Annual 2020 / Issue 16 realestateforums.com
ALTUS GROUP PRESENTS:
WHAT IS THE GREATESTCHALLENGE THAT HAS ARISEN OUT OF 2020 COVID-19
APARTMENT SECTOR INDICATORS 2020 FEATURED MARKET TRANSACTIONS TRANSACTIONS BY MARKET AREA
WHAT TECHNOLOGIES AND INNOVATIONS IS THE INDUSTRY SEEING?
AT THE START OF YOUR CAREER WHAT ADVICE WOULD YOU GIVE YOURSELF?
HOW DO WE AS AN INDUSTRY CREATE DIVERSE AND INCLUSIVE WORKPLACES? WHAT HAS BEEN THE BIGGEST SURPRISE OF 2020?
TOP THOUGHTS FROM:
Peter Altobelli • Kris Boyce • Amy Erixon • Paula Gasparro • Anthony Lanni • Raymond Wong ENGAGE-TO-WIN CODE:
ozaboh
LOCAL KNOWLEDGE. NATIONAL REACH.
Contents 04 Message from Chairs
06 What is the greatest challenge that has arisen out of 2020 COVID-19 within the multiresidential market?
16 What has been the biggest surprise that has come out of operating, managing, servicing and working in the multi-family industry during 2020?
28 VANCOUVER
VANCOUVER
EDMONTON
CALGARY
LANCE COULSON***
GREG AMBROSE*
CODY NELSON*
RICHIE BHAMRA*
lance.coulson@cbre.com
greg.ambrose@cbre.com
cody.nelson@cbre.com
richie.bhamra@cbre.com
604 662 5141
604 662 5178
780 229 4689
403 303 4569
TORONTO DAVID MONTRESSOR* david.montressor@cbre.com 416 815 2332
34 Diversity and inclusion are essential components of successful businesses and organizations. How do we as an industry ensure we are focused on creating diverse and inclusive workplaces today and into the future?
42 Looking back in time, if you were speaking to yourself at the start of your career – what would be your advice?
CBRE’s National Apartment Group
What technologies and innovations are you seeing either in Canada or RoW that you have or want to integrate into your assets or within your business today?
WATERLOO REGION
WATERLOO REGION
MONTREAL
MONTREAL
is comprised
MARTIN COTE*
JAMES CRAIG*
BENOIT POULIN*
MARC HETU*
martin.cote@cbre.com
james.craig2@cbre.com
benoit.poulin@cbre.com
marc.hetu@cbre.com
of over 13
519 340 2317
519 340 2330
514 905 2142
514 906 0891
LONDON
OTTAWA
HALIFAX
HALIFAX
in sales for our
KEVIN MACDOUGALL**
NICO ZENTIL*
CHRIS CARTER*
ROBERT MUSSETT*
kevin.macdougall@cbre.com
nico.zentil@cbre.com
chris.carter@cbre.com
robert.mussett@cbre.com
valued clients.
519 286 2013
613 788 2708
902 492 2085
902 492 2077
dedicated advisors, in 9 Canadian offices, with over $16 Billion
Please visit us www.cbre.ca/nag-canada
* Sales Representative ** Broker *** Personal Real Estate Corporation
This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the Property of their respective owners. All Rights Reserved.
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Canadian Apartment Investment Report The Report is published annually, and coincides with the September Canadian Apartment Investment Conference. You can find this report on-line thoroughout the year at www.realestateforums.com
September 2020
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Message from Chairs
Market insights from...
COVID-19 has tested real estate markets locally, nationally and globally. The multi-family sector is no exception. The industry has pivoted and shifted, planned and reacted for most of 2020 to unprecedented situations with much success. Heather Kane
Vice President Asset Management Canadian Multi-Family Starlight Investments
David Allison Human Behavior Researcher, Valuegraphics Database Founder, The Valuegraphics Database
Patrick Armstrong CEO, Snaile, Canada's Parcel Locker Company
The multi-family sector, especially compared to other asset classes has shown exceptional strength and resilience and for the most part, the industry has come together with everyone doing their part to adapt, learn and lead with respect. The Canadian Apartment Investment Conference, organized by the producers of The Real Estate Forums, in conjunction with a steering committee of apartment owners, lenders, brokers, and valuators was scheduled to take place in Toronto this fall. Along with the industry, it has pivoted and will now be presented virtually with interactive elements focused on re-connecting our industry at large.
Michael Smith Senior Vice President Multi-Family Western Canada ONE Properties
To keep you informed we have curated valuable insights from owners, managers, developers, investors, lenders and service providers who are active in multi-family markets across the country. Exceptional insights are presented here as key questions were asked and answered. We wish to thank our industry for their ability to see through the trees and focus on making those living in our communities comfortable and safe during a very unstable time. The responses presented herein show that not only are we managing, owning and operating multi-family assets, but that the industry really cares about each other and all those that occupy the properties. We hope you enjoy reading the responses as much as we have.
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Peter Altobelli Vice President, Yardi Canada LTD.
Michael Betsalel Executive Vice President, Capital Markets Multifamily, JLL
Kathy Black Vice President, Development, Fiera Real Estate
Naama Blonder Architect, Urban Designer, Urban Planner, Smart Density
Kris Boyce CEO, Greenwin Corp.
Gabriel Diamond Vice President, Well Grounded Real Estate
Jamie Dysart Executive Director, Mortgage Investments, KingSett Capital
Amy Erixon President, Avison Young Global Investment Management
Neil Fischler Vice President Asset Management, Canadian Multi-Family, Starlight investments
John Fox Partner, Robins Appleby LLP
Mark Garber Senior Vice President, Development, KingSett Capital
Paula Gasparro Vice President, Real Estate Finance, CMLS Financial
Mark Goodman Principal, Goodman Commercial Inc.
Ali Lakhdari Executive VP and Co-Owner, Gestion Immobilière Cogeim
Anthony Lanni Executive Vice President, QuadReal Property Group LP
Gary E. Lee Managing Director, Residential Services, BentallGreenOak
Colin Lynch Head of Global Real Estate Investments, TD Asset Management
Peter Mills Co-CEO, Wyse Meter Solutions Inc.
