BLD Financial Podcast

CMHC Just Changed Everything for Multifamily Investors... | Finance Friday Ep. 01

Rental housing financing is changing... and CMHC just made another round of updates that multifamily investors and developers need to understand. Welcome to Finance Friday, a special series within the BLD Financial Podcast. In these shorter episodes, Josh and Ehren break down timely developments in commercial real estate finance, lending, underwriting, and investing, giving Canadian investors practical insights they can apply in today's market.  In this episode we break down the latest CMHC policy changes and explain how they could impact your next multifamily acquisition or development project. From benchmark expense increases to new modular construction guidance, these changes could affect your underwriting, loan sizing, and overall project viability. They cover: ✅ New CMHC benchmark expense changes for wood frame and concrete buildings ✅ How the updated expense benchmarks impact loan sizing and debt service coverage ✅ Changes to Prairie Province benchmark expenses ✅ New guidance surrounding modular and prefab construction financing ✅ Property tax administration changes for CMHC-insured loans ✅ Updated financial review requirements for loans under $5M ✅ Why CMHC is increasing compliance enforcement on affordability and accessibility covenants ✅ How benchmark expenses impact appraisals and underwriting ✅ What multifamily investors and developers need to know moving forward If you're a Canadian real estate investor, developer, broker, or multifamily operator, understanding these latest CMHC changes is critical in today's market. Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial DLC National License: 12360

The Urban Planner Behind Toronto's Missing Middle Movement ft. Blair Scorgie Ep. 31

"I watched most of my generation get priced out of Toronto and I took it personally." What happens when an urban planner decides the housing system needs to change? In this episode of the BLD Financial Podcast, Josh Findlay and Ehren Laycock sit down with Blair Scorgie, Managing Principal of Scorgie Planning, instructor at Toronto Metropolitan University, and one of the leading voices behind Toronto's Missing Middle movement. From laneway suites and multiplexes to transition zones, sixplexes, and major street intensification, Blair shares how many of Toronto's housing reforms went from idea to reality and what still needs to happen to make housing more attainable.  The conversation explores the evolution of housing policy in Toronto, why so many neighbourhoods have remained locked in time, how the Missing Middle movement gained traction, and where the next opportunities for housing development may emerge. Whether you're a real estate investor, developer, planner, lender, or simply interested in the future of housing in Canada, this episode provides valuable insight into the policies, politics, and practical realities shaping our cities. What you'll learn: ✅ Why Toronto's neighborhoods remained resistant to density for decades ✅ How the Missing Middle movement helped reshape housing policy ✅ The real story behind laneway suites, garden suites, and multiplexes ✅ Why transition zones may be the next frontier for housing development ✅ How the condo market slowdown accelerated Missing Middle opportunities ✅ Why developers are shifting from for-sale projects to rental housing ✅ The biggest planning and approval bottlenecks facing builders today ✅ How legacy zoning regulations continue to impact development ✅ What reforms are still needed to increase housing supply ✅ Why planners should be involved before purchasing development land Note: This episode was recorded prior to certain municipal planning and zoning updates discussed in the conversation. Some timelines and policy processes may have evolved since recording. References to an April statutory public meeting are no longer current, as that meeting did not occur and is now expected to appear on a future agenda. About Blair Scorgie: Blair Scorgie is the Managing Principal of Scorgie Planning, a Toronto-based planning and urban design consultancy. He is a Registered Professional Planner (RPP), Urban Designer, and Sessional Lecturer at Toronto Metropolitan University's School of Urban and Regional Planning, with more than 15 years of consulting experience in land use planning, urban design, development approvals, and housing policy.  Blair holds a Master of Architecture (Urban Design) from McGill University and a Bachelor of Urban and Regional Planning from Toronto Metropolitan University. His work spans development planning, zoning and policy reform, urban design, and housing delivery across the Greater Toronto Area.  He is a contributing author of House Divided, an anthology focused on addressing Toronto's housing crisis, as well as a contributor to several housing and planning research initiatives focused on unlocking new housing opportunities and reducing barriers to development. His work has been featured in major publications including The Globe and Mail, Toronto Star, CBC News, Global News, CityNews, and Spacing Magazine. Follow & Connect with Blair Scorgie: Website: https://scorgieplanning.com LinkedIn: https://www.linkedin.com/in/blair-scorgie/ Instagram - https://www.instagram.com/brscorgie/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial DLC National License: 12360

What a Private Lender Learned From Funding Hundreds of Deals ft. Matt Gonsalves Ep. 30

What can a private lender who's funded hundreds of real estate deals tell us about the future of housing in Canada?  In this episode of the BLD Financial Podcast, we're joined by Matt Gonsalves, Vice President & Broker at Foremost Financial, one of Ontario's leading private construction lenders. Drawing from more than a decade of experience financing construction, land development, bridge loans, and Missing Middle housing projects, Matt shares what he's seeing in today's market and where he believes the biggest opportunities exist moving forward. From the collapse in new housing starts and the rise of small-scale multifamily development to the costly mistakes new developers make, this conversation provides a practical, lender's-eye view of where opportunities exist and what investors need to understand moving forward. We break down: ✅ Why small multifamily projects are becoming the sweet spot in Canadian real estate ✅ Why large development projects are struggling while smaller projects continue to work ✅ The future of Missing Middle housing and urban infill development ✅ Why many new developers underestimate capital requirements ✅ The biggest mistakes Matt sees investors and developers make ✅ How CMHC financing has changed the development landscape ✅ Why some projects get funded while others don't ✅ The impact of development charges, approvals, and rising construction costs ✅ Why Matt believes today's housing slowdown could create tomorrow's opportunities Whether you're a real estate investor, developer, mortgage professional, or someone interested in where housing is headed in Canada, this episode provides valuable insights from one of the industry's most active construction lenders. If you enjoyed this episode, make sure to subscribe to the BLD Financial Podcast and share it with someone who would find it valuable. About Matt Gonsalves: Matt Gonsalves is Vice President, Broker, and loan originator at Foremost Financial, specializing in construction and land development financing across Ontario. Since joining Foremost in 2013, Matt has become one of the industry's leading loan originators in the small-scale development and Missing Middle housing space. He has structured financing for land acquisitions, custom home construction, multiplex developments, walk-up apartments, bridge financing, condominium inventory financing, and commercial construction projects throughout Ontario. Matt is particularly known for his expertise in financing multiplex construction and small infill housing developments in Toronto and the Greater Toronto Area. Matt holds an Honours Bachelor of Business Administration from Wilfrid Laurier University. Follow & Connect with Matt Gonsalves: LinkedIn - https://www.linkedin.com/in/matthewgonsalves/ Instagram - https://www.instagram.com/mattgonsalvesto/ Learn more about Foremost Financial:  Website - https://foremost-financial.com/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial DLC National License: 12360

Why Canada Makes Housing So Hard To Build ft. Chris Spoke Ep. 29

“The harder it is to build housing, the less housing gets built… and then we have an affordability crisis.” Canada says it wants more housing… So why does the system make it so difficult to actually build it? In this episode of the BLD Financial Podcast, we sit down with developer, housing advocate, and Toronto Standard partner Chris Spoke to break down the real reasons Canada’s housing affordability crisis continues to get worse despite years of policy changes and government intervention. From zoning restrictions and building code requirements to CMHC financing policies and development economics, this conversation explores how many of the systems designed to improve affordability may actually be making housing harder and more expensive to build. Chris also shares his journey from software and housing policy advocacy into real estate development, and explains why he believes missing middle housing could play a major role in solving Canada’s supply crisis if governments stop getting in the way. This conversation goes deep into what’s actually preventing housing from being built in Canada today, why developers are struggling to make projects viable, and what needs to change if the country wants to improve affordability for future generations. We break down: ✅ Why Canada makes housing so difficult to build ✅ The real problems with CMHC financing programs ✅ Why overregulation is making affordability worse ✅ The challenges facing missing middle development in Toronto ✅ Why many small multifamily projects no longer work financially ✅ The hidden costs inside building code and zoning requirements ✅ Why developers are avoiding certain projects entirely ✅ The growing affordability crisis facing young Canadians ✅ How policy, financing, and construction costs are colliding ✅ What actually needs to change to increase housing supply As Canada continues to face rising housing costs, affordability challenges, and slowing development activity, this episode provides a real, unfiltered look at the policies, incentives, and structural issues shaping the future of housing. Whether you’re a real estate investor, developer, mortgage professional, policy enthusiast, or simply trying to understand why housing has become so expensive in Canada, this episode offers an insider perspective on the realities of building in today’s market. If you enjoyed this episode, make sure to follow or subscribe to the BLD Financial Podcast and share it with someone who would find it valuable. About Chris Spoke Chris Spoke is a Toronto-based real estate developer, housing advocate, and partner at Toronto Standard, a development firm focused on midrise rental housing and missing middle development in Toronto. Before entering real estate development, Chris spent years studying housing policy and advocating for zoning reform and increased housing supply in Canadian cities. He is widely known for his work and commentary around housing affordability, urban planning, development policy, and missing middle housing. Chris is also a founder of the Missing Middle Summit, an annual conference focused on housing policy, urban development, and the future of housing in Canada. Through Toronto Standard and his public commentary, Chris has become one of the leading voices in Canada discussing the intersection of housing policy, development economics, financing, and affordability. Follow & Connect with Chris Spoke: Website - https://chrisspoke.com/ LinkedIn - https://www.linkedin.com/in/chris-spoke/ X - https://x.com/chrisspoke Instagram - https://www.instagram.com/chrisspoke/ Toronto Standard - https://www.torontostandard.co/ Missing Middle Summit - https://missingmiddlesummit.com/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial DLC National License: 12360

Is the BRRRR Strategy Dead in Canada… Or Is There Still Opportunity? ft. Jack Bernstein Ep. 28

"Does the BRRRR strategy still work in Canada… or is it over?” In this episode of the BLD Financial Podcast, we’re joined by Jack Bernstein of Bernstone Capital to break down what’s actually happening in today’s Canadian real estate market and why many of the strategies that worked over the last cycle are no longer producing the same results and how investors are being forced to adapt in today’s market. From rising interest rates and shifting cap rates to softening rents and tighter lending conditions, the environment that made BRRRR so effective has fundamentally changed. This conversation goes deep into what investors are getting wrong right now, where deals are breaking down, and how experienced operators are adapting their strategies to survive and scale in this new market cycle. We also explore the growing shift from small residential portfolios into mid-size multifamily (5–25 units), and why access to deals, proper underwriting, and long-term thinking matter more than ever. We break down: ✅ Does the BRRRR strategy still work in Canada today ✅ Why high-leverage deals (90–95% LTV) are becoming increasingly risky ✅ The truth about cash flow and why it’s often an illusion early on ✅ Why many investors are struggling with refinancing and negative equity ✅ How cap rates, rent shifts, and market cycles are impacting deal viability ✅ The shift from “velocity investing” to long-term buy-and-hold strategies ✅ Why most multifamily deals aren’t as simple as they look on paper ✅ How serious investors are adapting their approach in 2026 and beyond As the Canadian housing market continues to reset, this episode provides a real, unfiltered look at what’s working, what’s not, and what investors need to understand before making their next move. Whether you’re a real estate investor, developer, mortgage professional, or simply trying to understand where the market is heading, this episode offers a grounded, insider perspective on navigating today’s investment landscape. If you enjoyed this episode, make sure to follow or subscribe to the BLD Financial Podcast and share it with someone who would find it valuable. About Jack Bernstein: Jack Bernstein is the founder of Bernstone Capital, a real estate firm focused on mid market multifamily transactions across Ontario. Specializing in the 5 to 50 unit space, Jack works directly with investors to source, structure, and execute deals that sit between traditional residential investing and institutional grade assets. His approach is centered on guiding clients through the full transaction process, from acquisition strategy and underwriting to stabilization and long term portfolio growth, with a focus on navigating complex deals in today’s shifting market. With a strong understanding of capital markets, deal structuring, and evolving investor behavior, Jack helps bridge the gap between opportunity and execution for investors looking to scale beyond small residential portfolios. In a market where many traditional strategies are breaking down, his focus is on helping investors adapt to changing fundamentals and make more informed, long term decisions. Follow & Connect with Jack Bernstein: Instagram - https://www.instagram.com/bernstonecapital/ Facebook - https://www.facebook.com/jackdanielb YouTube - https://www.youtube.com/@BernstoneCapital Website - https://www.bernstonecapital.com/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial DLC National License: 12360