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If you had to guess which real estate market saw one of the biggest increases in commercial property value over the past 2 years, would you have guessed Chilliwack?
This week, Adam and Cory welcome David Algra of Algra Bros. Developments to discuss their current downtown Chilliwack project, District 1881, a bustling cultural hub of amazing storefronts, locally owned restaurants, breweries, residences, and office space.
David discusses the success of Algra Bros’ development model of pedestrian oriented developments (POD), which encourages walkability and great retail-like amenities at homeowners’ doorsteps. He also uncovers the growth of the downtown Chilliwack area and hints on some markets that he likes for future development. This is another episode you don’t want to miss out on!
Who is David Algra?
I was born and raised in the Fraser Valley and currently live in Abbotsford. I started my career in framing and from there, my brothers and I built up a development company. We started in residential real estate but got into commercial about seven to eight years ago.
Algra Bros Development originally got into commercial real estate because we had an industrial park in Abbotsford where our office was located. We wanted to move our office to a more walkable part of the city but couldn’t find a suitable space. So we decided to build our own and before we were halfway done, the building was sold. We enjoyed that so we started on the next commercial building. We felt there was a real gap in the commercial real estate market for pedestrian-oriented development, especially smaller formats in the Fraser Valley.
How did Algra Bros Development get involved in developing downtown Chilliwack?
Chilliwack has watched their historic downtown core deteriorate over the last 20-30 years. They started investing in real estate there about 10 years ago, buying land and assembling properties. They wanted to revitalize their downtown.
At that time, we were quite busy in downtown Abbotsford and didn’t have the capacity to take on projects in Chilliwack. But we ran into some problems with the City of Abbotsford over what we wanted to do. So we decided to liquidate our projects in Abbotsford and take a shot at the RFP (request for proposal) in Chilliwack. We managed to get our proposal together quickly and purchased a four acre site from the city in downtown Chilliwack.
We saw a lot of the same social issues in Chilliwack as we had experienced in Abbotsford, just on a bigger scale. We had learned a lot of lessons from working in downtown Abbotsford and took that to our projects in Chilliwack.
Can you tell us more about District 1881, Algra Bros Development’s four acre site in downtown Chilliwack?
District 1881 has about 80,000 feet of commercial retail and office space, about 80% retail and 20% office. We have a five-storey residential building with over 65 units. We’ll also have another 12 townhouses and 70 apartment units coming in.
We’ve always wanted to retain the real estate we develop, design and build, but we often end up selling it. We don’t intend to, but sometimes people really want to buy it and we make a deal. We have aspirations of keeping the District 1881 site in downtown Chilliwack but who knows what will happen in the future.
How did Algra Bros get into the niche of pedestrian-centred development and away from car-centred commercial real estate development?
It started with Garrison Crossing. Garrison Crossing was the old Canadian Forces base in Chilliwack. We became a builder on that project, building there for about nine years. In that time, Garrison Crossing became one of the best examples of pedestrian-centred real estate development.
We learned the value of pedestrian-oriented development from a residential perspective. People really valued living in a place that was pedestrian-friendly. We think the pedestrian experience is important for businesses, which has tightened our focus in developing commercial space.
What is pedestrian-oriented development?
Pedestrian-oriented development is simply the idea of designing things for people and not for cars. So that could look like designing roads and lanes where people aren’t second to cars. Another factor is spacing buildings so people can walk from one to another. Those more narrow streets give these communities an old town feel.
What challenges have you faced in pedestrian-focused building?
Parking! Parking is a big challenge in pedestrian-focused development. A lot of commercial tenants are of the opinion that they won’t get any business if there isn’t a huge parking lot in front of their retail space. But studies have shown that people will walk a maximum of three blocks. So if you have parking a block away and you provide a good or service people really want, they will walk to you. The challenge has been convincing commercial tenants of this.
How has it been working as developers with the different municipalities?
Working with municipalities is my job in our business. Chilliwack has been fantastic to work with. We’ve found that the further we go in our business, the more cities want to prescribe to you how to build and design your product. The freedom we have as designers and builders becomes less and less. City plans and zoning bylaws are becoming more specific every year.
