Commercial Real Estate Podcast

Hosted by First National

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Latest episode

Jun 2026

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EN-US

About the show

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.

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20 recent

June 11, 202629 min

Rising Vacancies, Softer Rents, and What Comes Next with Anthony Passarelli, Lead Economist at CMHC – Southern Ontario

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Anthony Passarelli, Lead Economist for Southern Ontario at CMHC, to examine the forces reshaping rental housing markets across the region. Anthony explains how trade uncertainty, shifting demographics, and record levels of apartment construction are creating a temporary period of softer rents and rising vacancies in markets such as Hamilton, Kitchener, London, Windsor, and Niagara. The conversation explores why this adjustment may present opportunities for long-term investors, the growing divide between purpose-built rentals and condo rentals, and the challenges developers face as projects become harder to finance. They also discuss government-backed lending programs, affordability concerns, and which Southern Ontario markets are best positioned for future growth. What you will learn: How to evaluate investment timing across Southwest Ontario markets Why the “2-3 year softening window” represents opportunity, not crisis The critical difference between purpose-built and condo rental underwriting models How trade uncertainty acts as a psychological brake on housing decisions Why the unsustainable construction peak in London and Kitchener requires policy support. Why St. Catharines and Niagara lag behind Hamilton in rental construction Anthony Passarelli is the Lead Economist for Southern Ontario at CMHC, specializing in commercial real estate market analysis across key regions including Hamilton, Kitchener, London, Niagara, and Windsor. With deep expertise in rental market dynamics, demographic trends, and economic policy impacts, Passarelli combines data-driven analysis with ground-level market intelligence gathered through extensive client engagement and presentations. In this episode, he provides critical insights into Southern Ontario’s rental market softening, the sustainability of current construction levels, and the long-term implications of trade tensions and demographic shifts on housing demand. His work at CMHC, including participation in multi-lender working committees and policy development, has shaped Canada’s approach to rental housing affordability. The post Rising Vacancies, Softer Rents, and What Comes Next with Anthony Passarelli, Lead Economist at CMHC – Southern Ontario appeared first on Commercial Real Estate Podcast.

June 3, 202639 min

Finding Hidden Value in Multifamily Real Estate with Braiden Goodchild, VP of Capital Formation and Strategic Transactions at Equiton

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Braiden Goodchild, VP of Capital Formation and Strategic Transactions at Equiton, to examine why multifamily remains one of Canada’s most compelling real estate sectors. Braiden explains how Equiton creates value by acquiring properties with significant rent gaps and driving returns through renovations, operational improvements, and disciplined asset management rather than relying on market appreciation. He discusses the importance of fiduciary responsibility, investor education, and flexible capital structures when working with institutional and private investors. The conversation also explores AI-powered property operations, purpose-built rental development strategies in commuter markets, and the demographic trends that could sustain rental demand and create attractive multifamily investment opportunities for years ahead. What you will learn: How to capture 25-30% value gaps through unit renovation and rent growth strategies Why fiduciary duty and investor education are non-negotiable The “Structure Agnostic” Capital Raising Framework How operational AI integration now drives 100% of real estate returns The “Belt Strategy” formula for purpose-built rental viability Why demographic headwinds favor multifamily for the next decade Braiden Goodchild is Vice President of Capital Formation and Strategic Transactions at Equiton, a vertically integrated real estate investment and asset management platform managing $1.7 billion in assets under management. With extensive experience spanning municipal planning, development consulting, investment banking, and international real estate advisory, including leading PwC’s 80-person real estate M&A practice in London, Goodchild brings a sophisticated perspective on capital markets and transaction structures. The post Finding Hidden Value in Multifamily Real Estate with Braiden Goodchild, VP of Capital Formation and Strategic Transactions at Equiton appeared first on Commercial Real Estate Podcast.

