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Canadian Room, Royal York Hotel
A two-hour opportunity for informal networking and meeting other delegates prior to the conference.
Scott Addison, President, Eastern Canada, Colliers International
Moray Tawse, Vice President, Mortgage Investments, First National Financial LP
Phil Gillin, Senior Managing Director & Head, Canadian Property Investment, Sun Life Financial
Mark Rose, Chairman & CEO, Avison Young
Given the ongoing sluggishness of the bond and equity markets, the vigorous search for higher yields and safety is continuing to drive many investors into commercial real estate. The opening presentation will examine this situation, how the fundamentals match up with capital flows, and what the expectations can be for 2013 and beyond. What key trends have changed from last year? What will likely change next year? An overview of how Canadian real estate performed this year with respect to investment, leasing, development in the office, retail, industrial and multi-unit residential markets. What is the outlook for 2013?
Pierre Bergevin, President & CEO, Canada, Cushman & Wakefield Ltd.
Sheila Botting, Senior Practice Partner, Client Cabinet, National Leader, Deloitte Real Estate
Another year has passed and there is still no clear consensus on whether the recession is over and the economy is growing in North America or globally as it should. Some pundits feel that Canada was generally spared but that the United States faces a much longer winding road with more deleveraging ahead. Others believe that major aftershocks might be on the horizon for Canada as well. And then there are the ongoing questions pertaining to the emerging markets, the issues in Europe, and geoeconomic and geopolitical trends in general. This session will feature two leading economists who will offer their insights and perspectives on the conditions in North America and where we are heading for 2012. They will analyze each of the major fundamentals comparatively between Canadian and the U.S. markets, e.g. employment, GDP growth, interest rates, inflation, housing markets, economic drivers. A brief commentary will also be made on global economic trends and their implications for North America.
Neil Downey, Managing Director, Global Equity Research, RBC Capital Markets
Peter Hall, Vice President & Chief Economist, Export Development Canada
Doug Porter, Deputy Chief Economist & Managing Director, BMO Capital Markets
An informative discussion with the heads of three major financial and institutional organizations that are active in Canada, tier one countries, and many other global markets. They will examine the impact from the challenges of the U.S. and many European economies on capital markets; the performance of the equity markets; and what role real estate plays within their strategies. The panel will also comment on what they foresee in 2013 and beyond; what challenges and opportunities they feel are emerging at this time; what the market fallout has meant in strategic terms for their organizations; and where they would favour deploying their capital. How do you forecast and plan in such a volatile market? Will 2013 be a year to be bold or very conservative?
Jon Love, Managing Partner, KingSett Capital
Doug McGregor, Chairman and Co-CEO, RBC Capital Markets
Ronald Mock, Senior Vice President, Fixed Income & Alternative Investments, Ontario Teachers’ Pension Plan
Stephen Peacher, Executive Vice President & CIO, Sun Life Financial
One of the hot questions at this time in Canada is whether the housing markets in Toronto and Vancouver have peaked and are heading for a minor or major price correction. The media has increasingly focused on this topic that even dominates water cooler conversations. Have the developers over extended themselves with far too many condominium projects, and many of which feature apartments that are so small that their future desirability could be in some doubt? Have investors played a significant role in heating up these markets and therefore should brace themselves for the impact of a drop in property values? This session will try to offer some insights on these and other related questions to clarify what may lie ahead for the housing markets in Canada’s two largest cities for 2013 and beyond.
Moderator and Presenter:
George Carras, President, RealNet Canada Inc.
Gabriel Leung, Vice President, Development, Concord Adex Corp.
David Madani, Economist, Canada, Capital Economics (N.A.) Ltd.
Benjamin Tal, Managing Director & Deputy Chief Economist, CIBC World Markets Inc.
As detailed in a soon to be released book, “Market Discipline – The Competitive Advantage, Lessons From Canada’s Real Estate Leaders”, the Canadian real estate industry has emerged as a highly respected domestic and global force. Unlike the repercussions caused by the economic meltdown in 2008 in the United States that had a ripple effect around the world, Canada persevered relatively unscathed and assumed a competitive advantage internationally. However, the future continues to have some uncertainty. The world is challenged – whether it is the apparent economic slow-down in China, the crisis in Europe, or the anemic economic recovery of the United States. Arguably still well positioned, how does the Canadian real estate community prepare itself for the future, and take advantage of domestic or global opportunities? Three well respected CEOs who are featured in the book will share their insights.
