Canadian Apartment Investment Report 2012

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 1

CANADA’S LEADING

September 2012

Apartment Investment THE GOLD STANDARD FOR REAL ESTATE INTELLIGENCE

Diversifying Your Portfolio: The Time is Now Property Management Migrates to the Palm of Your Hand LUXURY STUDENT HOUSING:

Radical Trend or Investment No-brainer?

Sailing Through the Cycles

September 20, 2012 Metro Toronto Convention Centre

T R O REP

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 2

CBRE Limit Limited ed National Na tional A Apartment pa Group Canada’s C anada’s leading M Multi-Residential Real Estate Group.

Please visit our w Please website ebsite at at www.cbre.ca/nag-canada or learn how we can help you. ccontact ontact us tto o lear n more more about a Vancouver :: David Ho 604 662 5168 david.ho@cbre.com :: Lance Coulson 604 662 5141 lance.coulson@cbre.com :: Michael Deighton 604 662 5156 michael.deighton@cbre.com Calgar y :: Grant Potter 403 750 0528 grant.potter@cbre.com

::

::

::

::

::

:: ::

:: ::

Edmonton :: Paul Gemmel 780 917 4630 paul.gemmel@cbre.com :: Bradley Gingerich 780 917 4626 brad.gingerich@cbre.com :: R ay Townsend 780 917 4628 ray.townsend@cbre.com

::

::

*

www.cbre.ca/nag-canada w ww.cbre.ca/n Vancouver V ancouver

CA CAIR AIR NAG NA AG Ad 2012 v22 indd 1

Calgary Calgary

Edmonton Edmonton

Winnipeg

London

Kitchener

Toronto

Ottawa

Montreal

Saint John

Halifax

9/6/2012 2:01:28 PM

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 3

Front Cover: Downtown apartment project under construction in Minneapolis that will include a Whole Foods grocery store on the ground level.

Humphreys & Partners Architects, L.P.

“We might all have a war chest of money to put out there in 2013… but will that put more downward pressure on cap rates?”

Contents A Message from the Conference Co-Chairs

3

Sailing Through the Cycles

3

In Today’s Strong Multi-Residential Market, What’s Your Next Move?

5

Diversifying Your Portfolio: The Time is Now

5

Keeping an Open Mind Reaps Rewards

7

Property Management Migrates to the Palm of Your Hand

7

Luxury Student Housing: Radical Trend or Investment No-brainer?

8

The Best Advice

10

Return on Retrofits: Old is the New ‘New’

10

EDITOR Michel Rémy Michel Rémy is the editor of TheSquareFoot.ca, a commercial real estate publication that specializes in timely market information, news and networking.

DESIGN gbc-design.com CANADIAN APARTMENT INVESTMENT CONFERENCE TEAM Laura Aaron Maria Encarnacion Jessica Petrucci Jean Pickering George Przybylowski INFORMA CANADA INC. Steven Levy President ABOUT INFORMA bringing knowledge to life Businesses, professionals and academics worldwide turn to Informa for unparalleled knowledge, up-tothe minute information and highly specialist skills and services. Our ability to deliver high quality knowledge and services through multiple channels, in dynamic and rapidly changing environments, makes our offer unique and extremely valuable to individuals and organisations.

www.informacanada.com CANADIAN APARTMENT INVESTMENT REPORT MAGAZINE The magazine is published yearly, coinciding with the Canadian Apartment Investment Conference in Toronto in September. ©2012 Informa Canada Inc. Disclaimer: The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of Informa Canada.

TO ADVERTISE, CONTACT Frank Scalisi Director of Sponsorship and Advertising Sales Phone: 416-512-3815 • Email: fscalisi@mmart.com CONFERENCES For more information on the Conferences, visit our website at

www.realestateforums.com M

Jason Castellan

Sam Firestone

A Message from the Conference Co-Chairs In anticipation of this year’s conference, we have looked forward to a variety of opinions and fresh discussion on where things are heading. They are certainly heading somewhere. Our markets are always moving, reacting to the changing economic environment.

O

n everyone’s mind is how to make our properties more efficient and more environmentally friendly. We are all working toward different strategies, such as segregating our market into senior housing, student housing, regular apartment housing and high end apartments. Many of us are concerned about the condo market. Is it a threat? These issues, we expect, will dominate our conference.

