7:15 a.m.

REGISTRATION AND CONTINENTAL BREAKFAST

Conference Co-Chairmen:
Serge Lemieux, President & Founder, Group LSR
Craig Shannon, Managing Director & Head, Real Estate Investment
   Banking Group, National Bank Financial Inc.

8:05 a.m.

QUEBEC ECONOMIC OUTLOOK FOR 2008
 

An examination of the Quebec economy in 2008 and beyond. What is the outlook for both short-term and long-term growth? What are the prospects for Quebec compared to other provinces? What are the immigration and population growth patterns in major cities across the country? Will the Quebec or Canadian market be immune from the downward pressure on U.S. residential real estate prices? Given the fluctuating value of the dollar, how will the local economies and key industry sectors of Montreal and Quebec City perform over the next 12 to 24 months? Where are Canadian interest rates and bond yields heading?

Clément Gignac,
   Senior Vice President & Strategist,
   National Bank Financial Inc.
     

Using the results of CMHC’s Rental Market Survey and its ongoing market analysis, this presentation will focus on the outlook for vacancy rates, rent levels and rental housing demand in Montreal over the short and medium-term (12 to 24 months). Demographic trends, immigration patterns, and population growth in Montreal will be examined.

The second part of the presentation will examine the overall impact of the current condominium environment on the rental market based on the findings of CMHC’s recent rental condominium survey. The overall condominium market conditions will also be covered.

Sandra Girard, Senior Market Analyst,
   Canada Mortgage and Housing Corporation
 

The speakers in this session will provide insight into the apartment investment market activity in Montreal and Quebec City, beginning with an overview of relevant sales in 2007. The discussion will then focus on emerging trends for 2008 and beyond. Who is buying and who is selling multi-unit residential properties at this time? Where are cap rates and trade volumes currently and where do they appear to be heading. How are property values being affected by energy costs, vacancy rates, and interest rates?

Benoit Poulin, Vice President,
   CB Richard Ellis (Quebec) Limited
Germain Villeneuve, Senior Vice President,
   CB Richard Ellis (Quebec) Limited
 

Session A1
Analyzing Your Risk Strategy & ROI: Investing in Montreal vs. Other Markets Across Quebec 

As a result of the perceived flexibility in price, some investors contend that secondary markets offer a better return on investment than an urban centre like Montreal. The speakers in this session will provide a detailed overview of the metrics that were used in determining the current and potential future value of acquisitions in an urban centre and secondary markets. Items referenced through case study presentations for both types of markets will include risk profile, the impact of cap rate items and poor maintenance on the value of a property, operational issues, turnover costs, and other factors that differentiate the markets and value of an acquisition.    

Moderator:
Martin De Rico, Associate & Co-Director,
   Commercial Valuation Division, De Rico,
   Hurtubise & Associates

Panel:
Jean-Charles Angers, Managing Director,
   RBC Capital Markets Real Estate Group
Benoit Aubé, President,
   Sentinel Real Estate Management
Tyler Seaman, Vice President, Global Principal Investment,
   Oxford Properties Group Inc.
 

Session A2
The Advantages and Value of Green Multi-Unit Residential Buildings: Energy & Environmental Management Can Distinguish Your Product in a Competitive Market   

Rising energy costs and a growing public awareness of the importance of sustainability have contributed to an interest in greening new and existing buildings. Is there sufficient tenant demand to support the business case for greening apartment buildings? Will recycling, energy and environmental management programs be legislated and will governments provide incentives to encourage industry participation? What green strategies, environmental enhancements and programs will most effectively reduce operational costs? Does greening offer significant marketing advantages? The speakers in this session will address a range of “greening” issues including sub metering, recycling and similar strategies to manage operation costs.

Moderator:
Amit Gupta, President, Cube Management Inc.