William Ferguson, Co-Chairman & Co-CEO, FPL Advisory Group, Chairman & CEO, Ferguson Partners Ltd.
Michael Emory, President & CEO, Allied Properties REIT
Bruce Flatt, CEO & Senior Managing Partner, Brookfield Asset Management Inc.
Lorne Braithwaite, CEO, Build Toronto Inc.
This session will try to offer some clarity on strategic thinking, investment opportunities and key trends in this global environment. The discussion will focus on the perspective of Canadian vs. foreign investors. What is happening with allocations to real estate among pension funds, institutional investors, and sovereign and private equity funds? To what extent are they focused on safety vs. growth? In evaluating risk/return, is Europe all bad? Is Asia all good? Is Canada overpriced? Which is safer and which is positioned to provide better returns? What impact have the trends in the U.S., EuroZone, China and other emerging markets had on values, the cost and availability of capital, and deal flow in general? Are investors now more focused on major cities around the world rather than prioritizing 5 to 6 countries? If so, what are the top ten on their list? Looking ahead, what risks and what opportunities do they see increasing in 2013? Where is the greatest potential growth likely to come from? If tax regimes change, how would that affect their strategies? Is benchmarking your real estate performance a key priority? What have been some of their successes and failures over the past year?
Peter Senst, President, Canadian Capital Markets, CBRE Limited
Please email firstname.lastname@example.org for a copy of the presentation for this session
Russell Chaplin, Chief Investment Officer – Property, Aberdeen Asset Management PLC
Blake Hutcheson, President & CEO, Oxford Properties Group Inc.
Simon Martin, Partner, Head of Research and Strategy, Tristan Capital Partners
Doug Poutasse, Executive Vice President, Head of Strategy and Research, Bentall Kennedy LP
“The most efficient and productive cities and regions are ones in which people are thinking and working – not sitting in traffic. The move back toward the city is underway across Canada. The shift from the suburbs toward the urban core is increasing as talented, ambitious people trade more space for shorter commutes. This trend is under way from Toronto, Ottawa and Montreal to Edmonton, Vancouver and Calgary. The history of economic development and of capitalism revolves around the more intensive use of urban space. The coming decades will see greater concentrations of people, increasing densities, and further clustering of industry, work and innovation in cities.”
Led by one of Canada’s most respected architects and a veteran in intensification and inner city renewal, this panel discussion will provide an insightful examination of how major economic, demographic and social forces are reshaping our major cities, and what the implications of these key trends are for real estate investment and development activity going forward. What type of innovative and successful projects are emerging to take advantage of the population growth in inner city areas? How are governments able to participate as willing partners and facilitators in this process?
Jack Diamond, Principal, Diamond Schmitt Architects Inc.
Mario Lefebvre, Director, Centre of Municipal Studies, Conference Board of Canada
Paul Bedford, Principal, Paul Bedford & Associates, Former Toronto Chief Planner, Adjunct Professor, City and Regional Planning, University of Toronto and Ryerson University
Daniel Byrne, Vice President, LiveWorkLearnPlay
Phil Gillin, Senior Managing Director & Head, Canadian Property Investments, Sun Life Financial
Mark Rose, Chairman & CEO, Avison Young
Thomas McCarthy, Chairman, Canada, DTZ, a UGL company
David Frum has been called one of the top 100 public intellectuals in America – notwithstanding that he is a Canadian. A former presidential speechwriter and advisor, he is an accomplished author, columnist, blogger and leading political commentator.
An insightful discussion with the author of several federal government budgets, a long time chief economist of one of Canada’s major banks, and the head of a Commission that offered a roadmap on how the Ontario Government could take address its current deficit. Among the many questions that he will address: What should we do in Canada so that we do not “ruin a good thing”? What are some key forward looking indicators that we need to be watching carefully? What can be done about the infrastructure deficit in this country? How much of a concern are the unfunded future liabilities of pension funds? What will the Bank of Canada do about interest rates in 2013?
John O’Bryan, Vice Chairman, CBRE Limited
The office market in most cities across Canada is experiencing the lowest vacancies in many years. One of the most significant questions on the mind of many landlords as a result is related to demand for space: what are the major reasons for this surge? How much of a migration is there of office users from the suburbs to downtown? Are current leasing volumes sustainable? What are the top priorities of tenants looking for office space in this market? Among other issues that the panel will examine: How much development activity is expected in major cities and mid-markets across Canada? Will any of this be speculative? What type of leasing velocity and NERs are we likely to see? Are we effectively in a landlord’s market in most cities? How are downtown buildings faring vs. suburban locations? How will the older office stock compete with the attributes of new green certified developments? Do we have any early evidence of the success of the first generation of sustainable buildings? What is the appetite for investment activity in the office market? Are leasing trends in step with valuations and cap rates? To what extent is the urban trend towards “live, work, play, learn” affecting office markets and leading to more inner city developments?
David Bowden, Chief Executive Officer, Canada, Colliers International
Michel Bouchard, Co-Chief Operating Officer, The Redbourne Group
Tom Burns, Executive Vice President & COO, Allied Properties REIT
Peter Cohos, CEO and Managing Director, Triovest Realty Advisors Inc.
Michael Kitt, Executive Vice President, Canada, Oxford Properties Group Inc.
Sandy McNair, President, Altus InSite
For many, the staple of any well-diversified real estate portfolio today is still the multi-family market. Very strong investor confidence appears to be in direct response to the predictable yields and strong cash flows that make apartments one of the most reliable of all the real estate asset classes. However, one of the results is a plummeting cap rate that has relatively disengaged multi-residential properties from the rest of the market. Why are these rates so low? Are they sustainable? What direction are they likely to take in 2013? How can owners and investors make these record low cap rates work? What is their risk tolerance? Are there opportunities for innovation within this asset class that help justify these prices? How are occupancy rates in major markets across the country? Is there a growing number of new apartment buildings under development? If so, in which cities and why? What are the key reasons as to why some rental buildings are performing very well while others are experiencing higher vacancies?
Drew Koivu, Director, Multi-Unit Residential, BMO Capital Markets Real Estate Inc.
Dan Argiros, President & CEO, Conundrum Capital Corporation
Ugo Bizzarri, Founding Managing Director, Portfolio Management and Investments, Timbercreek Asset Management Inc.
Brian McCauley, President & COO, Concert Properties Ltd.
Tyler Seaman, Vice President, Multi-Residential, Oxford Properties Group Inc.
A wide ranging discussion will examine the availability of public and private debt and equity for Canadian real estate from the perspective of the capital markets, borrowers, banks and mortgage originators. The participants will offer their views from different points on the compass as they comment on today’s capital and credit market environment; what they foresee in 2013 and beyond; what risks are emerging at this time; and how they would favour deploying their capital. What can you expect next year with respect to the cost, availability and most accessible sources of capital? Are lenders likely to be more aggressive next year? What impact is the federal government having on capital and the real estate market generally? Is CMBS likely to make a stronger comeback? How difficult is asset valuation today? What information is required from a valuation by management, purchasers, vendors, shareholders, lenders, and the capital markets? Since IFRS has now been implemented, what are emerging as the best practices? How is the market responding to them? How is the data being interpreted by investors, by owners, and by lenders?
Stephen Sender, Managing Director, Industry Head – Real Estate, Global Investment Banking, Scotiabank
Chris Bell, Managing Director and Group Co-Head, Canadian Real Estate Investment Banking, CIBC World Markets Inc.
Neil Downey, Managing Director, Global Equity Research, RBC Capital Markets
Colin Johnston, President, Research, Valuation & Advisory, Altus Group
Moray Tawse, Vice President, Mortgage Investments, First National Financial LP
Karen Weaver, Executive Vice President & CFO, First Capital Realty Inc.
A panel of commercial brokers and investment bankers from across the country will provide an extensive discussion on investment trends and the outlook for 2013. Canadian real estate has continued to enjoy a “favourite son” status among investors, enjoying fundamentals that have rarely been better. But at the same time, there is a market imbalance where the amount of capital trying to enter the market continues to greatly outnumber the quality opportunities to do so. What have been the major reasons for the continued strong growth in transaction activity and investor interest? What will be required in order for this trend to continue? Who will be the most active buyers? Who will likely be the sellers? Which product types will be favoured by investors? Which markets will be “top of mind”? What type of assets might be available next year? How do investor attitudes vary from institutional vs. private and domestic vs. offshore? Where will cap rates be trending for core assets? How much liquidity can we expect in 2013?
Brett Miller, President, Canada, Jones Lang LaSalle
Jason Cottle, Managing Director, RBC Capital Markets Real Estate Group
Michal Kuzmicki, Managing Director, Brookfield Financial Real Estate Group
Tony Quattrin, Executive Vice President & Co-Managing Director, CBRE Limited
Nathan Smith, Senior Vice President, Capital Markets Group, Cushman & Wakefield Ottawa
Jamie Ziegel, Managing Director, TD Securities Real Estate Group
A panel of senior executives managing new and established private equity real estate funds will examine the underlying trends that have contributed to an increase in the number of these investment vehicles over the past few years. The panel represents a broad range of investment objectives – from core and value debt and equity, to opportunistic development and syndicated funds. They are also targeted at a wide range of clients that include private institutional, high net worth individuals, and retail buyers. Some have linkages to the public markets while others are adjunct to major asset managers. This session will examine their mandates and priorities for 2013. Questions that will be discussed include: what are their underlying strategies for the deployment of their capital; which product types do they favour most, in which markets, and why; what will be the most significant challenges in order to buy or sell assets in this market; what impact has the credit markets had on their activities; and will the money continue to flow into real estate funds if interest rates rise and the equity markets stabilize.
Amy Erixon, Principal, Managing Director – Investments, Avison Young
Trevor Blakely, Chief Executive Officer, Forgestone Capital Management
Rob Kumer, Partner, Investments, KingSett Capital
Stuart Lazier, CEO and Co-Founder, Fiera Properties Limited
Kevin Leon, President & Founder, Crestpoint Real Estate Investments Ltd.
Possibly no other real estate asset class has attracted as much curiosity and attention as the retail market across the country. We keep hearing about the growing number of U.S. and European retailers circling Canada or announcing plans to open stores here. This session will examine the overall extent of this influx and its potential implications on existing retail centres and formats, current retail tenants, and consumers in general. How are landlords and retailers responding to these new entries into our market? To what extent are new developments, retrofits and expansions one response? Another significant trend is the growing number of residents in downtowns and inner city areas across Canada. How are developers and retailers responding to this population surge? As the high cost of land has resulted in a growing number of mixed-use projects and intensification activity, what kind of innovative urban retail formats and projects are emerging? At the same time, is there another elephant in the room? To what extent is internet shopping really growing? What impact is it having on conventional retailing especially with Generations Y and Z? What potentially lies ahead for retail market activity in Canada in 2013 and beyond?
John Crombie, National Retail Director & Senior Managing Director, Toronto East, Cushman & Wakefield Ltd.
Ulf Bergner, Vice President, Leasing, Central Region, Ivanhoé Cambridge Inc.
David Henry, President, Vice Chairman & CEO, Kimco Realty Corporation and Chairman, International Council of Shopping Centres
Fred Waks, President & COO, RioCan REIT
John Williams, Senior Partner, Strategy/Operations, J.C. Williams Group
Sam Winberg, Principal & Co-Founder, Northwest Atlantic (Canada) Inc.
In 2012, the capital markets in Canada continued to demonstrate that investment real estate is still in favour. Given the challenges faced by other asset classes, real estate is outperforming many asset classes by offering investors steady and favourable yields at much higher levels than the bond market. A panel of senior executives from a cross-section of organizations will discuss some of their mandates and priorities for 2013. What are the most significant factors affecting cap rates in this market, e.g. expectation of growth, cost of capital, change in the ownership? Which product types will be most favoured, in which markets, and why? What have been the most significant challenges in order to buy or sell assets in this market? Since some of the cities with strongest economic growth are mid-markets, to what extent are they attracting your attention? What are the differences between the issues faced by a REIT vs. a pension fund vs. a private equity fund vs. a foreign investor in pricing properties at this time? What are your respective priorities for the coming year? Are you looking increasingly outside of Canada for opportunities? Are there any signposts that Canadian interest rates will finally rise in 2013? If they do, what will that mean for your strategies?
Tom Rothfischer, GTA Real Estate Practice Leader and Partner, KPMG LLP
Andrew Bibby, President & CEO, Grosvenor Americas
Armin Martens, President & CEO, Artis REIT
Stephen Taylor, President & COO, Morguard Investments Limited
Ted Willcocks, Global Head of Asset Management, Real Estate, Manulife Financial
Strong market fundamentals are supporting an increase in development on a scale that has not been seen for decades in office, retail, industrial and even multi-unit residential. Construction activity is on the rise across the country and in many forms: from suburban single tenant properties and open air retail centres, to mixed-use inner city buildings and innovative forms of redevelopment and intensification. For some companies, a key part of their growth strategy is to renew their existing portfolio and develop new properties rather than try to acquire assets that are priced very high. This session will examine some key factors and trends related to these strategies. What are the unique challenges related to mixed-use and urban infill projects? How do you deal with them? How do joint ventures work between two or more distinct partners? Are land, labour, and construction material costs supporting the economic rents required to make projects realistic? What proportion of projects are green buildings? What are some examples of innovative financing, design and construction that are being implemented? How do new buildings competitively affect existing properties in each asset class?
Ian Gragtmans, Executive Vice President, Colliers International
Murray Goldman, President, The Goldman Group
Sal Iacono, Senior Vice President, Development, and Eastern Portfolio Manager, The Cadillac Fairview Corporation Limited
James Midwinter, Executive Vice President, Development, GWL Realty Advisors Inc.
Jim Tadeson, Founding Partner, Carttera Private Equities Inc.
Can a case be made that in 2012 industrial real estate has been on a strong comeback trail? This session will examine major investment, leasing and development trends in this asset class across Canada today. To what extent can it still be categorized as a tale of two submarkets comprised of new modern warehousing buildings vs. older vintage properties with marginal applications for many users? What does the future hold for B and C class aging and out-dated buildings? What are the greatest sources of demand for space and in which markets? How are industrial tenant requirements changing? How are landlords responding? Do rent levels now support new development? To what extent are there have and have not provinces and have and have not markets? What is needed in order to move NERs higher in Toronto and Montreal? How strong is investor interest in industrial properties? Which markets show the potential for strongest growth?
Mark Stainer, National Industrial Director & Senior Managing Director, Toronto West, Cushman & Wakefield Ltd.
Paul Braun, Managing Director, CanFirst Capital Management
John Hayes, Managing Partner, Blackwood Partners Inc.
Scott Hayes, President & CEO, Dundee Industrial REITAndrew Tong, Senior Vice President, Investments, Concert Properties Ltd.
It may come as no surprise to many that the lowest commercial vacancy and unemployment rates coupled with highest GDP growth can be found in a number of Canadian mid-market cities. The six largest urban centres in Canada generally attract the strongest attention because of their higher levels of liquidity among other reasons. However, an increasing number of investors and developers are now attracted to the mid-market communities in their search for value. They have quietly and patiently found successful opportunities. This session will examine some of their experiences in Regina, Saskatoon, Winnipeg, Quebec City, Halifax and several other Atlantic Canada markets.
Don White, Executive Vice President, Colliers International
Don Clow, President & CEO, Crombie REIT
David Dubé, President & CEO, Concorde Group Corp.
Sandy Shindleman, President, Shindico Group
Bruce Traversy, Principal, Dundee Real Estate Asset Management
Given the broad range of issues that were raised during the Real Estate Forum over the previous two days, a group of senior real estate executives will offer the last word. Representing a divergence of interests and viewpoints, the panel will offer their insights on what risks and opportunities lie ahead, and what courses of action they would suggest accordingly. Are we chasing yield or momentum? Will real estate continue to benefit from a flight to yield? Are interest rates finally likely to rise in 2013 and, if so, what impact will they have on the market? Will REITs be able to sustain their strong performance? What has a greater impact on profitability: strategic management or the fluctuation in cap rates? What will cause investors to head for the sidelines? Where is the smart money going? Of all the opportunities in today’s market, what is the most significant one? Are Canadian investors likely to increase their global presence? Is 2013 a year to be bold or conservative? Is it still a time to buy or is it now a time to sell?
Phil Gillin, Senior Managing Director & Head, Canadian Property Investments, Sun Life FinancialMark Rose, Chairman & CEO, Avison Young
Michael Cooper, Managing Partner, Dundee Real Estate Asset Management
Daniel Fournier, Chairman & CEO, Ivanhoé Cambridge Inc.
David Gerofsky, President & COO, Great Gulf Group of Companies
Dori Segal, President & CEO, First Capital Realty Inc.
Gary Whitelaw, Chief Executive Officer, Bentall Kennedy LP