As for the burning question of where cap rates are headed, we say, ‘Higher, please.’ Again we ask, where is the bottom? And finally, an ever-present concern, though perhaps not immediate… Will cap rates erode property value when they start to rise?

Looking into the near future of 2013, we don’t expect radical change.

Institutional and retail investors will still hunger for yield and look to invest in stable, proven entities. Those with cash will seek out properties to buy. We believe 2013 will remain a seller’s market and a difficult one for buyers.

These are frothy times. May we keep our heads on straight in 2013 and continue to make good deals for the sake of good deals, not for the sake of placing capital in whatever we can get our hands on.

Jason Castellan Conference Chair

Sam Firestone Conference Chair

Sailing Through the Cycles Keynote Speaker Bob Faith, Founder and CEO of Greystar Real Estate Partners Bob Faith ventured into entrepreneurship right between two financial crises: the one in the early 90s and the most recent one. In 1993 after co-founding and growing a large real estate investment company, Faith founded Greystar Real Estate Partners, which today is the largest operator of apartments in the United States.

Trends he’s seeing? “We have this tremendous bulge in the population that Bob Faith we call the echo boomers, which are now entering their early 20s,” he says.

“This segment of the population is larger than the baby boomer segment. As an industry in the U.S. we have spent a lot of time really trying to understand this demographic; to focus on this population.”

Not surprisingly “echo boomers” are technologically savvy, which is influencing how our company communicates with residents and markets to prospects. They also value social interaction. “We’re trying to orient some of our business centres,” Faith says, “to feel more like a Starbucks, where you can go down, hang out and interact with folks, rather than a cubicle where you go to do work.”

What is critical to the success of Greystar, which now manages in every major market across the U.S., is being a fully integrated company. “We’re not just a developer. We’re not just an investment manager. We are also a property manager,” Faith says. “That’s kind of the secret to our sauce. It keeps us in the market no matter where we are in the notoriously cyclical real estate cycle.” ■ Michel Rémy Canadian Apartment Investment Report / SEPTEMBER 2012

3

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 4

In today’s strong multi-residential market,

what’s your next move?

O

n June 29, 2012 PD Kanco LP and Starlight Investments Ltd. acquired TransGlobe Apartment REIT for $2.35 billion. The portfolio comprised approximately 22,000 apartment suites in 176 buildings across Canada.

According to David Bloomstone, Vice President and Director of real estate investment banking at TD Securities Inc. which acted as Advisor to the vendor, Canada’s multi-residential sector appeals to investors worldwide thanks to our political stability, sound banking system, safe and reliable returns, capital appreciation potential and ample equity and debt.

“Putting a deal together of this size and complexity required numerous professionals from across TD,” Bloomstone says, “including real estate investment bankers, mergers and acquisitions experts, property brokers, debt and equity capital markets experts and com-

mercial mortgage professionals.”

According to Bloomstone, while the TransGlobe Apartment REIT privatization is the largest multi residential portfolio sale in Canada, it is “just one of many recent sales that demonstrate the strength of the Canadian multi- residential marketplace.”

This favourable climate has investors wondering: Is it time to hold, buy, build or sell? Robert Greer, Principal at Avison Young says that in the case of an older B or even a C class building that might require significant upkeep in the next few years, it might be wise to sell.

That’s largely because cap rates and interest rates are unlikely to get any lower. “As soon as rates start to move upwards you’re going to see the values of these assets come off significantly,” he says.

As for building, Greer says there are great opportunities – years in the making

DIVERSIFYING YOUR PORTFOLIO:

Mathieu Duguay

Investing in different asset classes reduces exposure to risk. And given the aging population, recent changes to mortgage regulations, and other factors affecting real estate today, it may be time to consider alternatives to multi-family properties for a more diverse and robust portfolio.

David Bloomstone

Robert Greer

– in Vancouver, where local politicians have committed to offering incentives to local developers to build purpose-built rental. The city has the highest land prices in Canada and has hardly seen any new purpose-built rental properties since the early 1970s.

Cap rates in Vancouver continue to be Canada’s lowest – 2.5% to 3.5% for well-located rental apartment buildings.

