We profile Canada's wealthiest real estate moguls and developers, exploring their immense wealth, business strategies, and influence on the Canadian housing market. Nick and Dan examine both billionaires with major real estate holdings and dedicated property developers who've shaped Canada's urban landscapes.

• The wealth disparity in Canada is stark - the combined net worth of the 10 richest Canadians is now $261 billion (compared to just $60 billion in 2004), with many billionaires earning a typical Canadian's annual salary by January 2nd.
• Many of Canada's real estate fortunes began with immigrant families who arrived with nothing and built multi-billion dollar empires through strategic property development and investment.
• The episode questions what responsibility these ultra-wealthy individuals have to address Canada's housing affordability crisis, given their significant influence on the real estate market.

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OSFI has finalized revisions to the CAR guideline, effective Q1 2026, which significantly impacts how banks treat mortgages tied to rental income. The key change prevents borrowers from reusing the same income to qualify for multiple properties, which will make it harder for small investors to grow their portfolios.

• The 50% borrower-income test is reaffirmed, but now income used for one mortgage cannot be used again for another property. This could reduce mortgage qualifying amounts from around $700,000 to $300,000 for typical investors.
• B-side lenders (credit unions, private mortgage companies) not bound by OSFI regulations can fill the gap by continuing to consider global income, though typically at 1-3% higher interest rates.
• Combined loan products will be treated as a single risk, new IRB banks must start with high capital floors, and a new Credit Risk Management guideline is coming in January 2026.

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Small commercial real estate offers potentially lucrative investment opportunities that are often overlooked. The discussion covers different types of commercial properties, financing considerations, and strategies for maximizing returns.

• Commercial real estate offers different advantages compared to residential, including higher rents and longer lease terms (3-10+ years), providing more stable income when managed properly.
• Commercial mortgages differ from residential ones - they're based on the property's ability to generate cash flow rather than the borrower's ability to repay, and typically have higher interest rates due to increased risk.
• When investing, consider property classification (Class A-C), location, tenant selection, and market trends - with recommendations to look for multi-use zoning and appropriately sized properties to maximize value.

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