Oraska Tam Senior Asset Manager, Fiera Real Estate
Derek Townsend Principal, Citifund Capital Corporation
James Wilson Managing Director, Realstar Management
Raymond Wong Vice President, Data Operations, Data Solutions, Altus Analytics, Altus Group
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Apart from the obvious effort to get better at cleaning and disinfecting common areas, a simple task like going inside some tenants apartments can become a much more complex situation; I saw many cases where a tenant who suffered from asthma or other health issues would not let any workers inside their home despite our right to do so as landlords. Ali Lakhdari, Executive VP and Co-Owner, Gestion Immobilière Cogeim
Residents have greatly broadened their criteria in search of the best value. They are much more discerning, comparing the building design, the amenities offered, and quality of the management and services.
What is the greatest challenge that has arisen out of 2020 COVID-19 within the multi-residential market?
Mark Garber, Senior Vice President, Development, KingSett Capital
Helping owners, lenders and tenants manage their completely understandable financial anxieties amidst so much uncertainty. Amy Erixon, President, Avison Young Global Investment Management
The greatest challenge that COVID-19 has presented, within our residential markets, has been the disruption in being able to provide secure housing for our residents and a safe workplace for our colleagues. This has required wholesale changes to procedures, policies and relationships, which take time to implement, but have proven to be vital in our ability to manage the effects of the pandemic. Anthony Lanni, Executive Vice President, QuadReal Property Group LP
During the first few weeks of the COVID-19 outbreak we had to reinvent and rewrite our whole management playbook. The health restrictions imposed by the Government almost hit us overnight and we and our partners had to adapt to a new way of working. Luckily, we had a business continuity plan in place and were able to continue working in this new environment. The greatest challenge we faced in the multi-residential market was dealing with our tenants on day to day issues. While most people were required to stay home, we had to make sure that the buildings were kept safe and clean for all our residents. We had to further ensure that all building maintenance requests were dealt with in a timely manner and that all government health notices were posted in the common areas. Neil Fischler, Vice President Asset Management, Canadian Multi-Family, Starlight investments
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WHAT IS THE GREATEST CHALLENGE THAT HAS ARISEN OUT OF 2020 COVID-19 WITHIN THE MULTI-RESIDENTIAL MARKET? The deeply personal nature of this crisis has been its greatest challenge. Among the thousands of lives affected are many of our own family members and friends, co-workers and clients, staff members and residents. Caring for those around us, all while maintaining a strong sense of business continuity, has been key to moving forward. Peter Mills, Co-CEO, Wyse Meter Solutions Inc.
For me the greatest challenge is understanding how COVID-19 has and will continue to effect underwriting assumptions for new multi-family buildings across the country. Real estate is a local business and the COVID-19 effects on multi-residential properties are going to be drastically different between Toronto/Winnipeg/Calgary/Vancouver and also urban vs suburban markets within cities. Jamie Dysart, Executive Director, Mortgage Investments, KingSett Capital
The greatest challenge to arise has been to ensure the health and safety of residents and staff in our buildings. At the outset challenges were in establishing new safety protocols and securing cleaning and PPE supplies, whereas now the challenges are moreso related to opening amenities safely and resident education. James Wilson, Managing Director, Realstar Management
COVID-19 has drawn a direct line between public health and housing. That has forced government intervention in the sector in several forms, including an eviction ban. The challenge going forward for the multi-res sector is embracing a leadership role in creating housing across income levels, so we are better prepared. The more the sector leads in this regard, the better off the sector will be in the long run.
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John Fox, Partner, Robins Appleby LLP
Multi-family owners and managers were pushed to evaluate how they attract prospective tenants. Firms had to adapt quickly, leverage technology and establish innovative solutions, such as virtual touring to maintain leasing activity. Paula Gasparro, Vice President, Real Estate Finance, CMLS Financial
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2020
WHAT IS THE GREATEST CHALLENGE THAT HAS ARISEN OUT OF 2020 COVID-19 WITHIN THE MULTI-RESIDENTIAL MARKET?
KingSett Growth Fund KingSett Mortgage Fund KingSett Income Fund KingSett Urban Fund KingSett Affordable Housing Fund
The greatest challenge has been leasing available units as safely as possible for our existing tenants, on-site staff, and prospective tenants. It's been critical to market and tour our units while maintaining the proper protocols and limiting exposure as much as possible. As such, we have created virtual tours and 3D floor plans for many units and carried out tours only once existing tenants have vacated their unit. Gabriel Diamond, Vice President, Well Grounded Real Estate
My immediate thought was rent collection for landlords. Not all markets or landlords were affected, but some were and continue to have issues with rent collection from tenants having income or work-related issues due to the pandemic. When thinking about apartment financing, the greatest challenge would have been and will continue to be the changes and restrictions that CMHC implemented towards refinancing and equity take out. This will definitely shift the market, just need time to see where it lands. Derek Townsend, Principal, Citifund Capital Corporation
One of the greatest challenges has been for companies to rapidly adapt to the new dangers in the workplace and to the remote workforce. Companies were required to very quickly create processes to protect their front-line staff and provide tools for those working remotely to fulfill their responsibilities, while simultaneously focusing on resident needs (such as rent relief programs), communication and safety. In addition, maintaining and managing properties that are now seeing higher vacancy and lower rental rates requiring automation from a marketing and lead to lease management standpoint, while staying up to date with government regulations and enforcing social distancing protocol.
In 2020, KingSett has $4.4 billion of transactions completed and in process. We are actively seeking new multi-residential investment opportunities as we continue to deliver premium risk weighted returns. Relationships, Flexibility, Execution.
Let’s talk.
Peter Altobelli, Vice President, Yardi Canada LTD.
The greatest challenge initially was the uncertainty of the impact of the pandemic, who will or won’t pay rent. And whether or not this will impact future value of the asset. Some of these concerns are still there but less so compared to a few months ago.
KingSett Capital owns interests in $15 billion of assets and is Canada’s leading private equity real estate investment business co-investing with institutional and ultra-high net worth clients using active management to create premium risk weighted returns.
Raymond Wong, Vice President, Data Operations, Data Solutions, Altus Analytics, Altus Group
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WHAT IS THE GREATEST CHALLENGE THAT HAS ARISEN OUT OF 2020 COVID-19 WITHIN THE MULTI-RESIDENTIAL MARKET?