Panel:
Vital Chamard, President, DisTech Inc.;
   Quebec Sales Representative,
   Viessmann Manufacturing
Ben Lemieux,
   Executive Vice President,
   Group LSR
Yannik Sauvé, Senior Advisor,
   Marketing Strategies,
   Energy Efficiency Fund

Session A3
Tenant Retention in a Highly Competitive Market: Strategies for Attracting and Retaining Tenants to Increase the Value of Your Asset

The condominium market and new government housing are contributing to rising vacancy rates and more challenging times in the rental housing sector. This session will focus on creating a “team effort” involving all on-site employees in the marketing and re-marketing (retention) efforts of the apartment community. Acquire strategies to identify residents’ needs and determine the most effective delivery strategy to avoid the high cost of residential turnover. Find out about the service tech’s contribution to the leasing and renewal efforts and learn about the benefits of basic fair housing for service technicians. Insights will also be provided into maintenance etiquette.

Moderator:
Gary Lee, Vice President, Asset Management, Multi-Residential,
   GWL Realty Advisors Inc.

Panel:
Stewart Black, President & Manager,
   Adamco Real Estate Management Inc.
Rick Ellis, President,
   ELLIS Consulting Group, U.S.
A noted apartment marketing guru and national speaker, Rick will share his 27 years of experience and expertise.
 

Session B1
Is Building New Rental Housing Still Viable? Replacement Value versus Cap Rates Considerations




With construction cost at an all time high and the continued constraints on rent increases many owners in the multi-unit residential market prefer to retrofit existing stock as opposed to building a new apartment building. If the business case for building new properties is weak why are so many developers currently active in the Montreal market? Are expected returns off-setting the risks affiliated with new construction? Is there a stronger market for high-end, luxury properties as opposed to brick and stick structures? Where are the best locations for new development and what are the risks and opportunities in the current market? The speakers in this session will reference current projects and provide an analysis of locations that offer the strongest opportunities.

Moderator:
Pierre Leduc, Director, Canada East, GE Real Estate

Panel:
Vincent Chiara, President, Group Mach Inc.
Benoit Claveau, Senior Manager, Real Estate,
   RBC Royal Bank
Richard Gianchetti, President, Construction Miribec Inc.;
   Administrator, AOAGM
Jean-Pierre Laverdure, President, Laverdure Corporation;
   Administrator, AOAGM

Session B2
Rental Housing Trends and Opportunities in Quebec City, Trois-Riviéres, Gatineau and Other Markets

While apartments in Montreal are facing strong competitive pressures from the rental and availability of low-priced condominiums and other urban housing options, how is the apartment market performing in Quebec City, Sherbrooke, Trois-Riviéres, Gatineau and other communities from a leasing perspective? What kind of investor is there for properties in these areas across southern Quebec?

Moderator:
Benoit Poulin, Vice President,
   CB Richard Ellis (Quebec) Limited

Panel:
Claude Blanchet, CEO, Capital BLF Inc.
Kevin Hughes, Senior Economist,
   Canada Mortgage and Housing Corporation
Martin Messier, President, Quebec Landlords Association

Session B3
New Opportunities in Multi-Unit Residential Development: The Growing Interest in Land Lease Communities and Innovations in Seniors Housing and Buy & Hold Strategies







An increasingly competitive market is spawning a high degree of creativity and innovation in the multi-unit residential market. Land lease communities and adult life style buildings are responding to evolving consumer tastes and an aging population. Diversification and long-term planning is driving some owners to acquire and manage retail properties in the short term while planning for future apartment development. What differentiates these options from traditional forms of multi-unit residential buildings? What metrics are driving the business case for each of these strategies? Attend this session to widen your perspective on a range of opportunities that are available to build value in your real estate portfolio.   

Moderator:
Heather Kirk, Vice President, Real Estate Investment Banking
   Group, National Bank Financial Inc.

