New Episode: (61) Should You Build a Multiplex? Five Questions to Answer First In this solo episode, I walk through five questions that can help you decide whether a potential multiplex is worth pursuing—before committing significant time and capital. Toronto’s rental deadline is really a readiness test Toronto’s new purpose-built rental incentives could materially improve the economics of some projects. But the most important question in the application is not how much the incentives are...
27 days ago • 3 min read
Hi Reader, Over the last couple of weeks, we ran our first Toronto Multiplex Feasibility Workshop. In two sessions, we built a sample multiplex pro forma from the ground up—and then tried to break it. I did not want this to become an Excel workshop. The spreadsheet is useful, but the real question we kept coming back to was: Does this project actually make sense as an investment—and can the owner carry it? A few key takeaways. 1. A pro forma is not a prediction tool. A pro forma is our best...
about 1 month ago • 3 min read
New Episode: (60) Toronto’s 2026 Housing Incentives: What Developers Need to Recalculate Solnik Update: An important milestone for a promising East York project. Congratulations to our client on receiving Committee of Adjustment approval for 418 O’Connor Drive.This project is a strong example of the type of gentle intensification that can add much-needed housing within Toronto’s established neighbourhoods.We’re pleased to see the project reach this important milestone and look forward to...
2 months ago • 2 min read
Hi Reader, I hope you had a great long weekend. Over the past couple of years, I've been approached by about a dozen different AI apps that promise to help you figure out whether you should build a multiplex. Most of them generate a rough pro forma, estimate your returns, and tell you whether the project "works". Another one landed in my inbox this weekend, and it immediately reminded me of the story of the Space Pen. The story goes that when NASA was preparing for space missions, engineers...
2 months ago • 1 min read
Hi Reader, A few months ago, we asked a group of subscribers two key questions about their (potential) Multiplex Development project in Toronto. When it comes to starting your first multiplex development project in Toronto right now, what is the one single biggest challenge or hurdle you’re struggling with? Which areas (of the development) do you need the most clarity on? A clear pattern emerged. They wanted more confidence in the assumptions behind the numbers. They wanted to better...
3 months ago • 1 min read
New Episode: (59) CMHC Financing for Small Mid-Rise Projects Abtin Nikeghbali Is a Director of Mortgage Origination at Canada ICI. Since 2020, Abtin has advised on over $4.5 billion in real estate financings across Canada, leading the structuring and underwriting of complex debt and equity capital solutions. His expertise spans land and construction loans, bridge and inventory financing, term debt, and equity placement. Announcement: We’re pleased to share that Dena Project Management has...
3 months ago • 2 min read
Hi Reader, Over the past year, I have found myself giving newer and first-time developers the same warning: "Please don't build 4-storey Buildings! That is what our ecosystem is quietly yelling at you!" The main reason this conversation keeps coming up is the changes that have happened over the past couple of years in Toronto planning. Mainly the EHON (Expanding Housing Options in Neighbourhoods) and one of its core tenets, i.e. Major Street permissions. I am not a planner, so I will leave...
4 months ago • 2 min read
New Episode: (57) Mid-Rise Purpose-Built Rental: Underwriting Rent, Absorption, & Exit Risk Mathieu Fleury Founding Partner at Leader Lane Developments, he holds a Master’s in Real Estate Finance from The University of Cambridge in England. Over the last 12 years, with firms such as Loblaw Properties Limited, Great Gulf, and Dream Unlimited, Mathieu has been responsible for financial forecasting and budgeting for over 15,000 residential units and over 7 million sq. ft. of development across...
4 months ago • 1 min read
New Episode: (56) 42 Years of Development Lessons on Building Better Homes & Communities Jake Cohen As President of The Daniels Corporation, he leads all of Daniels’ business operations, providing strategic direction across the company’s developments from land acquisitions through construction to project completion. With over 20 years of progressive leadership, he aligns corporate strategy with operational excellence to deliver large-scale residential, commercial, and mixed-use developments...
4 months ago • 1 min read