Insights

Multifamily investing in Canada has entered a more disciplined phase. Capital is no longer abundant, debt is no longer predictably cheap, and rent growth is no longer universally accelerating. Yet many acquisition models still reflect habits formed in a very different environment. Deals rarely fail because of one dramatic miscalculation. More often, they unravel because of a handful of small, seemingly reasonable assumptions that compound over time. Individually, they appear

In Canadian real estate investing, attention tends to cluster around the same handful of primary markets. Toronto, Vancouver, Montreal, and a short list of secondary cities absorb most of the capital, headlines, and competition. Yet some of the most consistent risk-adjusted returns over the past decade have been generated not in these centres, but in nearby secondary growth markets that benefit from their economic gravity without sharing their pricing excesses. For discipline

Each month begins with a review of rates, spreads, and macro indicators across the financing stack, and here’s what caught my attention this time. Bond yields have stabilized at higher levels, mortgage rates remain stubbornly elevated relative to last year, and equity markets are continuing to grind higher despite tightening financial conditions. The data continues to suggest persistence rather than relief, which has implications for underwriting discipline and timing. Featur