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29 books to advance your real-estate career, recommended by industry leaders



The covers for The Design of Everyday Things, Principles: Your Guided Journal, and Radical Candor, on a blue background.


From left, “The Design of Everyday Things” by Don Norman, “Principles” by Ray Dalio, and “Radical Candor” by Kim Scott.



  • Insider’s rising stars of real estate span roles in leasing, affordable housing, and urban planning.
  • We asked the young achievers about the books that influenced their careers or personal growth.
  • Here are their recommendations, along with some introspection on titles spiritual and practical.

Careers in real estate vary from brokers and lenders to investors, developers, and architects. Equally as varied are the types of people that take those jobs.

One thing that shapes these people is what they read. For some of Insider’s rising stars of 2022, the subject matter might surprise you.

There’s a lot of soul-searching going on among the young professionals, and it’s not just about how to be a better communicator to get your way. It’s about how to be a better — and, in at least one case, more-spiritual — person.

Other rising stars told Insider they wanted to learn from the trials and tribulations of successful people, like the Nike cofounder Phil Knight. And some of the most notable tell-alls of Wall Street real-estate players, like Michael Lewis’ “Liar’s Poker,” inform our stars of the laudable and reprehensible behavior that has shaped the industry.


Below, find the selection of 29 books that influenced the rising stars, along with their musings of what they learned or how they applied the lessons to their practices.

‘City of Quartz’ by Mike Davis

LA city analyst Maya Abood and book recommendation City of Quartz by Mike Davis.


Maya Abood.

Maya Abood/Amazon.


Rising star: Maya Abood, 34, housing, planning, and economic analyst at the City of Los Angeles Housing Department

What Abood said about her recommendation:

“I read it in undergrad, and it completely changed how I think about LA and cities in general.”

‘The Design of Everyday Things’ by Don Norman

Stone next to a cover of The Design of Everyday Things by Don Norman


Sam Stone.



Rising star: Sam Stone, 34, director of product management, pricing, and data products at Opendoor

What Stone said about his recommendation:

“The principles that Norman lays out for human-centered design are a terrific guide to help shape new product ideas.”

‘Four Seasons: The Story of a Business Philosophy’ by Isadore Sharp

Shah next to a cover of Four Seasons by Isadore Sharp


Kanaai Shah.



Rising star: Kanaai Shah, 23, senior associate at Blackstone

What Shah said about his recommendation:

“The founder of ‘Four Seasons’ outlines his journey building a world-class hotel company. It inspired me to pursue my interests in hospitality and real estate.”

‘The Alchemist’ by Paulo Coelho

Kia next to a cover of The Alchemist


Sean Kia.

Sean Kia/Amazon


Rising star: Sean Kia, 31, cofounder of the commercial-real-estate investor Tides Equities

What Kia said about his recommendation:

“That’s always stuck with me. I read it in school in seventh grade. Follow your personal destiny — that’s what propels people forward to what the universe thinks is best for them. It’s about pushing people towards their true path, their true identity.”

‘Empowering Yourself,’ by Harvey J. Coleman

Kamara next to a cover of Empowering Yourself


Sayo Kamara.

Sayo Kamara/Amazon


Rising star: Sayo Kamara, 31, senior associate at Cushman & Wakefield

What Kamara said about his recommendation:

“It teaches you a lot of unspoken rules in corporate America, and navigating different socioeconomic classes, and what tools you need to be an effective executive.”

‘Antifragile: Things That Gain From Disorder’ by Nassim Nicholas Taleb and ‘Wanting: The Power of Mimetic Desire in Everyday Life’ by Luke Burgis

Ghawi next to the cover of Wanting by Luke Borges


Raja Ghawi.

Raja Ghawi/Amazon


Rising star: Raja Ghawi, 29, partner at Era Ventures

What Ghawi said about his recommendations: 

“Just because something is working now doesn’t mean that unlikely events won’t hit and shake the system,” he said about the Taleb book. “This book, which came after his earlier ‘The Black Swan,’ teaches one how to benefit from high-impact, low-probability events.”