Chilliwack gave us the freedom we needed to build and we’ve had a great relationship with them. The city has been very happy with what we’ve created. One reason why we left Abbotsford was because we didn’t have the freedom to build or design what we wanted there. It seems the further west we go, the harder it is to find that freedom.
How has Algra Bros Development considered the heritage components of your Chilliwack site?
The City of Chilliwack didn’t have any bylaws concerning heritage buildings when we bought our four acre site, District 1881. They had actually demolished most of the buildings before our deal. In our proposal, we had expressed that we wanted to save the historic facades of the buildings that remained; I believe that’s actually why our proposal was chosen. In the end we were able to save about six or seven of the nine buildings that remained.
Will Algra Bros continue working in Chilliwack?
When we purchased the four acre site from the City of Chilliwack, we had to decide if we wanted to purchase more land or not. We’ve watched as the land values have tripled since we placed tenants, so it doesn’t make sense for us to buy more lots today. If there was a large assembly, it might make sense, but it doesn’t work for us to buy small lots piecemeal.
I think we’ve priced ourselves out of this market. As well, we do have quite a bit of real estate here, so I’m not sure from a risk-level that we want to acquire more. But who knows how the Chilliwack commercial real estate market will change in the future.
What other markets are Algra Bros Development considering?
We’re always looking for new real estate markets and opportunities. We’re still involved in detached houses in the Valley, so we’ve been watching that market. We may be moving east to the Interior in the next five to ten years. I see markets emerging in the Interior that will perform extremely well in our next upcycle.
We also track industrial real estate and have a few industrial projects in the Fraser Valley. Looking at that pricing, I think we’ll see a larger push for those industrial businesses to move into the Interior. That will contribute to even more growth in that area. There’s the lifestyle and the affordability of the Interior that’s very attractive.
Vancouver Island isn’t really on my radar; I haven’t followed any of it. Never say never, but moving to the Island is not something we’re currently looking at doing.
Do you hope that these cities where you’re working become more walkable and liveable?
Absolutely! For example, the City of Chilliwack has put in a lot of effort to develop a bike-friendly lifestyle. A lot of people are forced to move east if they want to own a home. I believe the cities that offer an urban experience will perform better than those that don’t.
The core of downtown Chilliwack has a slug of amenities and core businesses like the hospital, courthouse, post office, etc. Those businesses have stayed in the core. Downtown Chilliwack is flat, so you’re not dealing with the hills that you have in Abbotsford. That makes it a lot easier for people to walk or bike. There’s also not a highway or train that runs through downtown Chilliwack, unlike downtown Abbotsford, which contributes to the pedestrian-friendly potential for Chilliwack.
What advice do you have for someone looking to get into commercial real estate?
Keep your spaces full and don’t be afraid to drop your rent to get a really good tenant.
Find out more: algrabros.com and instagram.com/district1881
Lori Suba, President and Broker, and Laurae Spindler, Vice President and Associate, of Scout Real Estate revisit the market in Calgary. Lori and Laurae don’t hold back as we unpack the different sectors of the market, as well as discuss the Calgary downtown core and learn what the future could entail for Canada’s top 2023 market.
Marianne DeCotiis, commercial real estate broker at William Wright Commercial Kamloops, digs into the Kamloops market. How has the commercial market changed and developed over the past few years? What is the current state of supply? How have the operations of the commercial market shifted?
Bronwyn Scrivens of Omada Commercial unpacks Alberta market lease rates, the differences between Calgary and Edmonton when it comes to being an industrial landlord, how prices have changed, and where she would invest if she were to walk into the market today.
William Wright Commercial's very own Rod MacKay is here to give us a general update on the market. How have interest rates affected the market? How is the supply? What is the vacancy rate doing? And how is the retail market fairing after the pandemic?
Paul Sullivan, property tax expert from Ryan ULC, unpacks some potentially business saving insight as he guides us through the labyrinth of commercial property tax. What are commercial tax classes? Which areas are taxed the most and how do they work it out?