Panel:
Zave Aberman, President & CEO, Zaveco Ltd.
Jean-François Gilbert, Director & Senior
   Valuation Consultant, Altus Group
Mark  Hansen, Associate Vice President, Operations,
   CAP REIT
 

Session C1
The Montreal Apartment Market: Buy & Sell Opportunities

This session will provide a statistical, analytical and a practical look at the Montreal  apartment marketplace identifying specific areas that offer potent investment opportunities and others that have already reached their potential. Who are the public players, who are the small investors, what do they own, what properties are left to buy and how do they buy them? What brick and mortar characteristics should you look for when considering an acquisition? Learn where to buy, where to build, where to retrofit and renovate apartments, and what areas to avoid.  

Moderator:
Annie Armstrong, President,
   F&A Armstrong Real Estate Services Inc. 

Panel:
Yann Lapointe, Associate Vice President,
   Operations, CAP REIT;  
   Vice President, AOAGM
Derek Lobo, CEO & Founder,
   DALA Group of Companies/ROCK Apartment Advisors

Session C2
Strategies to Manage Operating Costs and Increase the Value of Your Property

With the aging of apartment stock many landlords are considering a range of options to improve the profitability of their assets. This session will examine management and financial practices that can increase the value of your apartment buildings. In a building retrofit what items qualify as capital expenditures versus maintenance? What are the advantages of pursuing performance contracting to replace out dated boilers or similar major equipment? What kind of a lift in rent is realistic when you renovate a property? Speakers in this session will also examine the most effective strategies for managing key operational costs. 

Moderator:
Nathalie Forest, Vice President, Business Development,
   Cogir Management Corporation, GP

Panel:
Pierre Ayotte, Former President,
   Apartment Owners Association of Greater Montreal (AOAGM)
Pierre Langlois, President, Gestion Immobilière Langlois Inc.;  
   Treasurer, AOAGM
Kevork Meterissian, Vice President,   
   Operations, Cromwell Management Inc.

Session C3
Financing Options in a Post Subprime Environment: What has Happened to the Availability and Pricing of Credit and Risk in Today's Market?

Current capital markets are overshadowed by uncertainties in the aftermath of the crisis in the subprime mortgage market. What effect has there been on lending practices and can borrowers expect to experience a further tightening of sources of capital and a further widening in spreads? From the perspective of both owners and lenders you will gain insights into a range of financing strategies that are currently available to acquire new properties. The panel will discuss pricing in today’s market and the pros and cons of various products.

• What is the conventional mortgage market’s appetite towards financing rental housing?

• What information does a lender need when making a loan on an existing building or a new apartment building?

• Has the current sub-prime environment enhanced the relevancy of CMHC? 

Moderator:
Mathieu Duguay, Senior Vice President, Operations,
   Cogir Management Corporation, GP

Panel:
Andrew Drexler, Assistant Vice President, Commercial Lending,
   First National Financial LP
Renée Laflamme, Vice President, Mortgage Loans,
   Industrial Alliance Insurance & Financial Services Inc.
Thomas Marcantonio, Managing Director,
   Canada ICI Capital (MTL) Corporation Inc.
Mike Sutherland, Senior Business Development Manager,
   Commercial Mortgages, CIBC
 

2:45 p.m.

A provocative and insightful panel discussion that will provide a comparative analysis of the multi-residential sector with other asset classes and broader investment options.

Moderators:
Serge Lemieux, President & Founder, Group LSR
Craig Shannon, Managing Director & Head, Real Estate Investment
   Banking Group, National Bank Financial Inc.

Panel:
Ugo Bizzarri, CFO & Vice President, Acquisitions,
   Timbercreek Asset Management Inc.
Claude Blanchet, CEO, Capital BLF Inc.
Vincent Chiara, President, Group Mach Inc.
David Langill, Senior Vice President,
   RealStar Management Services Limited
Tyler Seaman, Vice President, Global Principal Investment,
   Oxford Properties Group
 

3:45 p.m.

NETWORKING RECEPTION