Of the Burgis book, he said it “talks about desire and why we want what we want.”

He added: “It helps explain the difference between innate desire and mimetic desires, or desires that are based on what people around you or people you respect desire.

“It helps with investing because many would argue that alpha comes from contrarian thinking. If everybody likes one deal, the alpha will be beat out of it as everyone bids it up.”

‘No Rules Rules: Netflix and the Culture of Reinvention’ by Reed Hastings and Erin Meyer and ‘Love You Forever’ by Robert Munsch and Sheila McGraw

Zar next to a cover of No Rules Rules.


Yaakov Zar.



Rising star: Yaakov Zar, 30, CEO and cofounder of Lev

What Zar said about his recommendation: 

“‘No Rules Rules’ is about the culture at Netflix and the importance of empowering employees and maintaining top-tier talent that can deliver creatively on the goals of the business. It’s an impactful book to help build our own corporate culture.”

He said about the Munsch and McGraw book: “My mom used to read this book to me, and every time she’d read it, she’d cry like crazy. Now that I have kids, it makes me cry. You can never imagine the love you feel for your kid until you actually have that love.”

‘The Big Short,’ ‘Flash Boys,’ and ‘Liar’s Poker’ by Michael Lewis and anything by Hunter S. Thompson, Jack Kerouac, or Allen Ginsberg

Kroll next to a cover for Liar's Poker.


Sam Kroll.

Sam Kroll/Amazon


Rising star: Sam Kroll, 27, vice president at RET Ventures

What Kroll said about his recommendations:  

“For anyone who is excited about a career in finance, Michael Lewis is a must-read,” he said. “‘Liar’s Poker’ gives you a first-person, no-bullshit perspective about what it’s like to be a junior person in finance, while ‘Flash Boys’ explains how the market works to people who joined the workforce post-global financial crisis and how the market, regulators, and tech factor in.”

Kroll said he otherwise preferred reading history and literature from the mid-20th century, especially the pre-hippie Beat Generation.

“The Beats took a truth-based approach to what is happening in the world, but they’re not afraid to buck the prevailing norm in the world,” he said. “They remind me of the value of being a contrarian when you’re an investor.”

‘The Art of Happiness’ by the Dalai Lama and Howard C. Cutler and ‘The Intelligent Investor’ by Benjamin Graham

John Andrew Entwistle next to a cover for The Art of Happiness.


John Andrew Entwistle.

John Andrew Entwistle/Amazon


Rising star: John Andrew Entwistle, 24, founder and CEO at Wander

What Entwistle said about his recommendations:

“This is going to be a little bit of a corny answer, but I would probably say ‘The Art of Happiness’ is really one of my favorite books,” he said. “As you go through life, having a great toolbox of mental frameworks — in terms of how you see the world and how you see others, and the good that you do, the type of person you are, and the business that you run — especially as a young person, is super important. It’s actually a requirement for people at Wander to read.”

Of “The Intelligent Investor,” he said it offered “a lot of really incredible frameworks in the world of investing and deploying capital.” He added: “A lot of those basic principles apply not just to equities but to real estate as well.”

‘The Real Estate Game: The Intelligent Guide to Decision-making and Investment’ by William J. Poorvu

Malomud next to a cover of The Real Estate Game


Marina Malomud.

Marina Malomud/Amazon


Rising star: Marina Malomud, 34, partner and chief operating officer at Subtext

What Malomud said about her recommendation:

“I read it when I was just starting to really figure out how I was going to get into real-estate development. I would certainly recommend reading that one.”

‘Superforecasting: The Art and Science of Prediction’ by Philip E. Tetlock and Dan Gardner and ‘Competing Against Luck: The Story of Innovation and Customer Choice’ by Clayton M. Christensen, Taddy Hall, Karen Dillon, and David S. Duncan

Lo next to the cover of Superforecasting.


Austin Lo.

Austin Lo/Amazon


Rising star: Austin Lo, 32, cofounder and CEO of the virtual-tour platform Peek

What Lo said about his recommendations:

Of “Superforecasting,” he said: “This is a book I read in my finance days. The Good Judgment Project took a bunch of normal or slightly above-normal people and asked them to forecast world events.