May 28, 202639 min

Why Self-Storage Might Be CRE’s Hottest Bet with Bliss Edwards, EVP at SmartStop Self Storage

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Bliss Edwards, EVP at SmartStop Self Storage, to unpack why self-storage is emerging as a major asset class in Canada. Bliss explains how a significant supply gap, especially compared to the US, is creating long-term investment opportunities. The conversation explores how urban density is driving consistent demand, why location strategy hinges on proximity and visibility, and how technology is transforming pricing and operations. From cluster-based expansion strategies to AI-driven revenue management, this episode outlines why self-storage is evolving into a sophisticated, high-growth segment of commercial real estate. What you will learn: How to leverage Canada’s massive supply gap to drive investment returns Why density, not dislocation, is the primary demand driver in Canada The revenue management framework that replaces human pricing with AI-driven optimization How to identify viable markets using population thresholds and cluster strategy Why location matters more than amenities in self-storage, and how to define “location” correctly The operational shift from opening doors to running a sophisticated business Bliss Edwards is Executive Vice President, Canada at SmartStop Self Storage, with over a decade of experience in the self-storage industry. He specializes in strategic growth, market expansion, and operational excellence, helping transform the sector into a sophisticated, institutional asset class. With a background in urban planning and municipal development review, Edwards combines vision with execution, positioning SmartStop as Canada’s leading self-storage builder while delivering consistent value to customers and stakeholders. The post Why Self-Storage Might Be CRE’s Hottest Bet with Bliss Edwards, EVP at SmartStop Self Storage appeared first on Commercial Real Estate Podcast.

May 21, 202631 min

The Demographic Wave Driving Canada’s Next CRE Boom with Vlad Volodarski, CEO of Chartwell

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Vlad Volodarski, CEO of Chartwell Retirement Residences, to discuss the massive demographic shift transforming Canada’s seniors housing sector. Vlad explains why the country faces a critical shortage of retirement living supply as the 80+ population accelerates over the next two decades. The conversation explores how operators are redefining seniors housing as a lifestyle-driven experience rather than a care-focused necessity, drawing lessons from Quebec’s successful retirement living model. They also discuss the operational impact of the pandemic, the challenges posed by construction costs and regulation, and why Chartwell exited long-term care to focus on scalable retirement communities. The episode offers valuable insights for investors, developers, and anyone tracking the future of Canadian real estate. What you will learn: Why Canada needs to build 200,000 seniors housing units in the next decade How to reposition seniors housing from a “last resort” to an aspirational lifestyle choice The Quebec advantage Why long-term care and retirement living don’t mix operationally The demographic math behind 20+ years of sustained growth How pandemic-era operational lessons are now embedded into Chartwell’s growth strategy Vlad Volodarski is the CEO and Corporate Director of Chartwell Retirement Residences, Canada’s largest and most prominent seniors housing operator, with over two decades of leadership experience in the retirement living sector. Vlad has a background in mechanical engineering and accounting. He has navigated the evolution of seniors housing from a fragmented sector to a specialized, high-growth industry, serving as CFO, Chief Investment Officer, and ultimately CEO, a role he assumed in March 2020 during the pandemic. The post The Demographic Wave Driving Canada’s Next CRE Boom with Vlad Volodarski, CEO of Chartwell appeared first on Commercial Real Estate Podcast.

May 15, 202645 min

Why Housing Policy Is Reshaping CRE Faster Than Markets, with Tony Irwin, President and CEO at Rental Housing Canada

