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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We interview Sarah Larbi, where she discusses her real estate investment journey:

Sarah began with a "boring" buy and hold strategy, purchasing a small $129,000 house in Brantford with 20% down while working two jobs to save money.

She progressed from basic buy-and-hold to BRRRR (Buy, Renovate, Rent, Refinance, Repeat), then expanded into short-term rentals with cottages in 2018, and eventually developed a resort in 2022.

The importance of tenant screening after bad experiences, finding the right mortgage broker who understands investing, and evolving strategies with market changes - including mid-term rentals that generate 1.5-2.5x the income of long-term rentals.

Get in touch with Sarah Larbi

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We discuss the return-to-office (RTO) trend in Canada and its impact on real estate markets. Employers are increasingly mandating office attendance and the resulting effects on urban centers, housing markets, and workplace dynamics are fascinating.

• Canadian employers (government, banks, telecoms) are mandating 4-5 days in-office by 2026, with downtown foot traffic still 43% below pre-pandemic levels in Toronto.
• The RTO trend is affecting real estate markets, with downtown rental prices increasing while some remote workers who relocated during COVID face difficult decisions about moving back.
• Some employers may be using RTO mandates as a "layoff filter" to encourage voluntary departures without formal layoffs - a tactic that 25% of executives admit hoping will prompt staff to quit.

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The Canadian housing market shows signs of recovery with five consecutive months of sales gains, but it's not a full-on boom. The Bank of Canada cut interest rates on September 17th from 2.75% to 2.5%, which will provide some relief to variable-rate mortgage holders, with another cut expected on October 29th.

• Rising Supply vs. Modest Sales Growth: While August sales were up 1.1% from July (strongest August since 2021), new listings climbed 2.6% - more than double the pace of sales increase, shifting market power toward buyers.
• Price Stabilization: Home prices are under softening pressure with the national benchmark Home Price Index essentially flat (down 0.1% month-over-month) and 3.4% lower than a year ago.
• Rate Cut Impact: The recent interest rate cut will ease pressure on variable-rate mortgage holders ($15 less per $100K in monthly payments), but won't immediately solve the oversupply issue that's driving market conditions.

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We’re lucky to be joined by Bruce Croxon for a conversation on business, real estate, investing, and entrepreneurship. Bruce co‑founded and grew Lavalife, later selling it for more than US$150 million. He’s a former Dragon on CBC's Dragons' Den, a partner at Round13 Capital, and co‑host of BNN's The Disruptors. A serial entrepreneur and investor, he focuses on scaling Canadian tech startups — and he’s just a great guy. In this episode he shares candid, honest stories about failures, lessons learned, and his entrepreneurial journey.

Thanks to myAbode and Valery for setting this up!

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Canada's economy is facing significant challenges with unemployment rising to 7.1% in August 2025, the highest since 2016 (outside pandemic periods). The economy lost 66,000 jobs in August following 41,000 jobs lost in July. Trade tensions with the US are affecting tariff-exposed sectors, while the housing market shows a fragile recovery amid calls for interest rate cuts.

• Unemployment reached 7.1%, with 66,000 jobs lost in August, particularly in tariff-exposed sectors like manufacturing, transportation, and technical services; youth unemployment is especially high at 14.5%.
• Housing affordability remains challenging despite falling prices (GTA average home price down to $1,022,143 from $1,193,771 in 2022), with the housing cost-to-income ratio deteriorating to 7:1 nationally and 9:1 in Ontario.
• Markets strongly anticipate a Bank of Canada rate cut on September 17th (92% probability), with the policy rate currently at 2.75%, down from 5% in June 2024.

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