The greatest challenge at the onset of the pandemic was, after everyone’s safety, the uncertainty investors and landlords experienced within the multifamily rental market. There was confusion and a lack of clarity surrounding the roll-out of the rental subsidy program and concern over the negative financial impact from the eviction moratorium and rent increase freezes. Would landlords be able to maintain their buildings and cover mortgage payments? There was lots of fear and worry not being able to pay bills if revenues declined – this was exacerbated by the health challenges and personal financial stress that everyone was feeling. There was a significant increase in management hours, cleaning, sanitation, and security required for rental buildings. There was also frustration surrounding a lack of consequences for those who abuse government funding or those choosing not to pay rent when able. In terms of sales volume, a traditionally busy time was far less active given the uncertainties in the market on a global scale. Mark Goodman, Principal, Goodman Commercial Inc.
For us it has been to manage a large increase in demand with more urgency due to parcel volumes, yet a slowdown in our supply chain and with assembly staff. The parcel problem blew up overnight: • May 2019 to May 2020 we see a 57% increase in parcel volumes in our locker network when looking at our same Canadian buildings year over year. This is caused by people stuck at home. • According to StatsCan Canadian retail e-commerce sales hit a record $3.9 billion in May, a 2.3% over April, and a 99.3 percent increase over February ($2.0 billion). • Year over year, e-commerce sales more than doubled—with a 110.8% increase compared with May 2019 according to Statistics Canada. More ecommerce = more parcels. Patrick Armstrong, CEO, Snaile, Canada's Parcel Locker Company
1. Uncertainty in the rental market. Despite strong collections thus far, many landlords are concerned about how rental collections will remain as the CERB payments stop. Further, will they be able to achieve the same rental increases upon turnover? Will new construction achieve the benchmark rents necessary to build new rental? Will a slow down in immigration cut off the primary supply to the rental market, keeping vacancy down and rental rates up? 2. Timing to complete transactions. It is much more difficult to conduct due diligence and to achieve financing. As such conditional periods are being extended, sometimes doubled. Property tours are more challenging without impacting the tenants right to privacy and security. Michael Betsalel, Executive Vice President, Capital Markets Multifamily, JLL
We are experiencing unprecedented times and having to adapt the lease-up program for our rental buildings or sales program for a condominium all had it own set of challenges. One of the biggest concerns was how to quickly adapt to ensure the highest level of safety for our tenants and prospects and to maintain as much normalcy as possible. For our assets that are under development, we had to consider how to keep up the momentum. For our rental projects, our property management teams had to navigate away from the traditional in-person leasing and for our condominiums, we were tasked with how to move forward with the sales program so that development timelines could be maintained. Both our leasing and sales programs had to adapt to a fully virtual platform. We had to come up with creative ways to launch a project and keep potential tenants and buyers engaged and interested; it was still important to maintain that personal service approach. We held live webinars for prospects, include full property tours and virtual tours of suites, adopt to a contactless platform for follow up meetings to answer any questions with the leasing or sales agent, and of course the lease application or the signing of the Agreement to Purchase and Sale, all had to be digital to ensure the highest level of safety for all. Moving past the lease-up, there were a lot of other factors to consider including how to move people in safely and efficiently, and more importantly, at a time when the unknown is causing stress levels to be a lot higher, you want to ensure that you maintain that level of service while respecting and maintaining all the physical distancing and even government-mandated protocols. For our sites that are under construction, some faced mandated construction stoppages, so a new layer of pressure on our construction-schedules and carrying cost and increases in overall project budget and timelines will be an ongoing challenge beyond 2020. Kathy Black, Vice President, Development, Fiera Real Estate
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WHAT IS THE GREATEST CHALLENGE THAT HAS ARISEN OUT OF 2020 COVID-19 WITHIN THE MULTI-RESIDENTIAL MARKET?
The greatest challenge is trying to come up with protocol for the unexpected and what-if in a short period of time. For example, when the lockdown started in mid-March, we had little information on tenants April’s rent payment ability. So we had to check our files and predicted which tenants were at high risk and came up with communication and procedure plans. Also, due to uncertainty on how the pandemic would develop, we made quick decision on holding off on all capex and R&M projects. On health and safety related items, we had to identified which providers we could go to for these works and ensured we had top priorities for the works. In terms of communications, we had frequent newsletter sent out to tenants and inform them regarding COVID development, health and safety protocols, e-commerce delivery procedures, and the latest government aids etc. Oraska Tam, Senior Asset Manager, Fiera Real Estate
2020 Canadian Multi-Res Tenant Rental Survey The 2020 Canadian Multi-Res Tenant Rental Survey has asked Canadian tenants to answer questions regarding preferences, lifestyle choices, operation issues, technology opportunities and satisfaction levels in their rental units. A detailed Dashboard and Trend Report are being produced that offers the market a detailed and/or summary level information. Interested in Purchasing? The Trend Report and Dashboard are tools that allows you and your team to conduct simple and complex analysis of the 2020 survey findings. More Information
The ability to keep our residents and staff safe, while at the same time, providing an outstanding resident experience. The paramount priority has been for our site teams and our residents to be safe and to feel safe, particularly during the early days of the lock down. With the extensive support from our head office staff, we were able to do so not only with the implementation of proper protocols in place, but as equally important, with several touch points to keep the morale and spirits up. Our industry goes through market cycles and I consider what we are going through as a phase we will adapt and we will see some changes. But the most important asset is our people - if they are safe and in good spirits, it will be reflected in how we continue to make the resident experience exceptional.
For more information on purchasing the Trend Report or gaining access to the Dashboard please contact Sarah Segal, Director, Informa Canada at sarah.segal@informa.com
Gary E. Lee, Managing Director, Residential Services, BentallGreenOak
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I think many landlords in Quebec were anxious before April 1st to see if rent collection would go terribly wrong; turns out collection was much better than anticipated, which is also a testament to our tenants, who didn't take advantage of the situation for the most part. Ali Lakhdari, Executive VP and Co-Owner, Gestion Immobilière Cogeim
I've been pleasantly surprised by how understanding and cooperative residents and vendors alike have been. But, I shouldn't. I mean I think it's exactly in line with Canadian values.
