT’s portfolio strategy, the discussion highlights the power of public-private collaboration to create sustainable rental housing while still ensuring healthy returns for investors and developers. What you will learn: How Mississauga’s DC waiver makes three-bedroom rental apartments financially viable Why development yields need to be 150-200 basis points higher than acquisition cap The economics behind converting excess land into missing middle housing How CAPREIT transformed from acquiring vintage assets to focusing on high-quality assets Why three-bedroom units renting at $3,000/month fill a critical market gap The unexpected challenges of DC deferrals in construction financing Julian Schonfeldt is the Chief Investment Officer at CAPREIT, a role he assumed in 2022 after serving as a trusted advisor to the company during his tenure as Managing Director in the Real Estate Group at RBC Capital Markets. With extensive capital markets expertise, he has raised over $15 billion in equity and debt and advised on $10 billion in M&A transactions. Julian holds a Bachelor of Commerce from Carleton University and multiple professional designations, including CPA, CFA, CBV, and US CPA. The post Unlocking Housing Supply in Mississauga with Julian Schonfeldt, Chief Investment Officer at CAPREIT appeared first on Commercial Real Estate Podcast.
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