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Tony Irwin, President and CEO at Rental Housing Canada, for his fourth appearance on the show, to unpack the policy decisions shaping Canada’s rental housing market. The conversation explores federal and provincial advocacy efforts, including Build Canada Homes, development charge relief, and landlord-tenant board reforms, while examining how government policy directly affects development, operations, and housing affordability. Tony explains why long-term thinking is essential despite short-term market softness, and why stronger collaboration between industry and government is critical to solving the housing crisis. The episode offers practical insight for developers, owners, operators, and industry professionals navigating an increasingly policy-driven market. What you will learn: How to navigate dual-level advocacy The Build Canada Homes opportunity and pitfalls Development charges reduction strategy Why landlord-tenant board reform directly impacts housing supply The danger of short-term thinking in housing markets How to engage in municipal elections strategically Tony Irwin is the President & CEO of the Federation of Rental-housing Providers of Ontario (FRPO) and Rental Housing Canada (RHC), representing more than one million rental units nationwide. A respected advocate for Canada’s rental housing industry, he works closely with government and industry leaders on housing policy, affordability, and development reform. Before joining FRPO, Tony led the Canadian Consumer Finance Association and the Justin Eves Foundation. His background also includes senior political leadership roles, including serving as Senior Advisor to an Ontario Premier and Executive Assistant to the Leader of the Official Opposition. The post Why Housing Policy Is Reshaping CRE Faster Than Markets, with Tony Irwin, President and CEO at Rental Housing Canada appeared first on Commercial Real Estate Podcast.

May 13, 202645 min

Why Housing Policy Is Reshaping CRE Faster Than Markets, with Tony Irwin, President and CEO at Rental Housing Canada

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Tony Irwin, President and CEO at Rental Housing Canada, for his fourth appearance on the show, to unpack the policy decisions shaping Canada’s rental housing market. The conversation explores federal and provincial advocacy efforts, including Build Canada Homes, development charge relief, and landlord-tenant board reforms, while examining how government policy directly affects development, operations, and housing affordability. Tony explains why long-term thinking is essential despite short-term market softness, and why stronger collaboration between industry and government is critical to solving the housing crisis. The episode offers practical insight for developers, owners, operators, and industry professionals navigating an increasingly policy-driven market. What you will learn: How to navigate dual-level advocacy The Build Canada Homes opportunity and pitfalls Development charges reduction strategy Why landlord-tenant board reform directly impacts housing supply The danger of short-term thinking in housing markets How to engage in municipal elections strategically Tony Irwin is the President & CEO of the Federation of Rental-housing Providers of Ontario (FRPO) and Rental Housing Canada (RHC), representing more than one million rental units nationwide. A respected advocate for Canada’s rental housing industry, he works closely with government and industry leaders on housing policy, affordability, and development reform. Before joining FRPO, Tony led the Canadian Consumer Finance Association and the Justin Eves Foundation. His background also includes senior political leadership roles, including serving as Senior Advisor to an Ontario Premier and Executive Assistant to the Leader of the Official Opposition. The post Why Housing Policy Is Reshaping CRE Faster Than Markets, with Tony Irwin, President and CEO at Rental Housing Canada appeared first on Commercial Real Estate Podcast.

May 6, 202633 min

Five Cycles and Still Standing: Building Townline, Rental Housing, and Fighting for Deregulation with Rick Ilich, CEO at Townline Homes Inc.