What has been the biggest surprise that has come out of operating, managing, servicing and working in the multi-family industry during 2020?
Mark Garber, Senior Vice President, Development, KingSett Capital
High levels of rent collection (which of course could drop once stimulus funding subsides) Amy Erixon, President, Avison Young Global Investment Management
The biggest surprise that has come out of operating in the multi-family industry during 2020 has been the continued performance of the asset class; namely strong occupancy, rent collection and resident satisfaction leading to stable valuations and outlook. Even in the face of a pandemic, multi-family rental is showing why it continues to be a core holding in many institutional portfolios. Anthony Lanni, Executive Vice President, QuadReal Property Group LP
The biggest surprise to me has been how well the industry has adapted to the current pandemic / COVID-19 environment. The industry and people within the industry have been extremely resilient in 2020. Jamie Dysart, Executive Director, Mortgage Investments, KingSett Capital
Speaking from my vantage point - providing legal advice to both the multi-res sector and its non-profit and co-op cousins, the surprise for me is that the activity level has been ferocious over the COVID period. There have been struggles with Force Majeure clauses, lien periods, insurance clauses, and admitting that no one should sue anyone if there is a second wave, but that is all borne of one driving motive - the show must go on! The creation of new housing supply is critical, and the sector and government came to grips with that quickly. John Fox, Partner, Robins Appleby LLP
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WHAT HAS BEEN THE BIGGEST SURPRISE THAT HAS COME OUT OF OPERATING, MANAGING, SERVICING AND WORKING IN THE MULTIFAMILY INDUSTRY DURING 2020?
We discovered exactly how nimble we can be. When the world shut down, this industry got to work. We created safe work environments for our teams, then quickly pivoted to maintaining business continuity. Our partners and residents were depending on us for stability in a rapidly destabilizing world. And we delivered. We stayed nimble, embraced new technologies, listened carefully, spoke clearly, acted boldly, and came together in unprecedented ways. Peter Mills, Co-CEO, Wyse Meter Solutions Inc.
From a supply and demand standpoint, rental building owners in downtown Toronto (and the downtown core of other major cities) are experiencing a major change in rental market conditions. Conditions are shifting to favour tenants in negotiating concessions and other perks that have not been available for a long time. James Wilson, Managing Director, Realstar Management
The biggest surprise has been the continued turnover and willingness to move during the early stages of COVID-19. Of course, there are many reasons for a tenant to change their accommodations, our team simply felt that it would be likely that turnover would decrease from April-June, whereas we found it was in line with previous years. Gabriel Diamond, Vice President, Well Grounded Real Estate
How well the multi-family market continues to perform, and the speed of adaptability. Over the last 20 years, there has been an increasing trend of densification, thanks to the opportunities urban living presents. That trend is reversing as a result of the pandemic. People are now relocating to suburban areas with more space and better affordability. Paula Gasparro, Vice President, Real Estate Finance, CMLS Financial
How quickly business regained some sense of normalcy despite the pandemic. We saw a return to normal business by June 2020 after the initial shock. Patrick Armstrong, CEO, Snaile, Canada's Parcel Locker Company
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WHAT HAS BEEN THE BIGGEST SURPRISE THAT HAS COME OUT OF OPERATING, MANAGING, SERVICING AND WORKING IN THE MULTIFAMILY INDUSTRY DURING 2020?
Exceptional financing rates. With the pandemic pushing bond yields down, term interest rates are extremely low. CMHC Insured 5- and 10-year rates have been as low as 1.25% and 1.60%, respectively and conventional 5 year money was as low as 2.30%. Outside of this, the number of buildings with full rent payment throughout the pandemic. There was a lot of doom and gloom about the ability for tenants to pay rent throughout COVID, but this market sector hasn't been hit as hard as some would have thought. Derek Townsend, Principal, Citifund Capital Corporation
The uninterrupted nature by which companies have continued seamlessly to provide service and nurture communities in the multifamily industry. Though technology has always played a crucial role in the success of the industry, it has been truly remarkable to witness the ways in which it has kept communities informed and supported and companies empowered to weather the storm of the now remote workforce and social distancing on properties. Peter Altobelli, Vice President, Yardi Canada LTD.
What impressed me the most was how everyone helped and is helping getting through this pandemic. Tenants, site staff, and property managers have all played a vital role during these challenging times and worked together so that everyone could be safe. Neil Fischler, Vice President Asset Management, Canadian Multi-Family, Starlight investments
One of the biggest surprises of 2020 has been the emphasis being placed on open amenity spaces in multi-family buildings. Intensification on properties with existing apartment buildings creates the perfect opportunity to meet this demand. The vast majority of multi-family buildings are located on underutilized spaces or vacant lots with large amounts of surface parking. Infill development utilizes this surplus land more efficiently and transforms it into inviting communal amenity spaces. Infill development also creates more sustainable density because apartment buildings are in many cases already supported by public infrastructure, amenities, green space and transit. This is an important factor in the promotion of complete communities. Most importantly, infill development brings new opportunities to both future and existing tenants while contributing overall to improved urban design and city building.
The reliance of this sector, despite some negative news early on with the apartment sector, non-payments were lower than expected and values for the most part have remained stable.
Naama Blonder, Architect, Urban Designer, Urban Planner, Smart Density
Michael Betsalel, Executive Vice President, Capital Markets Multifamily, JLL
The resiliency of the Metro Vancouver rental market was on full display. After many surveys conducted by our firm and others on what the non-payment rate had been for apartment buildings, most landlords experienced a 9597% collection rate. This compares with the rest of the commercial sector, where about 20% of retail tenants and 14% of office tenants and those leasing industrial space had failed to pay the full rent since the pandemic began. Though rental housing providers have allocated many resources to ensuring payments are made and buildings are operating smoothly, professionally managed buildings should have few problems attracting and retaining good tenants, of which there are many. And despite the pandemic, our market has been busier than usual for the summer. We’ve been inundated with proposals and have a multitude of active listings and pending sales. This signals a busy fall coming up for transactions. In our sales activity since COVID-19 hit B.C., we’re not seeing changes in price so far, but we’ve made changes in how we work with buyers and sellers, including our process for touring buildings.
