July 19, 2025 • 4 mins
In this episode, Sandy MacKay begins with an introduction and delves into Mondev's journey towards financial resilience, exploring how the company navigated challenges in the multifamily real estate sector. The focus then shifts to Oxford Properties and their Scarborough rental project, highlighting key details and implications for the market. Sandy also examines Caisse de dépôt et placement du Québec's investment in Renewa, discussing its potential impact on the multifamily landscape. The episode offers valuable insights into current projects and investments shaping the Canadian real estate market.
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Episode Transcript
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(00:00):
Have you ever wondered how some companiesmanage to weather financial storms while others
(00:04):
struggle to stay afloat?
Welcome to the Multifamily Real Estate InsightsPodcast.
I'm your host, Sandy Mackay.
Let's get right to it.
Today, we're diving into a fascinating story ofresilience and strategic maneuvering.
According to renx.ca, Mondev, a prominent realestate firm, faced a potential financial crisis
(00:28):
when construction costs and interest ratessoared back in 2022.
Mondev's founder, David Owen, shared at theMontreal Real Estate Forum that being
transparent with their banker played a crucialrole in navigating these turbulent times.
As construction costs surged across their 10 to12 projects, Mondev found themselves running
(00:49):
out of interest reserves.
Owen's approach was to be upfront with thebanks, admitting that a financial 'storm' was
on the horizon and seeking their assistance.
This transparency, although humbling after 35years in the business, proved to be a pivotal
move.
The banks responded positively, offeringsignificant support, which allowed Mondev to
(01:10):
stabilize their portfolio by refinancing,raising rents, selling assets, or developing
land.
Owen emphasized the importance of honesty inthese situations, advising not to approach
banks with a flashy demeanor but rather withhumility and a clear plan.
Today, Mondev stands stronger than ever,boasting a robust portfolio that includes
(01:33):
550,000 square feet of retail space, 450,000square feet of office space, 1.5 million square
feet of industrial space, and 4,700 units ofmultiresidential properties either built or
under construction.
This remarkable recovery highlights the powerof strategic transparency and adaptability in
(01:54):
the face of industry-wide challenges.
Now, let's shift our focus to an excitingdevelopment in the rental housing sector right
here in Ontario.
According to a report by AVANTAGES CanadianInvestment Review, Oxford Properties, the
global real estate arm of the Ontario MunicipalEmployees’ Retirement System, is breaking
ground on a purpose-built rental projectlocated in Scarborough, Ontario.
(02:18):
This project is a significant step forward forthe community and highlights the importance of
collaboration between various levels ofgovernment and the private sector.
The development will feature three residentialtowers comprised of 1,285 purpose-built rental
units.
It's set to be completed by the summer of 2029.
This project is partly funded by a $650 millionrental housing construction loan through the
(02:42):
Canada Mortgage and Housing Corporation’sapartment construction loan program.
Blake Hutcheson, president and chief executiveofficer at OMERS, expressed that this
initiative will not only deliver returns fortheir members but also improve housing choices
for the community, which many members proudlycall home.
In addition to Oxford Properties' endeavor, theCaisse de dépôt et placement du Québec is
(03:06):
making waves with a substantial $200 millionprimary equity commitment in the infrastructure
firm Renewa.
This investment will support financingpartnerships crucial for advancing clean energy
projects.
Emmanuel Jaclot, executive vice-president andhead of infrastructure at the Caisse, stated
that Renewa is unlocking a critical piece ofthe renewable energy puzzle by ensuring access
(03:31):
to land for these projects.
It's inspiring to see these significantinvestments in both housing and clean energy
infrastructure.
These developments not only promise economicreturns but also contribute to a more
sustainable and livable future for communitiesacross Canada.
As always, it's about finding that silverlining and creating opportunities even in
(03:53):
challenging times.
Thank you for listening to the Multifamily RealEstate Insights Podcast.
I'm your host, Sandy Mackay.
See you on the next one.
Have you ever wondered how some companiesmanage to weather financial storms while others
(00:04):
struggle to stay afloat?
Welcome to the Multifamily Real Estate InsightsPodcast.
I'm your host, Sandy Mackay.
Let's get right to it.
Today, we're diving into a fascinating story ofresilience and strategic maneuvering.
According to renx.ca, Mondev, a prominent realestate firm, faced a potential financial crisis
(00:28):
when construction costs and interest ratessoared back in 2022.
Mondev's founder, David Owen, shared at theMontreal Real Estate Forum that being
transparent with their banker played a crucialrole in navigating these turbulent times.
As construction costs surged across their 10 to12 projects, Mondev found themselves running
(00:49):
out of interest reserves.
Owen's approach was to be upfront with thebanks, admitting that a financial 'storm' was
on the horizon and seeking their assistance.
This transparency, although humbling after 35years in the business, proved to be a pivotal
move.
The banks responded positively, offeringsignificant support, which allowed Mondev to
(01:10):
stabilize their portfolio by refinancing,raising rents, selling assets, or developing
land.
Owen emphasized the importance of honesty inthese situations, advising not to approach
banks with a flashy demeanor but rather withhumility and a clear plan.
Today, Mondev stands stronger than ever,boasting a robust portfolio that includes
(01:33):
550,000 square feet of retail space, 450,000square feet of office space, 1.5 million square
feet of industrial space, and 4,700 units ofmultiresidential properties either built or
under construction.
This remarkable recovery highlights the powerof strategic transparency and adaptability in
(01:54):
the face of industry-wide challenges.
Now, let's shift our focus to an excitingdevelopment in the rental housing sector right
here in Ontario.
According to a report by AVANTAGES CanadianInvestment Review, Oxford Properties, the
global real estate arm of the Ontario MunicipalEmployees’ Retirement System, is breaking
ground on a purpose-built rental projectlocated in Scarborough, Ontario.
(02:18):
This project is a significant step forward forthe community and highlights the importance of
collaboration between various levels ofgovernment and the private sector.
The development will feature three residentialtowers comprised of 1,285 purpose-built rental
units.
It's set to be completed by the summer of 2029.
This project is partly funded by a $650 millionrental housing construction loan through the
(02:42):
Canada Mortgage and Housing Corporation’sapartment construction loan program.
Blake Hutcheson, president and chief executiveofficer at OMERS, expressed that this
initiative will not only deliver returns fortheir members but also improve housing choices
for the community, which many members proudlycall home.
In addition to Oxford Properties' endeavor, theCaisse de dépôt et placement du Québec is
(03:06):
making waves with a substantial $200 millionprimary equity commitment in the infrastructure
firm Renewa.
This investment will support financingpartnerships crucial for advancing clean energy
projects.
Emmanuel Jaclot, executive vice-president andhead of infrastructure at the Caisse, stated
that Renewa is unlocking a critical piece ofthe renewable energy puzzle by ensuring access
(03:31):
to land for these projects.
It's inspiring to see these significantinvestments in both housing and clean energy
infrastructure.
These developments not only promise economicreturns but also contribute to a more
sustainable and livable future for communitiesacross Canada.
As always, it's about finding that silverlining and creating opportunities even in
(03:53):
challenging times.
Thank you for listening to the Multifamily RealEstate Insights Podcast.
I'm your host, Sandy Mackay.
See you on the next one.
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