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What does it take to survive five economic downturns and come out stronger every time? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Rick Ilich, CEO of Townline Homes Inc., for a wide-ranging conversation spanning four decades of real estate development in British Columbia. Rick traces his journey from answering a newspaper ad as a gopher in 1981 to building a multi-entity enterprise that has delivered thousands of purpose-built rental and not-for-profit housing units. He recounts how he organically shifted from single-family homes to townhouses to condos to rental not from a business plan, but from watching what was selling down the street. His accidental pivot into rental housing fourteen years ago, born out of a $2-million hole in a Victoria parking lot, is now one of the defining moves of his career. The episode digs into the current state of Vancouver’s housing market, where rents are down 17%, condo margins are down 20 to 30%, and suburban land effectively transacts at zero for new development. Rick describes what separates the developers who will survive this cycle, varied cash flows, modest leverage, and a track record from those quietly heading toward insolvency. Rick also unpacks his Canada-first purpose-built co-living project in Victoria, a heavily amenitized building rented by the bed to students, seniors, and interns, built with zero government subsidy. He explains the design philosophy, the matching process for roommates, and why institutional investors haven’t caught up to this model yet. The conversation turns candid on government policy: why 35 to 40% of any tower’s cost in Vancouver is driven by government; why carbon policy, building codes, and planning ideology are making modest housing impossible to build; and why the right question government should be asking is not “what policy can we add?” but “what can we do to get shovels in the ground?” Rick also addresses the Cowichan land title decision and its implications for indigenous land rights, property owners, and future investment in BC, offering one of the most grounded, industry-insider perspectives on a story that has rattled real estate markets across the country. What You Will Learn How Rick Ilich built Townline from a one-house-at-a-time operation to a multi-thousand-unit enterprise Why varied cash flow and modest leverage are the only things keeping developers alive right now How a $2-million hole in Victoria accidentally launched Townline’s rental housing business Why Canada’s first purpose-built co-living project is housing people no subsidy program can reach Why 35–40% of a Vancouver tower’s cost is directly attributable to government policy and building codes How immigration rightsizing created a rental vacancy rate that hasn’t been seen in Vancouver for 20 years What the Cowichan title decision actually means for property owners, developers, and indigenous communities Why planners have become “policy police” and what it would take to actually deregulate housing in Canada Rick Ilich is the CEO of Townline Homes, Townline Construction, and TL Housing Solutions, a group of companies that collectively represent one of British Columbia’s most experienced and diversified real estate development enterprises. Over a career spanning more than four decades with 25 years of purposeful, scaled growth. Rick has guided Townline through five economic downturns, developing thousands of market condominiums, purpose-built rental units, and not-for-profit housing across BC. He is a vocal industry advocate for housing deregulation and a regular voice in government and media on policy reform. His latest venture, Canada’s first purpose-built co-living project in Victoria, reflects his conviction that government social engineering is preventing the modest, affordable housing the market is ready to deliver. The post Five Cycles and Still Standing: Building Townline, Rental Housing, and Fighting for Deregulation with Rick Ilich, CEO at Townline Homes Inc. appeared first on Commercial Real Estate Podcast.

April 30, 202649 min

The Housing Crisis Isn’t Supply, It’s Policy Failure: Insights from Eric Carlson, Core-Founder and CEO of Anthem Properties Group Ltd.

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Eric Carlson, Core-Founder and CEO of Anthem Properties Group Ltd., to unpack over four decades of real estate investing. Eric shares hard-earned lessons on surviving market cycles, emphasizing cash preservation as the foundation of long-term success. He contrasts “farming” versus “hunting” strategies, advocating steady, disciplined growth over risky market timing. The conversation dives into how government policy, not supply, drives housing unaffordability, and how volatile immigration trends distort development economics. Eric also explores growing uncertainty around regulation and property rights, arguing that clarity and consistency in policy are now the most critical factors shaping real estate investment decisions. What you will learn: How to build a real estate empire from nothing Why diversification across classes and geographies protects you from market cycles The real driver of housing unaffordability is policy, not scarcity How immigration policy created a demand shock that distorted market fundamentals Why “farming beats hunting” in real estate How uncertainty around indigenous title and reconciliation creates investment paralysis Eric Carlson is the Core-Founder and CEO of Anthem Properties, a diversified real estate development and investment firm operating across Canada and select U.S. markets. With over four decades of experience in commercial real estate, spanning apartment syndication, retail, industrial, residential, and master-planned communities, Eric has established himself as a vocal industry leader and strategic thinker. His expertise encompasses real estate development, asset management, and capital allocation across multiple asset classes and geographies. The post The Housing Crisis Isn’t Supply, It’s Policy Failure: Insights from Eric Carlson, Core-Founder and CEO of Anthem Properties Group Ltd. appeared first on Commercial Real Estate Podcast.