The challenges that were presented to us also provided us with the biggest surprises. There was little to no guidance for residential assets during COVID, so our teams had to quickly put together a plan and enforce it on tenants and residents. Safety protocols had to be put into place from wearing a mask in common areas to reducing the riders in an elevator at any given time. These had to be implemented from day 1, before regulation was even legislated so it showed a lot of resiliency from our team and partners. Their ability to adapt and to respond to the ever-changing environment just further emphasizes how the strong collaboration has to continue and remain unabated. There are a lot of options on the market providing tenants with a lot of choice. Our residential portfolio has remained strong and it’s likely due to the high tenant engagement and the community that we’ve created for the tenants. We did launch a condominium project during this time and the sales response, sales prices were the same as the pre-covid period and the rescission rate was even lower.
Mark Goodman, Principal, Goodman Commercial Inc.
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Raymond Wong, Vice President, Data Operations, Data Solutions, Altus Analytics, Altus Group
Every time there is a downturn in the economy, everybody is suddenly surprised or reminded how resilient the multifamily asset class is. As certainty and stability become more valuable, despite CRE values coming down across other asset types, there is a run on multifamily.
Kathy Black, Vice President, Development, Fiera Real Estate
September 2020
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WHAT HAS BEEN THE BIGGEST SURPRISE THAT HAS COME OUT OF OPERATING, MANAGING, SERVICING AND WORKING IN THE MULTIFAMILY INDUSTRY DURING 2020?
Canadian Apartment Investment Conference September 15 & 16 10:00 am to 2:30 pm (E) daily
It was not a surprise, but it was more of a re-assurance -- on how everyone on our residential team and the company as a whole, rose to the challenge of something many have not had experienced before, and worked collectively to ensure everyone is safe, our residents our safe, and our properties continued to operate in a professional manner. Gary E. Lee, Managing Director, Residential Services, BentallGreenOak
The biggest surprise is the high rent payment ratio. Our multi-family portfolio was able to keep at a 95%+ rent payment ratio through COVID. For tenants who had payment difficulties, we were able to arrange payment plan with these tenants.
Toronto Real Estate Forum December 2 & 3 10:00 am to 3:30 pm (E) daily
Oraska Tam, Senior Asset Manager, Fiera Real Estate
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See You Next Year! Québec Apartment Investment Conference February 11, 2021 Palais des congrès de Montréal
See You Next Year! Western Canada Apartment Investment Conference May 11, 2021 Edmonton Convention Centre
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We get approached by many new companies who offer management software that should allow everything to be done online, mostly through an app. I guess that's the future of our business, but it takes a lot of time and money to completely change your way of working, so at Cogeim, we haven't made the move yet and are still exploring our options. Ali Lakhdari, Executive VP and Co-Owner, Gestion Immobilière Cogeim
What technologies and innovations are you seeing either in Canada or RoW that you have or want to integrate into your assets or within your business today?
Oddly it's not new to the pandemic but is being accelerated: contact-less devices and services. We were already rolling out Bluetooth enabled building, suite and amenity access, parcel delivery, as well end-to-end CRM's to handle everything from scheduling initial showings to paying rent, to reserving amenities and requesting service. We are also revisiting elevator service on new developments; should we provide more elevators to handle situations like this. Mark Garber, Senior Vice President, Development, KingSett Capital
IOT on building systems so we can better calibrate occupant safety and comfort amidst fluctuating occupancy. There are better GHG outcomes possible from these investments as well. Amy Erixon, President, Avison Young Global Investment Management
We are focused on integrating into our portfolio technologies that allow us to manage critical building systems remotely, enhance our virtual leasing efforts and improve the self-service capabilities of our resident facing systems. These investments are important to ensure our portfolio remains positioned to achieve strong occupancy and performance levels, even with the significant disruption that has been presented by COVID-19. Anthony Lanni, Executive Vice President, QuadReal Property Group LP
Digital communication tools have been a lifesaver for our business and home lives. During the last few months Teams, Zoom, WebEx, Google Meet and other platforms have been crucial to continue to be able to manage our work. Our effective property management software has been a great help to communicate with our tenants, process contactless payments and issue health notices. We are looking to increase our online footprint in the future and to continue connecting digitally with our stakeholders and residents. Neil Fischler, Vice President Asset Management, Canadian Multi-Family, Starlight investments
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WHAT TECHNOLOGIES AND INNOVATIONS ARE YOU SEEING EITHER IN CANADA OR RoW THAT YOU HAVE OR WANT TO INTEGRATE INTO YOUR ASSETS OR WITHIN YOUR BUSINESS TODAY?
The most exciting innovations centre around wireless thermal metering. We're talking about a technology that instantly saves $200 per suite in avoided cable, conduit and labour costs. Being able to offer our customers instant returns is key to our growth as an industry. Peter Mills, Co-CEO, Wyse Meter Solutions Inc.
For our business the biggest technology improvement revolves around how we store, access, and share information. We've adopted and continue to improve systems to help us analyze our data and share with both our team and stakeholders. Jamie Dysart, Executive Director, Mortgage Investments, KingSett Capital
Delivery of parcels and groceries seems like a trend that has been accelerated by the pandemic. Integrating a contactless delivery system into a higher end building would allow building staff to focus on greater value add customer service initiatives. James Wilson, Managing Director, Realstar Management
The pandemic expedited the implementation of technology across our business. While many of these processes we were planning to upgrade and modernize within 1-3 years, we successfully implemented in 1-3 months. This included upgraded Yardi modules, video conferencing, and payment processing. Furthermore, in terms of the operations of our multi-family assets, we have improved the way we market our availabilities including virtual tours and 3D floor plans.