While institutions would love to be in the Vancouver market, Greer says, they are deterred by the low cap rates and can find similar deals in the rest of the country in much higher yields. “Private buyers continue to lead the charge,” he says, “and they’re doing almost all of the deals that are over $5 million.” ■

Michel Rémy

The Time is Now years. That’s good news for longer term players. “The spread between cap rates on multi-residential and senior housing is currently between 200 and 300 basis points,” he says. “You can enjoy very low interest rates from CMHC as with multi-residential, but with a much better cap rate going into your deal.”

COGIR recently purchased the Jazz senior independent living properties in Sainte-Foy, Drummondville, Lévis, Lebourgneuf and Longueil. Compared to the previous owners, Duguay’s team is very involved in day-to-day operations and connected with the tenants and community. The potential for return on this newly-added portfolio looks increasingly bright. Of the five 1000-unit properties, three have excess property with the potential to add an additional 500 units in each, which COGIR hopes to do.

D

Financing your new venture iversifying could mean, for example, adding student, senior or affordBranching out into a new asset class means having to learn and navigate a able housing to the mix. “Cap rates are different from one class to the new set of financing parameters. The key, according to Duguay, is getting the other and over time, the interest rate and appetite for financing and CMHC and loan insurance certificates. debt could also be very different,” says Mathieu Duguay, Executive Vice “Once you have the certificate, almost every President of the Québec-based COGIR Management Corporation.

“Once you have the [CMHC] lender on the market is ready to make the loan,” he says. “So maintain a good relationship with CMHC. COGIR is exploring future options for student certificate, almost every Know how they see the market, what they think of housing products, of which the city currently has only one or two. The new generation of U.S. student hous- lender on the market is ready the market, and listen to their advice.” to make the loan.”

This applies whether you’re new to the market ing – which Duguay sees working very well in Québec or an established investor with a proven track record.

– is a lifestyle model resembling condo living. The Duguay stresses that CMHC rules are rigid, without exception, and working in firm’s current focus, however, is on expansion into senior housing, which he says harmony with the agency starts with understanding their perspective: “currently offers the highest return on investment in real estate with the excep“Basically when you know what they are looking for, you work on the right tion of some hotels.” deal from the start.” ■ Investors considering senior housing as an option are currently in a buyer’s Michel Rémy market, which Duguay believes will become a vendor’s market in five to 10 4

Canadian Apartment Investment Report / SEPTEMBER 2012

6/

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 5

)RU PRUH LQIRUPDWLRQ YLVLW XV DW

ZZZ UHQWVWDUOLJKW FRP

6/DG LQGG

30

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 6

Platin P at num u

Key Suppor Suuppo pportingg Association Asssociaationn

Gold o

Silv S ver e

Peen

Mints M tss

Presenter essente se teeer Biogra Biogra og aphie pphies ees

TONEBAN NEBA BANK STON

C ossing Clos s g Rou oundta taable ab e

Plen enar a y Sesssions so s CO CORP OR COMMERCIAL COM M MMERCIAL LR REA REALTY AL LT TY INC. IIN C. BROKERAGE BROKER BR BROKE ER RA R AG AG GE

Journ ournal o ou nal a

Break eakfast ea kfast ast

Bronze o e

Multimedia Multi M u timed ediaa

Lan anyar ya d

Netw Neetw e orking o g Reception Reeecepttion to 速

General Gen e al Sessions so s AltusGroup Altus Group

Suppor Sup pporting ppor t g Sponsor Sponsor sor

Corporate Co o po orpo o atee Sponsors orate Spo o sorss onso Altus In InSite Site

Suppor SSuppo o tin or tting ngg Associations Assssoci ssociation at onss

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 7

Keeping an Open Mind Reaps Rewards

M

aximizing the value of a property requires creative thinking and, above all, being in tune with the Jason Ashdown needs of the community. Jason Ashdown, COO & Co-Founder, Skyline Apartment REIT begins every venture by talking to the area’s planning department. “Otherwise,” he says, “it’s an uphill battle.”

When Skyline wanted to convert a 72-unit residential property in downtown Guelph into condos – seeing a significant revenue opportunity – the city was hesitant, preferring a new-build.

Ashdown proposed to build 77,000 square feet of commercial space, and still the city was hesitant; converting the old building would remove rental stock. So Ashdown presented a new option: If he could have his condo conversion, he would add 18 residential suites to the proposed commercial space, creating a mixed use building in the downtown core. “That worked,” he says.

In another case, during the process of converting an 80-year-old convent into condos in the northern community of Haileybury, Skyline recognized a shortage of senior housing and services in the market. The company decided to partner with a local firm, Timiskaming Home Support, and moved them in as a commercial tenant. The new partnership turned the property into a 48 unit rental suite offering on-site assisted living services. The venture was so successful that the Federation of Rental Housing Providers of Ontario (FRPO) awarded Skyline a Development of the Year award.

Yet another example of how keeping an open mind – even mid-project – benefits everyone. “In our business we have to be flexible,” Ashdown says, “keep our eyes open and adjust our model as needed.” ■ Michel Rémy

Leonard Drimmer

Property Management Migrates to the Palm of Your Hand Toronto-based Property Vista may be single-handedly modernizing property management. In August, the company launched a software that enables automated online credit checks, lease applications and a host of other capabilities.

C

ompany Founder and CEO Leonard Drimmer envisioned a system that would help organizations streamline and provide superior customer service. And he wanted it user-friendly and financially accessible to all landlords.

“We try to cover almost cradle to grave when it comes to the real lifecycle of a tenancy and a property manager,” Drimmer says.

Continued on page 8

The experienced lawyers you can count on From acquisitions, dispositions and financing, redevelopment and intensification, to tax and regulatory matters – Aird & Berlis LLP is actively engaged in all aspects of the rental housing industry.

We have extensive expertise in the range of multifaceted timely y, cost-effective and an practical solutions to any multiresidential property issue.

For more information, please contact: Robert Doumani rdoumani@airdberlis.com 416.865.3060

To om Halinski thalinski@airdberlis.com 416.865.7767 Brookfield Place, Place, 181 Bay Street Suite 1800, 1800, Box 754 Toronto, Toronto, ON M5J 2T9 T 416.863.1500 F 416.863.1515

w www.airdberlis.com ww.airdberlis.com Canadian Apartment Investment Report / SEPTEMBER 2012

7

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 8

H

Above: Student housing project completed in 2 phases; 1528 total beds. Recently featured in Playboy Magazine as the nation’s “ultimate’ college housing option.

Right:: Teaching kitchen in an apartment clubhouse.

LUXURY STUDENT HOUSING:

Radical Trend or Investment No-brainer?

After a slow decade, apartment building development is picking up. Some investors, to change gears, are venturing into the apartment market.

Mark Humphreys

®

CMHC & Conventional Mortgages for: Multi-Family Rental Properties Commercial Properties Construction Projects Seniors’ Housing Projects Michael Lombard

Ady Steen

416-304-2078

416-304-2089

michaell@peoplestrust.com

adys@peoplestrust.com

Suite 1801-130 Adelaide St. West Toronto ON M5H 3P5 www.peoplestrust.com

umphreys & Partners Architects, L.P., based in Dallas, Texas, considers the Canadian market as non-competitive, particularly in student housing. The firm builds luxury student housing in the US and hopes to replicate that model in Canada. “What does exist for students is very old and offers no amenities,” says CEO Mark Humphreys.

Amenities for students? “Stone countertops, stainless steel appliances, and wood floors, lots of glass…” Humphreys says. “…pools, high-level workout facilities, conference rooms, a large teaching kitchen...”

If this sounds like a resort, to him it’s a way to provide highly desirable facilities at an affordable cost to residents.

The firm’s buildings typically have small floor plans, some as small as 360-square feet. On the larger scale is a two-bedroom measuring no more than 850 square feet. Rather than students, the latter targets young professionals, or boomers downscaling from big suburban houses.

Compared to rentals owned by investors who are remote and disconnected, Humphreys’ model shines. “A well-organized group of companies manages and runs the development. They will put on weekly activities, bring in athletic trainers at no cost, laundry pickup, parties by the pool, barbecues...”

Continued on page 10

Property Management Continued from page 7 With the system, property managers can post real-time updates, vacancies and other information for tenants and prospective renters. For marketing purposes they can add images or video, track web leads or walk-ins, and book appointments.

Landlords can chart arrears, and track unit availability and turnover for all of their buildings. Tenants can pay bills, make maintenance requests and track the status of those requests. The creators have thought of everything, right down to allowing for internal language (“the four-bedroom”) and external language (“the Jefferson Suite”) of floor plans.

No IT background is necessary to use this cloudbased system. It allows users to easily customize a website in a language of their choice (English, Spanish, French or Mandarin, so far) and offers bank-level security.

Property Vista is not meant to replace property management systems. “We focus on customer relations and management,” Drimmer says. “It’s a valueadd to your current systems.”

Tech-wise, the timing was ideal for a portal that can be used on an iPad or handheld device “… because good property managers don’t just sit at a computer,” Drimmer says. “They go to the site and they deal on a building by building basis.” ■

Michel Rémy

8

Canadian Apartment Investment Report / SEPTEMBER 2012

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 9

C

If you’re thinking of the growth, stability, and high yield that a REIT can offer...

you’re thinking in the right direction.

)RU PRUH LQIRUPDWLRQ YLVLW XV DW

ZZZ WUXHQRUWKUHLW FRP

An So

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 10

The Best Advice “The past may not predict the future, and what I mean by that is over the last 20 years or so we’ve seen value creation come from cap rate compression. I believe over the next 20 years that cap rate compression is not going to be nearly as great, and therefore to make money in this business you’re going to have to be a good operator.”

Roberto Geremia, President, Boardwalk REIT “As important as it is to demonstrate the business case for a project or opportunity, an entrepreneur needs more than anything to show potential capital partners how he or she will be able to execute on the vision presented. A vision without an execution plan is just a fantasy and doesn’t deserve a capital commitment.”

Greg Romundt, President & CEO, Centurion Apartment REIT “Be thoughtful about your strategy and target specific assets in specific markets that help you execute against that strategy. ” Tyler Seaman, Vice President Multi-Residential, Oxford Properties Group

Luxury Student Housing Continued from page 8 Indeed it’s all about service.

“A $59 million “It’s relatively easy to do with one building will look owner,” Humphreys says. “It’s impossible to do with 100 own- unbelievable with a $1 million push… ers.” To make this calibre of housing profitable, investors aim for a and you can minimum of 200 units, ideally demand higher 250 to 300 (for student housing, rents because they rent by the bed). everybody will Is it possible to offer so many amenities and keep the price want to stay in points competitive? “Absolutely,” your apartment.”

Humphreys says. “A $59 million building will look unbelievable with a $1 million push… It’s a fraction of your cost and your occupancy will be way up. You can demand higher rents because everybody will want to stay in your apartment.” ■

Michel Rémy

Thank you to all our Sponsors and Advertisers!

Reach a Captive National Audience! For more information on how you can advertise in Canadian Apartment Investment Report Magazine, contact: Frank Scalisi at fscalisi@mmart.com or 416-512-3815

realestateforums.com A DV E RT I S E R

PA G E # A D V E RT I S E R

Aird & Berlis LLP 7 First National Financial CBRE Limited I Peoples Trust National Apartment Group 2 (IFC) Starlight Investments Coinamatic Canada 11 (IBC) TrueNorth REIT

10

Canadian Apartment Investment Report / SEPTEMBER 2012

PA G E #

12 (OBC) 8 5 9

RETURN ON RETROFITS:

Old is the New ‘New’

John Lago

Older buildings inevitably need major retrofits and increasingly face competition with the shiny and new. Fortunately for building owners and managers, the right retrofits can bring rewarding returns.

T

he resourceful retrofits of Q Residential include converting storage rooms or rooftop party rooms, for example, into living space. The company’s President, John Lago, says the thought process goes something like this: First, understand how you can create value and what payback to expect. Does it make sense to spend $200,000 retrofitting each apartment in a building where apartments are valued at $110,000?

Next, determine how long you’re likely to own the building, and how that affects your investment strategy. “If we planned on holding the building for 30 years,” Lago says, “our payback period may be much longer than an investor who needs to be out in seven years.”

What brings greater return: “We might be upgrades to common areas and renting for amenities, or to suites? “On one Toronto building we’re spending on $1,550, but a new average $8,000 per apartment for condo is north of upgrades,” Lago says, “and getting $2,000. It’s that rental increases of up to $350 per price sensitive apartment. In common areas it’ll be a longer return, but they are part point.” and parcel of the overall upgrade .”

In other words, you can’t have one without the other. To attract the right clientele, the building must reflect what it offers behind closed doors.

Despite that rentals won’t offer condo-like amenities, tenants see the value. “In one property, a two-bedroom apartment that was renting for just under $1,200, we’re now renting for $1,550,” Lago says, “but a new condo is north of $2,000. It’s that price-sensitive point.”

Keeping in mind tenants’ future technological needs, Q cooperates with service providers to update systems with fibre network capability. Environmental retrofits include three-litre toilets, energy-efficient shower heads and aerators, as well as low wattage in-suite lighting fixtures. For Q, lighting retrofits extend to hallways and stairwells, and motion sensors on all of the underground parking garages. Not bad for “old.”

“Tenants get a saving on the energy for the lights plus a new modern package.” Lago says. ■

Michel Rémy

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 11

Financial Sustainability.

Customer Sustainability.

Environmental Sustainability.

Providing sustainable solutions for multi-dwelling and commercial properties

■

Reduce utility costs and maximize revenues with our robust leading edge equipment

■

Enhance resident loyalty and experience with our guaranteed nation-wide service with priority response

■

Enjoy a hassle-free experience with our multilingual Customer Care Centre for management and resident support 24/7

■

Improve the value of your building with well designed laundry rooms that residents want to use

Coinamatic continues to evolve the laundry business with earth friendly products and services that both our Clients and their residents value.

TOTAL CONFIDENCE

Try us risk free for six months.

If you are not happy with our services, we will cancel the contract and remove our equipment at no cost to you.

To receive a complimentary survey of your laundry or parking services, call: 1.877.755.5302

■ email: info@coinamatic.com

www.coinamatic.com

CAIR Fall 2012 Magazine_! REF Win08 Toronto 2013-10-25 7:20 PM Page 12

&ILMRH IEGL HIEP MW E WEXMW½ IH GYWXSQIV *MVWX 2EXMSREP WTIGMEPM^IW MR QYPXM JEQMP] ERH GSQQIVGMEP QSVXKEKI PIRHMRK ERH MW E PIEHMRK PIRHIV SJ '1,' MRWYVIH QSVXKEKIW JSV QYPXM JEQMP] TVSTIVXMIW ;I SJJIV E [MHI ZEVMIX] SJ QSVXKEKI TVSHYGXW MRGPYHMRK '1,' 4VSKVEQ

XS ]IEV XIVQW 'SRZIRXMSREP *MRERGMRK 'SRWXVYGXMSR *MRERGMRK ERH 7QEPP 0SERW 4VSKVEQ ;I´VI GSQQMXXIH XS [SVOMRK XSKIXLIV XS TVSZMHI XLI MHIEP GYWXSQM^IH QSVXKEKI WSPYXMSR XS QIIX ]SYV RIIHW

1EOI *MVWX 2EXMSREP ]SYV ½ VWX GEPP 'SRXEGX YW XSHE]

Recent Financings 'SRZIRXMSREP *MRERGMRK

'SRZIRXMSREP *MRERGMRK

'SRZIRXMSREP *MRERGMRK

$30.0 Million %TEVXQIRX YRMXW 8SVSRXS 32

$26.0 Million 7XYHIRX ,SYWMRK YRMXW 3WLE[E 32

$4.0 Million 'SRHS 'SRWXVYGXMSR YRMXW ;EXIVPSS 32

'1,' 4VSKVEQ

'1,' 4VSKVEQ

'1,' 4VSKVEQ

$27.3 Million 6IXMVIQIRX ,SQI YRMXW 0ERKPI] &'

$2.5 Million %TEVXQIRX YRMXW 1SRXVIEP 5'

$104 Million 'SRHS 'SRWXVYGXMSR YRMXW 8SVSRXS 32

'1,' 4VSKVEQ

'1,' 4VSKVEQ

'1,' 4VSKVEQ

$4.0 Million %TEVXQIRX YRMXW 3XXE[E 32

$11.8 Million %TEVXQIRX YRMXW 7EVRME 32

$9.3 Million %TEVXQIRX YRMXW 8SVSRXS 32

[[[ ½ VWXREXMSREP GE :%2'39:)6

'%0+%6=

8363283

13286)%0

,%0-*%<

604.681.5300 800.567.8711

403.509.0900 888.923.9194

416.593.1100 800.465.0039

514.499.8900 888.499.1733

902.832.1540

Ontario Mortgage Brokerage License No. 10514