April 23, 202639 min

Beyond Supply and Demand: The Future of Canadian Real Estate with Byron Chard, President and CEO of Chard Development

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Byron Chard, President and CEO of Chard Development to unpack how specialized developers are reshaping Canada’s multifamily and hospitality sectors. Byron shares Chards’ shift from merchant development to long-term institutional partnerships, emphasizing transparency, operational control, and data-driven execution. He explains how retaining asset management creates a powerful feedback loop that improves design and cash flow over decades. The conversation also explores how AI is enhancing consistency across projects, why obtainable housing can de-risk development, and how evolving affordability dynamics are extending rental demand. Looking ahead, Byron outlines a cautious market outlook through 2026, with stabilization in 2027 and recovery building into 2028. What you will learn: How to build institutional alignment as a developer Why retaining asset management capability compounds competitive advantage The “small and nimble” positioning paradox How operational decisions in construction directly impact 20+ year cash flows Why obtainable housing derisks development and unlocks density The 2026-2028 market inflection thesis Byron Chard is President & CEO of Chard Development, where he leads day-to-day operations and strategic growth across British Columbia. Since joining in 2014, he has expanded the firm beyond residential projects in Victoria to include purpose-built rentals, affordable ownership, and mixed-use developments across Vancouver and North Vancouver. Overseeing more than one million square feet in development, Byron focuses on operational excellence, long-term value creation, and delivering diverse housing solutions that support communities and help residents move up the housing continuum. Episode Timeline: 00:00 Intro: Welcome to the CRE Podcast 02:01 From Ernst & Young to Family Real Estate Empire 05:00 Purpose-Built Rental: The Strategic Pivot That Changed Everything 08:34 Small Developer Agility as Institutional Advantage 11:09 Operational Details: Drive 20-Year Cash Flow Performance 13:42 AI as Operational Efficiency and Cultural Tool 16:30 Hotel Development: Location, Operations, and Brand Selection 22:43 Obtainable Housing as Site Derisking and Approval Accelerator 28:13 Immigration and Supply Cycles Shape 2026-2028 Market Inflection 32:27 Rising Transaction Costs Reshape Homeownership and Rental Demand 38:44 Key Takeaways & Final Thoughts The post Beyond Supply and Demand: The Future of Canadian Real Estate with Byron Chard, President and CEO of Chard Development appeared first on Commercial Real Estate Podcast.

April 16, 202642 min

From Niche to Necessity: The Seniors Housing Surge with Sean McCrorie, Vice Chair and Practice Leader at Cushman and Wakefield

Welcome to the CRE podcast. 100% Canadian, 100% commercial real estate. What if the global geopolitical churn is actually creating opportunities to realign your portfolio? In this episode of the Commercial Real Estate Podcast, powered by First National, hosts Aaron Cameron and Adam Powadiuk are joined by Sean McCrorie, Vice Chair and Practice Leader at Cushman and Wakefield, to unpack why seniors housing is rapidly emerging as one of Canada’s most compelling real estate opportunities. They explore the massive supply-demand gap, with only a fraction of the 20,000 units needed annually being built, and how aging demographics are driving long-term growth. The conversation dives into operational realities, from labor shortages to extended lease-up timelines, and explains why patient capital is essential. As institutional money floods the sector and cap rates compress, seniors housing is transitioning from niche to mainstream, offering investors a rare, decades-long growth runway. What you will learn: Why the 20,000-unit-per-year supply target reveals a critical market imbalance How to evaluate the continuum-of-care development model The structural reason seniors housing lease-ups take 2-3 years How the boomer demographic tail never fully stops wagging Why the caregiver-to-senior ratio is becoming the sector’s most underestimated constraint The investor arbitrage opportunity hiding in cap rate compression Sean McCrorie is Vice Chair and Canadian Seniors Housing & Healthcare Practice Group Leader at Cushman & Wakefield. Based in Toronto, he advises owners and investors on valuations, acquisitions, and development strategy. Over the past decade, he has worked on many of Canada’s largest seniors housing transactions. Previously, he co-founded the practice at CBRE and held roles at Sienna Senior Living and a global investment bank. The post From Niche to Necessity: The Seniors Housing Surge with Sean McCrorie, Vice Chair and Practice Leader at Cushman and Wakefield appeared first on Commercial Real Estate Podcast.