During this disruptive period, we had to appreciate our investment, at Fiera, in leasing productivity tools and value-added amenities for our residents. We realized some unexpected benefits from this, from being able to leverage our existing parcel delivery locker systems to facilitate a contactless key pick up program to already having in place a very robust leasing and asset management program that allowed for streamlining of workflow and payment processing. On this front, we will continue to build on the technologies that we already have, such as the parcel locker systems, motion censored lights in common areas to reduce cost and also help with sustainability, digital signing and payment processing programs, and of course to always explore and bring on the best digital marketing platforms. Going forward, we would aim to be have full automation. We are always evaluating technologies that are offered in the market and as these platforms become more streamlined, I trust there is going to be a time when the entire workflow for a development project from land acquisition, lease up/sales to suite finishes and colour selection, through construction, up to occupancy and turnover can be tracked and communicated digitally. Kathy Black, Vice President, Development, Fiera Real Estate
Smart phone building access with security and contact tracing features. With the changing world and a "new normal," these are features that would bring more comfort to any future tenant or homeowner. In addition to this, efficient elevator management. With only 2 to 3 people allowed in an elevator at once, there will need to be some adaptation to this design in future apartment buildings depending where the new normal lands. Derek Townsend, Principal, Citifund Capital Corporation
In this new stage of social distancing a completely integrated system wherein all operations and decision making are derived from the same platform and data source is critical. A completely automated system that integrates marketing, tenant and applicant management, property maintenance, payments, vendor relations and communication with appropriate visibility and access to all stakeholders is becoming an essential part of successful businesses today. Peter Altobelli, Vice President, Yardi Canada LTD.
Gabriel Diamond, Vice President, Well Grounded Real Estate
Multi-res is data rich, so as Artificial Intelligence (AI) continues to work its way into our society and economy, it will be important for leading operators to stay very close and learn how to take advantage.
Automation and monitoring of assets. Especially for preventive maintenance sensors that allow for potential issues with elevators, wear and tear on the mechanics and HVAC systems. Tenant adoption of online services and Q&A.
Paula Gasparro, Vice President, Real Estate Finance, CMLS Financial
Raymond Wong, Vice President, Data Operations, Data Solutions, Altus Analytics, Altus Group
Parcel lockers!
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Patrick Armstrong, CEO, Snaile, Canada's Parcel Locker Company
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WHAT TECHNOLOGIES AND INNOVATIONS ARE YOU SEEING EITHER IN CANADA OR RoW THAT YOU HAVE OR WANT TO INTEGRATE INTO YOUR ASSETS OR WITHIN YOUR BUSINESS TODAY?
For technologies, we are hoping to install app-calling elevator systems so can limit the use of hand outside and inside the elevator. We are also investigating into different types of filter and / or air sanitisation systems (either installed onto HVAC or stand along). For e-commerce delivery, it will be ideal to install more lockers and especially ones with refrigeration and freezer functions. However, the costs for above technologies are high for small multi-family buildings. Instead, we have used small gadgets at our buildings. These gadgets are cheaper in costs and can implement at a faster pace. For example, we bought door claw, which is a key chain designed to grab the door handle to open the door, for every tenant at our buildings. By using the door claw, tenants can limit the use of hand when opening door and pressing the elevator. We have also installed foot door opener when appropriate, so tenants can step on the foot door opener to open doors and can limit the use of hand. Oraska Tam, Senior Asset Manager, Fiera Real Estate
Technology has always been a part of our operations and management and the past few months just accelerated it into the forefront. Touchless technology from parcel management systems, to amenity booking, to blue-tooth enabled suite locks, to virtual leasing tours and online applications, to online resident events, among others. Gary E. Lee, Managing Director, Residential Services, BentallGreenOak
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Diversity and inclusion are essential components of successful businesses and organizations. How do we as an industry ensure we are focused on creating diverse and inclusive workplaces today and into the future?
Recognize where we are today: real estate is one of the least diverse (ethnically or gender) industries period. Recognize that this is a problem - not simply because investors are increasingly realizing this is a problem, or to solve for ESG criteria; recognize that better decisions are made with diversity. That means getting comfortable with people who look, think and act differently than you. Recognize that while you can't solve the entire industry's problem, the path to a sustainable solution doesn't involve 'tokenism.' Sustainable change involves celebrating difference (vs. minimizing it), recruiting talent from different places, welcome individuals who bring a different perspective (i.e. didn't go to your university or your son's high school). Learn about systemic bias: how to identify it and how to overcome it. Colin Lynch, Head of Global Real Estate Investments, TD Asset Management
This is a very relevant and important question and we, as an industry, have a big task to really try to implement this. Racism and biases appear in many forms in workplaces and society and it’s apparent in systems, processes, and behaviours. It will be a very complex task to eradicate this, and it will require long-term commitment and intentional action. It won’t be enough to use our voice to address that racism and prejudice is wrong, we’ll have to lead by example and put that talk into action. Our Inclusive behaviours and actions should be a part of our daily lives and not an exception. We conducted a survey in our company and over 80% of the respondents believed that “a company with a mission, strategies, and practices to support diverse workplace can leverage that diversity to achieve a competitive business advantage”, so with that in mind, you are working among a majority of people who believe and would like to see greater diversity and inclusion in their own space. To put this into action, I strongly believe we need to expand our reach and mentorship programs. If we move these programs, and not just implement them among our peers, but rather start in high schools, this will be more far reaching and also open up doors to a wider generation for the future. Kathy Black, Vice President, Development, Fiera Real Estate
I think it has to come from the top; if the leaders in every organization are focused on creating a diverse and inclusive workplace, the chances of success are much better. Ali Lakhdari, Executive VP and Co-Owner, Gestion Immobilière Cogeim
Mix up teams and be aware of unconscious bias. Patrick Armstrong, CEO, Snaile, Canada's Parcel Locker Company
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DIVERSITY AND INCLUSION ARE ESSENTIAL COMPONENTS OF SUCCESSFUL BUSINESSES AND ORGANIZATIONS. HOW DO WE AS AN INDUSTRY ENSURE WE ARE FOCUSED ON CREATING DIVERSE AND INCLUSIVE WORKPLACES TODAY AND INTO THE FUTURE?
