Apartment markets across Canada are changing. With rising vacancies, shifting rental rates and billions of dollars in new construction underway, are developers facing an oversupply problem today and a housing shortage tomorrow?

In this episode of the RMS Real Estate Development Podcast, Curtis Way welcomes Paul Chaput, an experienced apartment investment professional, for an in-depth look at the state of Canada's multifamily real estate market, with a particular focus on Western Canada.

Paul shares what he's seeing in apartment investment activity across Edmonton, Calgary, Winnipeg, Regina, Saskatoon and Vancouver, including why Edmonton has emerged as one of the country's strongest markets for apartment transactions. With approximately $1.3 billion in Edmonton apartment sales over the past 12 months compared to $585 million in Calgary, the differences between these two Alberta markets are becoming increasingly significant.

Curtis and Paul explore the factors driving those differences, from rental rates and vacancy levels to capitalization rates, construction costs and CMHC financing. They discuss why some investors are finding better opportunities in Edmonton, why Calgary's rental market has softened and how financing programs continue to shape the economics of apartment development and investment.

The conversation also turns to Vancouver and Toronto, where struggling condominium markets are forcing developers to reconsider their projects and explore purpose-built rental housing. Paul shares insights from the Canadian Apartment Conference, including how investor sentiment is changing and why some Eastern Canadian investors are beginning to look west for opportunities.

Curtis and Paul also examine the challenges facing condominium investors, the growing trend of converting older condominium buildings back into rental properties and the difficult financial situations some owners are experiencing.

Looking ahead, they discuss one of the biggest questions facing Canada's housing industry: Could today's apartment oversupply lead to a significant rental housing shortage in just a few years?

With thousands of units currently under construction but fewer new developments getting underway, both Curtis and Paul see potential opportunities for well-capitalized developers willing to take a longer-term view.

In This Episode:

• Why Edmonton is outperforming Calgary in apartment investment transactions
• What's driving changes in apartment rents and vacancy rates
• How capitalization rates compare across Western Canadian markets
• Why CMHC financing is so important to apartment development and investment
• The impact of high-leverage financing on apartment purchases
• Opportunities and challenges in Winnipeg, Regina and Saskatoon
• Why Calgary's apartment market is experiencing increased pressure
• The challenges facing Vancouver's condominium and rental markets
• Why developers in Toronto and Vancouver are shifting from condos to purpose-built rentals
• What investors are saying about Western Canada at national real estate conferences
• How investor confidence is changing across Canadian markets
• The challenges facing owners of older condominium investments
• Why some condominium buildings are being converted back to rental properties
• The potential impact of thousands of new apartments entering the market
• Why declining construction starts could create future housing shortages
• The importance of strong balance sheets and financial flexibility
• How experienced developers position themselves for the next market cycle

The key takeaway: Real estate development is about looking beyond today's market conditions. While rising vacancies and slowing rents are creating challenges in some Canadian cities, fewer new projects today could mean significant opportunities for developers who are prepared for the next cycle.

For developers, investors and anyone involved in multifamily real estate, this episode offers a practical look at where Canada's apartment markets stand today and where they may be headed next.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

With political uncertainty, changing interest rates, tariffs and economic pressures dominating the headlines, is Alberta still a smart place to invest in real estate?

In this episode of the RMS Real Estate Development Podcast, Curtis Way welcomes back Darin Rayburn of KV Capital for a wide-ranging conversation about the future of real estate investment in Alberta and across Canada.

Curtis and Darin explore how political uncertainty, including discussions surrounding Alberta separation and developments in Quebec, is influencing investor confidence and decisions about where to deploy capital. Darin shares what he's hearing from investors and lenders across the country, including why some are taking a wait-and-see approach to new opportunities in Alberta.

The conversation also examines the impact of tariffs on construction costs and supply chains, the outlook for interest rates, and why developers need to build realistic contingencies into their financial projections. Drawing on decades of experience, Curtis and Darin discuss lessons learned during previous economic downturns and how periods of uncertainty can create opportunities for investors who are prepared.

They also look at Canada's housing needs, the importance of job creation, skilled labour shortages and why major infrastructure investments could help shape the future of Western Canada's real estate market.

Despite the challenges, both remain optimistic about Alberta's long-term potential, emphasizing the importance of strong partnerships, financial discipline and looking beyond the headlines when making investment decisions.

In This Episode:

• How political uncertainty is affecting real estate investment in Alberta
• What lenders and investors are saying about Alberta's future
• The potential impact of Alberta and Quebec separatist movements
• Why some investors are delaying decisions
• How tariffs are affecting construction costs and material sourcing
• The importance of contingency budgets in development projects
• What developers should expect from changing interest rates
• Why strong financial projections need to account for higher borrowing costs
• Lessons learned from the 2008 financial crisis
• Finding investment opportunities during economic uncertainty
• Why maintaining access to capital is critical
• The relationship between job creation, population growth and housing demand
• Skilled labour shortages and their impact on future development
• Why Alberta and Western Canada remain attractive investment markets
• How developers can separate market noise from meaningful economic risks

The key takeaway: Successful real estate investing isn't about predicting every political or economic change. It's about understanding the risks, maintaining financial flexibility and recognizing opportunities when others are hesitant to act.

Whether you're an experienced developer, investor or simply interested in the future of Canada's real estate market, this episode offers practical perspectives on navigating uncertainty and positioning yourself for long-term success.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

Before you buy the land or start designing the building, you need to understand what you can actually build.

In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Shaun Visser, Partner at BR2 Architecture, for a practical conversation about planning, zoning, rezoning and the municipal approval process that developers must navigate before construction can begin.

With nearly three decades at BR2 Architecture, Shaun has worked across a wide range of projects including commercial, industrial, institutional, recreational, seniors housing and multifamily developments. He shares an architect's perspective on how successful projects move from an initial concept through zoning, development permits and ultimately building permits.

Curtis and Shaun discuss what happens when a developer's vision doesn't fit the existing zoning, the difference between seeking a variance and pursuing a full rezoning, and why community consultation can become an important part of the process. They also explore why approvals can take months or even more than a year, particularly on more complicated developments.

The conversation also looks at the importance of assembling the right consultant team, dealing with different municipal departments, navigating overlay plans and understanding how requirements can vary between communities and provinces.

Most importantly, Shaun explains why developers should engage with municipalities early. Pre-application meetings and early conversations with planners can uncover potential problems while a project is still being designed, rather than discovering them months later during the approval process.

In this episode:

• What developers should investigate before designing a project
• Understanding zoning requirements
• Variances versus rezoning
• How the rezoning process works
• Why community consultation matters
• Working with municipal administration and council
• Choosing the right architects, engineers and consultants
• Why the individual matters as much as the consulting firm
• Differences between municipalities and provinces
• Why rezonings can take a year or longer
• Development permits versus building permits
• Why municipal approvals sometimes get delayed
• Overlay plans and direct control zoning
• Increasing municipal requirements during development approvals
• The growing role of fire departments in project approvals
• Why pre-application meetings can save developers time and money
• The value of building relationships with municipal planners

For developers, the message is straightforward: do your homework early. Understanding the zoning, identifying potential approval issues and getting the right people around the table before you've invested heavily in a project can prevent expensive surprises later.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca