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The CRE Exchange is your go-to podcast for all matters of commercial real estate. It hosts cutting-edge conversations with industry experts that offer CRE professionals timely insight into market behaviors and analysis to discover new opportunities and better manage risks and costs. We discuss Commercial Real Estate, Property Valuations, Real Estate Analytics, and Property Tax. Whether you buy or build, assist or advise, if you are a key stakeholder in the CRE space, this show is for you.
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Toronto Under Construction

Toronto Under Construction

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Welcome to Toronto Under Construction, a residential real estate podcast hosted by Bullpen Consulting’s Ben Myers. This monthly podcast will dive into the nitty-gritty of Toronto Real Estate, with a specific focus on housing policy and economics. @BenMyers29
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Your ultimate resource for in-depth discussions, expert interviews, and valuable insights into the ever-evolving world of real estate development. Hosted by Payam Noursalehi, this podcast brings you the knowledge and expertise of industry leaders, innovators, and professionals shaping real estate's future. Whether you’re a seasoned developer, an aspiring professional, or simply curious about the field, our episodes are designed to provide you with actionable information, real-world case stud ...
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Send us a text In this episode, Sarah Segal, CEO of Simply DBS, delves deep into the world of real estate analytics and what it means to be a data-driven landlord. Sarah shares her extensive background in commercial real estate and offers insights on how data can enhance decision-making across housing, office, retail, and industrial spaces. The dis…
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In this episode of Toronto Under Construction, Ben welcomes the first-ever all-female panel to the podcast: Sarah Segal (Simplydbs), Jasmine Young (Zonda Urban), and Jane Renwick (RenwickCorp). From shifting consumer expectations to urban planning bottlenecks, generational change, and leadership at the executive level, this conversation unpacks whe…
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The biggest risk in multifamily right now isn’t oversupply, it’s misunderstanding the data. Jay Parsons joins CRE Exchange to discuss where public housing datasets fall short, why headline narratives around supply, rents, and defaults spread so quickly, and how investors should interpret conflicting signals as the market moves into its next phase. …
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Newmark’s President of Capital Markets, North America, Chad Lavender, breaks down the sector-by-sector changes that are redefining today’s capital markets. From the surge in data center demand to senior housing’s NOI outperformance and the resurgence of banks in lending, Chad share a well-defined read on where CRE capital is actually flowing, and w…
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In this episode of Toronto Under Construction, Ben is joined by Bob Blazevski (Blaze Urban), Sasha Cucuz (Greybrook Realty), and Jake Cohen (The Daniels Corporation) for a wide-ranging conversation on the state of real estate development in the GTA. From the impacts of the 2025 federal budget to the shifting economics of condo and rental projects, …
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Send us a text In this episode of the Real Estate Development Insights podcast, host Payam Noursalehi dives into the fascinating world of digitization, new-age technologies, and construction innovation in real estate development. Joined by three esteemed guests—Amy Villis, Leigh Newman, and Stephan Mansour—the discussion explores the potential of 3…
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The latest wave of delayed government data is finally in, and it’s helping the CRE community reestablish a clearer view of the economy heading into 2026. Join Omar and Cole as they interpret new banking, retail, PPI, and sentiment indicators, translating them into implications for capital availability, demand, and development pipelines. Key Moments…
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Send us a text In this episode of the Real Estate Development Insights podcast, host Payam speaks with Daniel Kolominsky, Senior Planner with the City of Toronto. Together, they explore the City’s Multiplex Monitoring Report, unpack the development review process, and examine how new regulations are shaping multiplex housing across Toronto. The con…
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Our hosts, Omar Eltorai and Cole Perry, unpack an unexpectedly strong Q3 2025, one that defied seasonal norms and signaled potential momentum building across US commercial real estate. They break down what drove transaction growth, why large deals may have returned, and how pricing trends varied across sectors and major metros. Tune into this data-…
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Every quarter, we dig into dozens of CRE earnings calls, tuning in, reading the releases, and looking for what really stands out. This time, we’re taking a different approach. Instead of focusing on individual companies, we’re pulling out the biggest themes across lenders, REITs, and brokers, from credit thawing to where capital is flowing next in …
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In this episode of Toronto Under Construction, Ben is joined by three of Canada's top economists to break down the macroeconomic forces shaping the housing market in 2025 and beyond: Eric Lascelles (RBC Global Asset Management), James Marple (TD Economics), and Peter Norman (Altus Group). The conversation covers interest rate cuts, Canada’s economi…
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Send us a text In this episode of the Real Estate Development Insights podcast, our host Payam sits down with Peter Norman, Vice President and Chief Economist at Altus Group. Together, they explore a wide range of topics critical to the real estate development industry, from shifting demographic demands and historical market data to current trends …
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Legendary New York broker Bob Knakal shares lessons from more than four decades shaping the city’s investment landscape. He discusses the founding of Massey Knakal, the power of specialization, and how zoning and policy continue to define opportunity. Knakal also explains why he’s integrating AI and data analysis into his brokerage, and why, despit…
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Send us a text In this episode of the Real Estate Development Insights podcast, Payam speaks with Chris Spoke, partner at Toronto Standard, a firm specializing in midrise rental infill in Toronto. The episode dives into Chris’s unconventional journey from a digital background to a real estate developer, his advocacy for midrise projects, the challe…
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In this episode of Toronto Under Construction, Ben is joined by three of the GTA’s most influential names in real estate sales and marketing: Andy Brethour (PMA Brethour Realty), Riz Dhanji (RAD Marketing), and Debbie Cosic (In2ition Realty). The conversation covers the current downturn in the condo market, investor behaviour, affordability, and ho…
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What if the economy could sing? The CRE Exchange team explores what the Fed’s Beige Book, homebuilder sentiment, and recent banking data reveal about the broader economy, and how those trends ripple through commercial real estate. Our hosts, Omar Eltorai and Cole Perry, then turn to Peter Norman, Altus Group’s VP and Economic Strategist, for a deep…
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Even with the federal data slowdown, there are still alternative indicators that give us a view into what’s happening in the US economy and commercial real estate. In this episode, our hosts, Omar Eltorai and Cole Perry, lean on data from private providers and trade organizations to uncover what’s happening across consumers, small businesses, labor…
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Send us a text In this episode of the Real Estate Development Insights podcast, Payam speaks with Arash Shahi, PhD, P Eng, PMP, and CEO of Land Logic, about Real Estate Innovation. Arash shares his impressive journey in the real estate sector, spanning over 20 years, and discusses his pivotal role in innovations such as the ACO Innovation Lab and O…
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Retail’s comeback isn’t new news, but its investment potential is still underestimated. In this episode, RockStep Capital’s President, Andy Weiner, joins Omar Eltorai and Cole Perry to shed light on why the most rational capital in CRE is rotating toward shopping centers and “hometown” markets. From positive leverage dynamics to the structural limi…
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In episode 93 of Toronto Under Construction, host Ben Myers is joined by three industry insiders to unpack how financing, data, and design innovation are shaping the future of Canadian housing. Henry Chung (First National), Jason Marks (Collecdev-Markee), and Mitch Abrahams (Benvenuto Group) bring candid insights on everything from CMHC's evolving …
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From a 20.5% surge in new home sales and persistent affordability challenges in the existing market, to rising inflation, consumer sentiment drops, and labor market paradoxes, our hosts Omar Eltorai and Cole Perry explore how these factors are influencing CRE demand and investment strategy. Also, special guest Dan Kudrik, Senior Director at Altus, …
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Send us a text In this episode, Max Goyzman, Vice President of Financing at Peakhill Capital, delves into the intricacies of Financing Purpose-Built Rentals and commercial real estate lending, with a specific focus on the apartment sector. Max discusses Peakhill Capital’s financing strategies, CMHC-insured loans, and bridge financing. The conversat…
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Industrial real estate is transforming, and fast. Aasif Bade, founder and CEO of Ambrose, shares his journey, his firm’s conviction for modern warehouses, and why staying ahead of technology and global supply chain shifts is crucial. From outdated infrastructure to AI-driven innovation, Bade highlights what investors and developers need to know to …
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In episode 92 of Toronto Under Construction, host Ben Myers is joined by two seasoned development leaders to discuss what’s really happening in Canada’s housing market and how their firms are responding to current headwinds. Geoff Matthews (Senior VP, Capital Development) and Kathy Black (Head of Real Estate Development, Fiera Real Estate) break do…
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Inflation is running above the Fed’s 2% target, labor quality remains a top concern for small businesses, and consumer credit growth is sending mixed signals. Together, these forces are framing the near-term outlook for CRE, from leasing demand to borrowing costs. In this episode, Omar and Cole analyze the NFIB small business survey, break down the…
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Send us a text In this episode, we discuss the Decarbonizing The Built Environment and the future of green building practices with three experts: David McMillan, from the City of Toronto; Ben Gilbank, Founder and CEO of Alt Crest Energy; and John Rathbone, CEO and Co-Founder of Rothco EMG. This episode delves into Toronto’s ambitious goal to achiev…
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The Beige Book signals an economy under pressure, with slowing growth, rising costs, and cooling labor markets weighing on CRE. In this episode of CRE Exchange, Cole Perry and Omar Eltorai break down where challenges are mounting and where opportunities remain. They spotlight resilient sectors like data centers, industrial, and high-quality office,…
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The latest FDIC banking profile shows resilience in CRE lending even as past-due rates improve, but consumer confidence is slipping, with inflation and job concerns weighing heavily on sentiment. At the same time, multifamily continues to absorb demand while single-family sales stall under high mortgage rates. In this episode of CRE Exchange, we co…
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In episode 91 of Toronto Under Construction, host Ben Myers is joined by three commercial real estate experts to unpack the current market turbulence, and more importantly, where developers are heading next. Matt Kingston (VP, Asset Management at H&R REIT), Jeremiah Shamess (Executive Vice President, Colliers), and Joshua Marlowe (Principal, Berksh…
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Send us a text Join us as I sit down with Ben Myers, President of Bullpen Research & Consulting, for a deep dive into the real estate market, condos, rentals, and market studies. Ben shares his journey into the real estate industry, the challenges faced by the market, and expert insights into condo and rental market trends. We discuss the impact of…
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We share insights from Altus Group’s Q2 2025 Investment and Transactions Quarterly report. From multifamily’s continued strength to industrial’s surprising slowdown, we explore the quarterly and annual changes in investment volume, pricing, and deal trends impacting CRE today. Tune in for data-backed takeaways to help you navigate your investment s…
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Send us a text Join us as we dive deep into urban development with a special focus on mid-rise housing. Our host welcomes a panel of experts, including Bobby Eisenberg, a partner at York Heritage Properties, Kelly from SVN Architects and Planners, and Conrad, an intern architect at LGA Architectural Partners. The discussion revolves around the impo…
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In Episode 90 of the Toronto Under Construction, host Ben Myers sits down with three major developers who are helping reshape how Toronto grows: Gabriel Leung of Concord Adex, Derek Goring of Northcrest, and Anton Katipunan of RioCan. From transforming airport runways into walkable communities to building Toronto’s most iconic mixed-use development…
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We’re deep into the Q2 2025 earnings season, and with most calls now behind us, it’s time to zoom out. In this episode, we recap key themes from REITs and explore takeaways from other players in CRE, including capital allocators, brokerages, and development firms. It’s a sector-spanning look at the market trends, investment signals, and opportuniti…
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With Q2 earnings season at its midpoint, this episode offers a snapshot of how select REITs across industrial, office, residential, and retail sectors are performing and positioning. Hosts Omar Eltorai and Cole Perry highlight key takeaways from recent calls and early reporting trends. Stay tuned for our wrap-up episode once earnings season conclud…
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Send us a text The Canadian housing market faces significant challenges, from affordability crises to zoning restrictions that slow new development. Yet leaders like Sherry Larjani, founder and president of Spotlight Development Inc., are reshaping how we think about housing. Spotlight on Inclusivity Spotlight Development specializes in high-densit…
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Proptech is evolving, albeit at different speeds across sectors. KBW’s Ryan Tomasello joins our hosts, Omar Eltorai and Cole Perry, to explore how data access, market consolidation, and the drive toward vertical integration are shaping both residential and commercial real estate technology stacks. From digital mortgage platforms and MLS disruption …
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In Episode 89 of Toronto Under Construction, Ben Myers is joined by three of the most candid and experienced voices in the development world: Paul Golini of Cardea, Leith Moore of Assembly, and Julie DiLorenzo of Mirabella. All three have held leadership roles at BILD and continue to advocate for better planning, faster approvals, and housing polic…
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Despite elevated distress levels and refinancing risks, investor appetite for CMBS and CRE-CLOs remained strong through the first half of 2025. Andrew Foster, Senior Director of Business Development at KBRA, talks to us about what’s happening in the US CRE securitization market, and covers a wide range of topics from CMBS issuance trends to sector …
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Send us a text Join us in this informative episode where we sit down with Blair Scorgie, an accomplished Registered Professional Planner and urban designer based in Toronto. With over 17 years of experience spanning public policy, secondary plans, mid-rise housing, and development approvals, Blair brings a deep and practical understanding of Toront…
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Ryan Severino, Chief Economist and Head of Research at BGO, discusses how data science is transforming commercial real estate investing. From outperforming rent growth projections in Las Vegas to forecasting macroeconomic shifts with machine learning, Severino takes us through the power and challenges of blending traditional insights with modern an…
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Send us a text Join us in this engaging episode where we welcome Justin Aykler from Grid Developments and Aykler Real Estate. With over 20 years of experience in the real estate and development industry, Justin shares his journey from starting after his MBA to becoming a key player in his family business. We delve into the multifaceted aspects of r…
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Dr. Philip English from Temple University joins us to discuss our upcoming research paper on CRE liquidity, how liquidity shapes investment decisions, why traditional market measures may fall short, and what new research reveals about true liquidity. From transaction-based indices to the evolution of market structures, this discussion sheds light o…
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In Episode 88 of Toronto Under Construction, host Ben Myers is joined by Ilana Altman (The Bentway), Brandon Donnelly (Globizen), and Rob Spanier (Spanier Group) for a lively exploration of what makes great public spaces, how Toronto is evolving under infrastructure like the Gardiner, and what it means to design cities with people at the forefront.…
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We share the key macroeconomic signals and policy decisions affecting commercial real estate as we move into the second half of 2025. From declining retail sales and builder sentiment to insights from the latest FOMC meeting, we explore how economic headwinds are influencing CRE strategy, pricing gaps, and transaction volume. Tune in for analysis o…
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Send us a text In this episode of Real Estate Development Insights, we explore a topic at the heart of every development conversation today: construction costs. Our guest, Marlon Bray, is a seasoned industry expert who recently transitioned from cost consulting into a more hands-on construction management role. With decades of experience in pricing…
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PwC’s Tim Bodner joins us to explore how commercial real estate firms are navigating today’s volatility and laying the groundwork for a long-term recovery. We discuss the move toward strategic consolidation, the rise of real assets as a unified investment class, and the technologies driving change in operations and asset selection. Tune in for an e…
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In Episode 87 of the Toronto Under Construction podcast, host Ben Myers is joined by Max Steiner (Elm Developments), Mark Zaky (Greenwin), and Todd Nishimura (Baker Real Estate) for a candid conversation about the current state of purpose-built rental housing. From taking over distressed sites to launching rental-first divisions and navigating publ…
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Every quarter we take a close look at a sample of REIT earnings calls across key property sectors, including industrial, office, retail, multifamily, data centers, and healthcare. We drill into how each segment is performing in the face of macroeconomic pressures, emerging opportunities, and evolving investor expectations. Listen in to this episode…
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Send us a text In this episode of the Real Estate Development Insights podcast, we sit down with Brendan Whitsitt to explore the evolving landscape of purpose-built rental housing (PBR). With a career that spans architecture, private development, and large institutional platforms like Tricon Residential, Brendan brings a nuanced perspective on what…
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