Retail expert David Ian Gray of DIG360 unwraps everything from how the retail environment has changed, why American big box brands haven't fared as well this side of the border, how technology has impacted the retail world, and his thoughts on why Nordstrom is pulling out.
Ever wonder how companies buy commercial buildings, fix them up, keep them, and then seem to buy more? Cory and Melisa walk through the 5 key indicators and steps on how you can buy value-add properties and get a 100% return on your equity in under 2 years.
As interest rates continue to move upward, how can you cash in on this? Lawrence Green, President of Spire Development Corporation, discusses what he sees happening in BC’s best markets and how you can make money from these high interest rates.
Why is the collapse of Silicon Valley Bank good for real estate in BC? Alan Haigh, Founding Partner of Impact Commercial Group, discusses how the shocking events down south with SVB could impact BC real estate. Alan shares how rates may move sooner than expected or how they may hold firm for 2023.
From securing air right for a crane to ensuring the land doesn't give way for your underground parkade, Tim Sportschuetz of Sportschuetz & Co construction lawyers talks about all the things you would have never guessed that go into a real estate development in BC.
What’s the last BC commercial real estate market left to boom? Kevin Wong of Wesbild discusses everything Kamloops and why this market is about to boom, from major industries driving the local economy to AAA tenants looking to enter the market.
Conall Barr of CBarr Inspections discusses the importance of a commercial building inspection before you remove subjects on your next purchase and how it can save a buyer hundreds of thousands of dollars in deferred maintenance costs.
Why did we pick Nanaimo as the best investment market for 2023? Connor Braid of William Wright Commercial and Managing Director for Vancouver Island shares the inside stats on why the Central Island region is an investment market you want to know.
Thomas Wieckowski, Associate Appraiser of Campbell & Pound, discusses what’s in store for 2023 and a lookback at the past 24 months. Thomas walks us through what the appraisal industry has seen over the past 2+ years and gives his thoughts on what makes a good opportunity.
Who better to hear from on how 2023 is shaping up than an appraiser who sees all the deals and numbers? Commercial appraiser Ryan Wong from Ryan LLC lets us in on what he is seeing. Will the market collapse in 2023? Will inflation topple the market? Will we see gains in real estate assets in BC this year?
Ever wonder what it would be like to be part of a $1,000,000,000+ portfolio of real estate? Alex Messina, VP of Acquisitions for Nicola Wealth Real Estate, which oversees over $8.5 billion dollars worth of some of the best real estate in North America, shares their strategy and where they are most excited about for 2023.
With the Bank of Canada’s latest rate increase of 0.25% and what could be the last rate increase for 2023, what does this all mean? BMO's Chief Economist Doug Porter shares his thoughts on interest rates, inflation, the overall Canadian economy, our neighbours to the south, and everything else you need to know for 2023.
Phones are already ringing for properties and sellers are receiving offers—in some cases multiple... So what does it all mean? Patrick Wood from WWC’s Victoria office tells us how to interpret this quick start to 2023, what his picks are for best investment markets, and what he anticipates all these numbers reveal about interest rates and inflation.
Rod MacKay from William Wright Commercial shares the 5 best commercial investment markets for 2023. These markets offer above average returns with the opportunity for a major increase in net operating income in the coming years, resulting in a big potential equity gain.
As 2023 is now in full swing and the real estate markets are off to a rocky start, Alan Haigh of Impact Commercial sheds some light on where interest rates are going, when they might pull back, and how to take advantage of this market turbulence to find a deal.
Happy Holidays, Happy Hanukkah and Merry Christmas from all of us at the VCREP and thanks for listening in 2022. As the podcast continues to grow week-over-week we have some amazing guests lined up for 2023 which is shaping up to be our biggest year yet. Thanks for all the continued support and we look forward to some amazing shows in 2023!
Jon Switzer of Impact Commercial shares that the 10-year bond numbers were falling, which predicts (fingers crossed) that fixed rates will follow. Jon shares his prediction on interest rates for 2023 and when he sees rates pulling off and declining. If you have a mortgage, this is an episode you must take in.
Everyone's always looking for the next asset class to buy, and we know what it is for 2023. Adam Mitchell of Low Tide Properties discusses Lab 29 and what could be the most sought-after asset in Vancouver: industrial lab space. He also shares why Low Tide continues to invest in this sub-asset class and why it's in such high demand.
Daniel Eagling from Cairn Homes in Ireland discusses how inflation, interest rates, and supply chains are affecting their market. Dan walks us through the challenges their market and the neighbouring European markets are having, the strain on supplies, and the tightening of the rental market heading into 2023.
William Wright Commercial operates offices in five of BC’s top commercial real estate markets, and with two more offices set to open in the coming months, who better to get a province-wide view on the markets than WWC’s Business Development Manager, Matt Everitt? Matt discusses why the time is now for investors to jump into these areas.
As people trickle back to the office in one fashion or another, is an investment into an office space the best opportunity in 2023? Byron Chard, CEO and President of Chard Development, discusses his latest office projects, along with the success of those projects and everything Chard has on the books for 2023 and beyond.
Brad Howard, Director of Development at PCI Developments, discusses the Lower Mainland's second downtown in Surrey and talks about PCI Developments' exciting and recently completed project, the King George Hub. Brad unpacks the success of the project, why it is desperately needed in Surrey, and the rapidly growing downtown district in Surrey Central.
Do you own land in BC? Are you required to file under the Land Owner Transparency Act by November 30th? Commercial real estate legal expert Scott McInnes of Redpoint Law discusses this all-important deadline for BC landowners, unpacking what exactly the Land Owner Transparency Act is, if it applies to your property, and more importantly, if you are required to file by November 30th, 2022.
How are the current economic challenges affecting the development industry? Jordan MacDonald, CEO of fabric living, opens up about the challenges the industry has faced with rising inflation and interest rates, how fabric has navigated the current economy, and how he and his team have continued to grow and acquire assets during this time.
Did you know that business sales and acquisitions fall under the commercial real estate umbrella? Chris van Vliet from WWC's Fraser Valley office breaks down how you buy or sell a small business. He talks us through the timelines, the conditions, and some things you need to be cautious of when navigating through the process.
William Wright Kelowna's Team Leader Jeff Brown discusses whether or not Kelowna has felt any slow down like most markets have experienced. He also shares insight on what impact, if any, interest rates and inflation have had on the market, what asset classes continue to outperform, and what's next for Canada's fastest growing population.
Frank O'Brien shares Western Investor's top cities for commercial real estate in 2023. This year's list has a few VCREP favourites plus a couple surprises, not to mention the #1 spot isn't even in BC! Frank also shares his opinion on David Eby's new housing plan and how it could be opening an even bigger opportunity for speculators.
Impact Commercial's Co-founder and Managing Partner Alan Haigh unpacks what has happened over the past couple of months in both Canada and the US, how the bond market could predict what will happen to interest rates, and when this madness will end.
As the world continues to cope with rising inflation and interest rates, international commercial real estate investor Peter Leung tells us how his portfolio is (or isn’t) affected and what markets have bounced back quicker than others. Peter also discusses what BC markets he likes and where he is looking to grow his holdings.
As interest rates continue to push upwards, Harry Jones of William Wright Commercial Victoria discusses the Greater Victoria market that just doesn't slow down regardless of market conditions, and walks through all the asset classes and how they have performed over the past year and what is to come as interest rates continue to rise.
Ever wonder why or even how your property taxes go up every year? Clayton Olson of Altus Group discusses the metrics behind your commercial property taxes. He walks through how these costs are calculated, why they increase, and what you can do if you disagree with your tax amount.
How can you benefit from a life insurance policy while you're still alive? Robert Trasolini and Laurent Munier of Safe Pacific Financial show just how easy it can be to use a life insurance policy as an investment vehicle to drive you into the commercial real estate game.
Why are my premiums going up so fast on my real estate insurance? Nigel Clark of BFL Canada, one of the largest risk management, insurance brokerage and benefits consulting firms in Canada, talks about how inflation, interest rates, and rising construction costs all impact the insurance market.
Mayor Ed Mayne discusses the exciting opportunities Parksville is currently experiencing in the Central Island market. As Nanaimo continues to boom, just 20 minutes up the road sits Parksville, which has seen a development boom of their own, led by a proactive mayor who has the experience to guide the community into 2022 and beyond.
If you were shocked by the Bank of Canada's 1% increase to interest rates this past week, you're not alone. Cory and Matt discuss the potential impact on commercial real estate... if any all. How does this affect your loan-to-value ratio when looking to acquire real estate? And what's next for the commercial real estate market in the province?
Which commercial market has the whole country talking? Lori Suba and Laurae Spindler of Scout Real Estate in Calgary unpacks the rollercoaster of action the Prairies are experiencing in the commercial market. You might be surprised to hear there's now overwhelming demand for one asset class in particular, which has seen growth in numbers similar to that of BC!
Jeff Kennedy of Troika Developments, one of Kelowna's most well-known builders, discusses the challenges in the development industry due to supply chain issues and inflation. He also gives insight into how developers would break down a purpose-built rental project vs. a strata site, along with the metrics behind the decision-making process.
For 24 months and counting, Vancouver Island has become a shining star in the commercial real estate world. John MacDonald, publisher of the Business Examiner, one of Vancouver Island's go to online business publications, unpack the numbers, breaks down how the Island markets fared, and provides insight on the Thompson Okanagan region.
Hear from the man who plausibly has more data on commercial real estate than anyone in Canada. Raymond Wong, VP of Data Operations at Altus Group, looks behind the numbers on what has happened across Canada in 2022 and unpacks which asset classes are selling, which are not, and what is set to rebound.
With the new Broadway Skytrain line in full swing, city council members now have to vote on what could be the biggest vote in Vancouver's history. Meg Cooney, Seamus Bailey, and Liam Simpson of WWC discuss the highlights and lowlights of the proposed plan.
The ongoing debate on Vancouver Island right now is Victoria or Nanaimo? Robin Kelley of the Groupe Denux, one of Vancouver Island’s long-standing families of real estate, provides insight on both markets and how each market has fared over the years, and unpacks which asset classes he thinks will continue to grow.
Rod MacKay of WWC’s Vancouver office discusses the most unpredictable year we’ve had in real estate yet. From faster than expected rising interest rates, to record breaking month-over-month inflation, to worldwide supply chain issues… 2022 has been anything but predictable.
Ever find a great restaurant on your favourite food app, but then realize they don’t have a brick and mortar location you can enjoy? Amrit Maharaj, Chief Operating Officer of Coho Collective, breaks down what a ghost kitchen is, why restaurants are getting in on the action, and how they have capitalized on the food app boom.
Bronwyn Scrivens from Omada Commercial Real Estate in Edmonton discusses Alberta’s growing industrial market. She shares how Alberta is receiving the halo effect from BC’s tight vacancy rates and staggering acquisition costs, and what tenants and developers are now looking into when it comes to Alberta vs BC.
One of the biggest secrets in commercial real estate is spotting the trends and staying ahead of them. Jonathan Meads, Vice President of StreetSide Developments, discusses the booming Fraser Valley markets and unpacks why StreetSide keeps their focus primarily on this area.
On a national and provincial level, one of the most exciting real estate markets has been Victoria. Mayor of Victoria, Lisa Helps, unpacks how Victoria got to where it is today, the goals she has accomplished in her eight years as mayor, and unveils what’s in store for BC’s capital city.
If you’ve been following the real estate markets in BC, you’ll know today’s hottest topic is the rapidly rising interest rates. Jon Switzer of Impact Commercial sheds light on how to navigate the next few months and provides tips on what to look for in your next purchase to maximize your lending ability.
Mike Kozakowski, founder of Citified Media and citified.ca, a comprehensive resource for researching new-build homes and commercial spaces on Vancouver Island, gives a glimpse into the years and years of new construction data Citified has tracked in the Greater Victoria area.
Sam Wilson, renowned host of the hugely popular podcast, How to Scale Commercial Real Estate, uncovers his roots in commercial investing, shares some mistakes he has made along the way, and talks us through what a good deal looks like to him.
If you had to guess which real estate market saw one of the biggest increases in commercial property value over the past 2 years, would you have guessed Chilliwack? David Algra of Algra Bros. Developments discusses their current downtown Chilliwack project, District 1881.
Leonard Krog, Mayor of Nanaimo, shares some great insight on all the new and upcoming projects and what the future holds for the port city. Plus, we dive into the highly anticipated and forthcoming OCP for the downtown and surrounding areas.
Cory and the team are hitting the beach this week for a well deserved break. Next week we are back with another phenomenal episode. Stay tuned!
Named Canada’s fastest growing city with a 14% increase in population since 2016, Jon Friesen, CEO of the Mission Group, the company behind some of Kelowna’s spectacular tower developments, discusses why Kelowna has seen such a massive growth over the past 5 years and what the future looks like.
Recently named BC’s most resilient economy by BC Business Magazine, Langford could be BC’s next big thing. Mayor Stewart Young discusses the amazing developments happening throughout the city and story of how Langford landed Costco, followed by Home Depot, and now Tesla Motors.
Ever wonder if you could buy an office building or a retail shopping mall for only $150,000? Darcy Ulmer, Co-founder and Partner at Stream Property Partners, shares how everyday investors can invest in some big commercial real estate assets for a fraction of the purchase price.
Have you ever wanted to make the money real estate developers do? Ravi Mann of PROPetual REIT and the Isle of Mann Property Group discusses the exciting new investment opportunities that can get anyone through the real estate investment door for as little as $5,000.
Have you ever wanted to make the money real estate developers do? Ravi Mann of PROPetual REIT and the Isle of Mann Property Group discusses the exciting new investment opportunities that can get anyone through the real estate investment door for as little as $5,000.
As Canada and the world continues to battle with Omicron, supply chains are challenged and the Bank of Canada surprisingly holds rates. Doug Porter, Chief Economist & Managing Director of BMO Financial Group, shares his thoughts on what’s next for the economy and his prediction for interest rates.
Ever wonder which commercial asset class has the lowest cap rate but offers the most stable returns? Marianne DeCotiis, a multifamily specialist with WWC, breaks down the multifamily asset class, sharing how it’s funded, how the leases are government regulated, and plenty more!
Over the past 20 months, most industries have seen a lot of change and the law industry is no different. Tim Lack of Redpoint Law discusses the ever-changing world of the legal side of commercial real estate and shares insight on how the pandemic has changed how commercial real estate is leased, sold, and financed.
Over the past 20+ months, we have heard about supply chain issues, labour shortages, and logistical challenges, and this all has a direct impact on the construction of real estate in the province. Owen Lecky of Wales McLelland unwraps the issues that have been affecting our real estate market.
Do you own a property with lots of equity that has built up over the years? Alan Haigh of Impact Commercial Group, one of BC’s leaders in commercial mortgages, explains how to tap into that equity and turn one property into a thriving commercial portfolio without having to sell your asset.
Wishing our listeners a Merry Christmas and a Happy New Year!
From Keltic Development Canada, Steve Jedreicich, Senior VP of Development, and Andy Tam, Senior VP of Business Development, discuss their recent 27-acre acquisition in Richmond, which tops off this year as the biggest transaction of 2021 at a whopping $300,000,000!
This past year has bolstered some amazing results for those who invested in commercial real estate, and this week we’re going to give you the VCREP Top 5 Markets for 2022! Rod MacKay from WWC’s Vancouver office joins Cory to discuss which markets will be ones to watch heading into the new year.
Do you own a condo in a rapidly developing area where the land might be better suited for an incoming high-rise? Meg Cooney, strata wind-up specialist, discusses what a strata wind-up is, how your condo might be worth way more than you think to a developer, and how to use this strategy on your next real estate investment.
Ever wonder what makes Surrey so attractive for both businesses and families? Anita Huberman, CEO of the Surrey Board of Trade, discusses Canada’s next big major city, breaks down the economic drivers behind the massive growth, and shares what makes it attractive for so many developers.
Maxime Charron, President of LeadingAhead Energy, an industry-leading electric car charging solution provider, talks about how the impact that electric vehicles are having on society is causing more and more developers and commercial landlords to install EV car charging solutions on their properties.
It’s no secret downtown Vancouver has been slower than its pre-COVID form, but is it as bad as other cities? Nolan Marshall, CEO of the Downtown Vancouver Business Improvement Association (DVBIA), discusses what’s next for downtown Vancouver and how things have fared over the pandemic.
Did you find the perfect commercial property to invest in, but you’re not sure where or how to start? Matthew Dunnigan, commercial mortgage specialist from Impact Commercial Group, breaks down all the steps needed to acquire that commercial investment property you’ve always wanted.
Peter Leung, the Investorpreneur himself, who has amassed an international real estate portfolio in London, Vancouver, and Hong Kong, provides his insight on how to get started in commercial real estate and how commercial offers greater opportunities for investors who require funding.
So many commercial real estate deals happen off the MLS, so where do investors go for market data? Raymond Wong, Vice President, Data Operations of Altus Group, details why Altus is a one-stop shop when it comes to data and research in the world of commercial real estate across Canada.
Senior writer Frank O’Brien of Glacier Media, home of Business in Vancouver and Western Investor, shares where he sees the winners and losers in the post-COVID era. He also gives a sneak peek at the upcoming Best in BC, where he and his team predict the 5 best real estate markets in 2022.
Don’t have the millions of dollars needed to enter self storage in BC? Don’t worry! Hugh Cartwright, Co-founder and Chairman of NationWide Self Storage Trust, breaks down the investment opportunities their self storage developments offer for as little as $10,000.
They say hindsight is 20/20 and looking back at the Vancouver real estate market, it’s fair to say we all wish we would have bought more. Chard Development’s President and CEO Byron Chard talks about the booming Victoria real estate market and his thoughts on where the Victoria market is headed.
Strand Development’s President Mike Mackay discusses everything Langford, BC. With the recent acquisition of the former Langford Speedway, which encompasses over 80 acres of prime development land, the excitement of the Greater Vancouver Island industrial market just keeps growing.
Jeff Prete, President of Jima Cannabis, unpacks the impact the cannabis business has had on retail in Vancouver and throughout the province. Ever wonder how long it takes to get a store open, how much capital you need, and if the stores are even that profitable? The answer Jeff gives might surprise you.
Is there a real estate market that has attracted more hype during the pandemic than Kelowna? Jeff Brown, Team Leader of WWC’s Kelowna office, discusses the readily growing Kelowna real estate market, what, if any, impact the BC wildfires have had, and how Kelowna can top the recent growth into fall and beyond.
Ever wish you could go back in time and buy as much Vancouver real estate as you could in 2003? It may not be too late to buy into what could be BC’s next real estate market set to boom: Kamloops. Bryan Pilbeam, Vice President of Invictus Properties, discusses everything Kamloops and more.
Impact Commercial’s Jon Switzer, owner occupier financial specialist, shows business owners how to unlock their revenues, enabling them to become their own landlord, and in some cases, with as little as 0% down including closing costs. Jon highlights the do’s and don’ts when purchasing real estate for your business.
Have you ever wondered how a property goes from an old house into a new multi-level condo building? From the years of approval and planning that takes place to the “not so big” profit margins developers work off of, Jordan MacDonald, CEO of Fabric Living, gives a first hand look at the development process in Vancouver.
Over the past year and a half, the world has seen many changes… but is the office space one of them? Drew Ratcliffe of And-Co, a new all-in-one, multi-level, office community, complete with a wellness studio, restaurant, and event space, shares his vision of what he feels the future of office space in Vancouver will look like.
There is no question the hospitality sector has been hit the hardest by the pandemic. Glowbal Group CEO Emad Yacoub, one of Vancouver’s most prominent restaurateurs, discusses the challenges the industry has had to overcome to survive and what the future of the business looks like.
Ever wonder about that 5′ x 5′ self storage unit that you rented for $110/month to store all that crap you never use? Pat Wood, formerly one of the authorities, if not THE authority, in self storage appraisals and consulting, discusses why this asset class has seen a huge run in the past couple of years.
Ever wanted to buy commercial real estate, but never felt you had the financial ability to do so? Mitch Jarvi from Addy, a crowdsourcing investment platform, walks through the new opportunities Addy offers to its members by acquiring shares in various commercial real estate properties for as little as $1.
What asset class has the lowest vacancy rate in North America, surging demand from tenants, and seems to be annually increasing lease rates? Connor Braid, Managing Broker of William Wright Commercial’s Victoria office, discusses the industrial asset class in Greater Victoria.
Ever wonder how an appraiser or bank views your purchase? Thomas Wieckowski from Campbell & Pound breaks down the appraisal process, how to value risk, and how a bank views your property. Thomas sheds some great insight for your next commercial purchase and what to consider during the offer process.
What tax benefits does commercial real estate offer? Want to buy a commercial property and avoid paying property transfer tax? John Juranyi from Davidson & Company Accountants discusses tax tips and the benefits of owning commercial real estate.
The world of insurance has faced unprecedented challenges, with the result being expensive premiums and deductible hikes. Derek McCoy, COO of Real Estate Owners and Managers Insurance Group, discusses the causes, concerns, and costs of insuring commercial real estate today in BC.
Are you looking to buy commercial real estate, but have no idea how to take care of the property? Warren Smithies, CEO of Martello Group, walks you through the benefits of having a professional management company oversee and manage your property, which leads to increased value for owners without having to lift a finger.
Who has the dirtiest job in commercial real estate? Shane Rigter of Next Environmental, a leader in environmental testing in the commercial real estate industry, discusses how the dirt below your feet can affect you buying the building above the surface.
Ever wonder how tenants and landlords coincide for 5, 10, or sometimes even 20 years together? Scott McInnes, founder of McInnes Law Group, breaks down what a commercial lease is, how it applies to commercial real estate, and how it differs from residential leases.
Ever thought about buying commercial estate and thought it was impossible to qualify for financing? Put away the notepad and calculator as Alan Haigh, co-founder and managing partner of Impact Commercial, breaks down how to buy and invest in commercial real estate.
Have you ever wondered how commercial real estate works or better yet, what it even is? We got you covered with the launch of the Vancouver “Commercial” Real Estate Podcast hosted by Cory Wright. What asset classes fall within the commercial industry, where to buy, how to buy, and everything in between—Cory breaks down everything you need to know to get started.
For all the curious minds interested in commercial real estate investing, grab a coffee and pull up a chair because we have exclusive stories and tips from commercial real estate brokers, investors, developers, economists, urban planners, and everyone in-between. From the successes and failures to the motivations and lessons learned, the Vancouver Commercial Real Estate Podcast is your insight into commercial real estate in Vancouver, Victoria, Kelowna, and beyond.
What's the best real estate market to invest in? What are the commercial real estate asset classes and property types? Hosted by Cory Wright, founder of William Wright Commercial, and co-hosts Adam and Matt Scalena of the Vancouver Real Estate Podcast, our podcast opens the door to real estate investing for everyone from beginner investors to experienced real estate professionals. New episodes are released every Tuesday. Follow the Vancouver Commercial Real Estate Podcast on Apple Podcasts, Spotify, Google Podcasts, or your favourite streaming platforms.
This communication is not intended to cause or induce breach of an existing agency agreement. E&OE: All information contained herein is from sources deemed reliable, and have no reason to doubt its accuracy; however, no guarantee or responsibility is assumed thereof, and it shall not form any part of future contracts. Properties are submitted subject to errors and omissions and all information should be carefully verified. All measurements quoted herein are approximate.
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