Diversity and inclusion have been core values since KingSett was founded. Our team has grown organically, and we have always seen diversity in the talent that respond to our searches and initiatives. One important program is all KingSett employees go through a comprehensive leadership orientation that speaks to our culture and core values. You cannot get through a day at KingSett without collaborating, cooperating, supporting and being supported by your colleagues Mark Garber, Senior Vice President, Development, KingSett Capital
Where to start? Setting goals and targets, ensuring diverse candidates are considered for every position hire, reporting publicly on actual diversity, pay equity and progress against goals. Include meeting D&I targets in the 'C" suite bonus criteria. Staff education, and training. Among other measures. Amy Erixon, President, Avison Young Global Investment Management
It is important for our industry to continue to lead by example by embracing the strength that diversity brings to our business. A diversity of backgrounds and experiences leads to improved discussions, teamwork and business outcomes. We must ensure that we continue to bring in new talent into the business that is representative of this diversity through bias-free hiring practices, inclusive corporate environments and respect for the talents that each individual brings to the workplace. Anthony Lanni, Executive Vice President, QuadReal Property Group LP
I think there's a few different ways to focus on diversity: 1. HR Department For companies at an appropriate scale, creating an HR Department which has diverse leadership will help to create a more inclusive workplace. 2. Board Ensuring your company's board is diverse. 3. Events/Conferences - Promoting diverse speakers at events/conferences 4. Recruitment Firms - Using recruiting firms with diverse leadership Gabriel Diamond, Vice President, Well Grounded Real Estate
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DIVERSITY AND INCLUSION ARE ESSENTIAL COMPONENTS OF SUCCESSFUL BUSINESSES AND ORGANIZATIONS. HOW DO WE AS AN INDUSTRY ENSURE WE ARE FOCUSED ON CREATING DIVERSE AND INCLUSIVE WORKPLACES TODAY AND INTO THE FUTURE?
Our responsibility as leaders is to bring everyone along on our journey as a company, and that means everything from ensuring our internal training, onboarding and recruiting programs are diverse and inclusive, all the way toward making sure all voices are heard in all aspects of our business. Peter Mills, Co-CEO, Wyse Meter Solutions Inc.
Have an open mind. Embrace new ideas and perspectives. Look to diversify your workforce by age, colour, gender, race or religion. We are blessed to live in such a multicultural country.
As a whole, it's safe to say that most businesses know that diversity and inclusion are important. However, this can't just be an ideal - there needs to be action behind it. Unconscious bias is something we have to actively counter in our organizations. At Greenwin, that means asking the hard questions and holding ourselves accountable. Every day we strive to educate ourselves so that we can be advocates for inclusion and diversity, not just passive supporters. Employee engagement is important for setting yourself up for success, and creating a culture where everyone is welcome, diversity is celebrated, and people are a priority is a great start. Kris Boyce, CEO, Greenwin Corp.
Our office believe strongly in the "conflict is good" philosophy, different opinions and views create boarder discussions and leads to better solutions. Our industry needs to continue to focus on creating diverse and inclusive workplaces as a means to promote a more diversified pool of views and opinions in order to encourage innovation within the industry. Jamie Dysart, Executive Director, Mortgage Investments, KingSett Capital
Michael Betsalel, Executive Vice President, Capital Markets Multifamily, JLL
Diversity is easy to achieve if we understand our shared values, the things we care about most. Values cut across all demographic stereotypes...and are the most diverse way to see each other. Nobody acts their age, gender does not predict behaviors, neither does income or marital status or education. We must stop thinking about WHAT people are and focus on WHO they are instead. David Allison, Human Behavior Researcher, Valuegraphics Database Founder, The Valuegraphics Database
I think the industry as a whole has to acknowledge that diversity of their staff is the biggest asset one could have. Diversity in one’s staff helps us better cater to the different needs of our tenants. Diversity also helps bring new and diverse insight to the table and fosters innovation. Neil Fischler, Vice President Asset Management, Canadian Multi-Family, Starlight investments
Understanding and inclusiveness. Involve different stakeholders to the discussion, have a better understanding of the concerns and issues. Also make people feel that they are empowered to either make the decisions and/or their words and thoughts matter. Raymond Wong, Vice President, Data Operations, Data Solutions, Altus Analytics, Altus Group
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It's time to shift from words to action. The Black North initiative sets out a useful framework: (1) create accountable diversity and inclusion initiatives within the corporate setting; (2) develop and share strategic inclusion and diversity plans and goals; and (3) track and report on progress towards enhancing diversity and inclusion in the workplace. James Wilson, Managing Director, Realstar Management
We need to implement a more self-reflective recruitment and hiring program. One that doesn't hold on to old biases and looks for 100% inclusion, but still based on merit. Derek Townsend, Principal, Citifund Capital Corporation
The first step to focusing on diversity and inclusion is to create forums or opportunities for discussions and to listen. Assess your teams and your company’s values honestly and weave inclusivity and diversity into them in a formalized manner. Address with your teams the fact that they have the avenue to be heard and that their voices are valued. Peter Altobelli, Vice President, Yardi Canada LTD. It is - and I am proud to say that both at BGO and at the previous organization I worked at, the multi-residential teams I led are one of the most diverse
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DIVERSITY AND INCLUSION ARE ESSENTIAL COMPONENTS OF SUCCESSFUL BUSINESSES AND ORGANIZATIONS. HOW DO WE AS AN INDUSTRY ENSURE WE ARE FOCUSED ON CREATING DIVERSE AND INCLUSIVE WORKPLACES TODAY AND INTO THE FUTURE?
and inclusionary. However, I know there is still much work to be done. BentallGreenOak has made a goal to be THE leader for equity, diversity, and inclusion (EDI) in the real estate industry. The initiatives we have include the retention of a consultant to help BGO develop our EDI action plan; launched company wide affinity groups (Women's Leadership Council, Black Professionals Alliance, Asian Network, LGBTQIA+ Affinity Group); signing on to the BlackNorth Initiative pledge; and immediate action on hiring practices to ensure a more diverse candidate pool and greater success in hiring women and underrepresented minority groups. Gary E. Lee, Managing Director, Residential Services, BentallGreenOak
Recruitment is an important step for creating diverse and inclusive workplace. Recruiter and hiring managers should be educated and be aware of any biases. Companies should also invest in creating actionable items for the “S” part of ESG policy. Oraska Tam, Senior Asset Manager, Fiera Real Estate
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Take the time and intention to continuously build, maintain and expand your network. Think about where the puck is going and skate to where it is going. Frequently that means skating away from what folks perceive to be the most popular / prestigious thing to do today. Life is short: spend the time to discover what your passion is in life and go do it. Colin Lynch, Head of Global Real Estate Investments, TD Asset Management
Probably to learn to focus your time and energy on the important stuff. And also, to buy every building you can because 15 years ago we were in your scenario! Ali Lakhdari, Executive VP and Co-Owner, Gestion Immobilière Cogeim
Looking back in time, if you were speaking to yourself at the start of your career – what would be your advice?
I’ve been very fortunate with my career path and have grown steadily within the industry. The one advice I would give my younger self is to keep diversifying. The knowledge and understanding I have of the Development industry are because I’ve never put myself into a box and just stayed there. Whether it would be to work on different asset classes or to go through different phases of a development cycle, a fulsome understanding of how one phase affects the next, or how decisions made at the beginning of your development can affect your returns at end; it’s important to have that well rounded perspective to be successful. Kathy Black, Vice President, Development, Fiera Real Estate
Relax. Take a breath, pay attention and listen carefully to all of the resources available to you Mark Garber, Senior Vice President, Development, KingSett Capital
I'd have told myself to speak my mind but be open to persuasion at all times. It's really the best way to learn. John Fox, Partner, Robins Appleby LLP
1. Never take criticism from someone you wouldn't ask for advice 2. Focus more energy on downside risk 3. Liquidity, liquidity, liquidity Gabriel Diamond, Vice President, Well Grounded Real Estate
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LOOKING BACK IN TIME, IF YOU WERE SPEAKING TO YOURSELF AT THE START OF YOUR CAREER – WHAT WOULD BE YOUR ADVICE?
Start early. Work hard. Never give up. And never take 'no' for an answer. Peter Mills, Co-CEO, Wyse Meter Solutions Inc.
If I was speaking to myself at the start of my career, the advice I would give would be that no matter what you are doing, the relationships you build through your career are the key to achieving your goals. Anthony Lanni, Executive Vice President, QuadReal Property Group LP
Continually develop your communications skills, especially as communications evolve. So often, business and personal challenges are a result of communication breakdowns. Practicing empathy and putting yourself in the others shoes can often help with improve the effectiveness of communications. Paula Gasparro, Vice President, Real Estate Finance, CMLS Financial
REAL ESTATE WITH PURPOSE MANAGEMENT • DEVELOPMENT • INVESTMENT • CONSTRUCTION
Find a willing mentor, ask them as many questions as you possible, and listen intently to all their answers. Real estate is a cyclical business and learning from an industry veteran who's experienced multiple real estate cycles is extremely valuable.
Retirement homes | MuIti-family residentiaI | Commercial | Condos
Jamie Dysart, Executive Director, Mortgage Investments, KingSett Capital
OVER Find an industry that interests you and stirs some passion. Explore whether working with art, words, numbers, music, people or some combination of these will magnify your passion for a particular industry. Look for or start a company that respects its employees, encourages lifelong learning and adheres to the same principles and values that are important to you. Find some colleagues to work with where the sum of the parts is far greater than the whole.
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DEVMCGILL DIVISION
PRIVATELY-OWNED RETIREMENT HOMES IN THE PROVINCES OF QUEBEC AND ONTARIO AS WELL AS IN THE USA
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Buy more real estate!
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Michael Betsalel, Executive Vice President, Capital Markets Multifamily, JLL
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Our goal is to enhance your quality of life and give you the best we have to offer.
cogir.net September 2020
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LOOKING BACK IN TIME, IF YOU WERE SPEAKING TO YOURSELF AT THE START OF YOUR CAREER – WHAT WOULD BE YOUR ADVICE? There are 3 things that I find key to success; knowledge, effort and relationships. If you take the time to fully understand and learn about your market/project/ investment, then you will be able to make educated decisions, add value to your clients or be a leader in the conversations you have with your business associates. Real estate isn't rocket science so it can be hard at times to separate yourself from your competition, but if you put in more hours (on the right tasks) and more effort than your competition, you will find yourself pull in front of the pack. Lastly, relationships are key. Never burn a bridge, always work with respect and work to create as many relationships you can within your industry. You never know when you may meet that person again and how they can have an effect on your career. If you have taken the time to gain the knowledge of your market in the first place and you are putting in the extra effort, there is a very good chance your relationships will grow and increase naturally. Derek Townsend, Principal, Citifund Capital Corporation
Be your own worst competitor, innovate, push always harder than everyone else then push again & again. Don't look backwards that is water under bridge look way down the road and make move after move to get to your lofty goals! Patrick Armstrong, CEO, Snaile, Canada's Parcel Locker Company
Listen more.
I would remind myself to always deliver good work, stay hungry for challenges and learning opportunities, and to remember there is always something new one can learn. Neil Fischler, Vice President Asset Management, Canadian Multi-Family, Starlight investments
Surround yourself with people who are better than you, who can understand your vision and want to make it their goal and can help steer innovation. Create teams that can execute on the vision of your organization, understand people and the market to help you drive success. Peter Altobelli, Vice President, Yardi Canada LTD.
No one knows the right decision or action, especially with limited information. So just follow through your logic and reasonings and make the best choice available. Oraska Tam, Senior Asset Manager, Fiera Real Estate
Multi-residential is an exciting space to be in! I recall that there was a time in my early days in the multi-family industry, around 20 years ago (and I am dating myself!), when I contemplated on shifting to commercial real estate. A forward-thinking mentor of mine recommended against it saying that there are very few professionals in the space (as most residential landlords at that time were family-owned) and all institutional investors and players will be entering this asset class in a few years. If you look at the residential industry now, it has certainly attracted many institutional investors. And I have him to thank for this extremely astute word of advice!
Raymond Wong, Vice President, Data Operations, Data Solutions, Altus Analytics, Altus Group
Gary E. Lee, Managing Director, Residential Services, BentallGreenOak
Start early. Work hard. Never give up. And never take 'no' for an answer.
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Peter Mills, Co-CEO, Wyse Meter Solutions Inc.
Always improve your resilience to better be capable of bouncing back from adversity. Amy Erixon, President, Avison Young Global Investment Management
Accept that you know very little and be willing to change every day. David Allison, Human Behavior Researcher, Valuegraphics Database Founder, The Valuegraphics Database
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