“They were able to, through sound decision-making processes, beat intelligence analysts who have access to classified information. So it’s a lot about how to view the future, how to forecast the future, and how to intake information in which you can come up with good judgment.”

Of “Competing Against Luck,” he said “as we think about the product process at Peek, a lot of it is inspired and driven by” principles in the book.

‘Fixer-Upper: How to Repair America’s Broken Housing Systems’ by Jenny Schuetz

Kushi next to a cover for Fixer-Upper: How to Repair America's Broken Housing Systems


Odeta Kushi.

Odeta Kushi/Amazon


Rising star: Odeta Kushi, 31, deputy chief economist of the title-insurance company First American

What Kushi said about her recommendation:

“I was really interested in trying to better understand how to fix the housing-supply issue in the United States. The book talks about land-use restrictions and gives some practical advice on what we can do in the housing industry to ease the housing-supply shortage.

“It’s very well-written, and even someone who’s not a housing economist can understand it.”

‘Game Theory and Animal Behavior’ by Lee Alan Dugatkin

Daryl Fairweather next to a cover for Game Theory and Animal Behavior


Daryl Fairweather.



Rising star: Daryl Fairweather, 34, chief economist at the real-estate brokerage Redfin

What Fairweather said about her recommendation:

“I feel like it was one of the books that made me really believe in the power of economics because you can even see economics in the animal world. It makes me feel better to see that the decisions that people make are natural — people respond to their emotions and to their environment. I find it fascinating.”

‘Nonviolent Communication: A Language of Life’ by Marshall B. Rosenberg

Kristina Modares next to a cover for Nonviolent Communication


Kristina Modares.

Open House Austin/Amazon


Rising star: Kristina Modares, 33, cofounder of the real-estate brokerage Open House Austin

What Modares said about her recommendation:

“You would not really associate the book with real estate, but in real estate and the way we teach it, you really have to know yourself and be a good communicator.”

‘Traction: Get A Grip on Your Business’ by Gino Wickman

Christian Lawrence next to the cover for "Traction: Get a Grip On Your Business" by Gino Wickman


Christian Lawrence.

Rise Modular/Amazon


Rising star: Christian Lawrence, 29, CEO of Rise Modular

What Lawrence said about his recommendation:

“While we don’t strictly follow the traction system, the concepts in this book are useful and important to any entrepreneurial company at any stage.”

‘Never Split the Difference: Negotiating as If Your Life Depended on It’ by Chris Voss

The cover of "Never Split the Difference: Negotiating As If Your Life Depended On It" by Chris Voss next to a portrait of Riley Warwick

David Marlow/Amazon

Rising star: Riley Warwick, 30, cofounder of the Aspen, Colorado, brokerage team at Saslove & Warwick

What Warwick said about his recommendation:

“It’s a book about negotiation. It helps you understand that it’s not based on confrontation. Most people think business is aggressive and business is confrontation. But it’s really more about collaborating with people and teaming up. The person sitting across the table is really just trying to figure it out just as well as you are.”

‘Give and Take: A Revolutionary Approach to Success’ by Adam Grant

Christie Chen next to a cover of "Give and Take: A Revolutionary Approach to Success" by Adam Grant.


Christie Chen.

Oxford Properties/Amazon


Rising star: Christie Chen, 30, director of investments at Oxford Properties Group

What Chen said about her recommendation:

“It is a very interesting read that provides great perspectives on how the way you interact with others help shape your career.

“Through his research and engaging storytelling, Grant turned the conventional wisdom upside down and made a compelling case for a new pillar of success in life, which is our interactions with others. That’s in addition to the traditional three pillars of success — motivation, ability, and opportunity. It changed the way I think about success in work and life early on in my career.”

‘Start With Why: How Great Leaders Inspire Everyone to Take Action’ by Simon Sinek

Sanjana Sidhra next to a cover for "Start With Why: How Great Leaders Inspire Everyone To Take Action" by Simon Sinek


Sanjana Sidhra.

Sanjana Sidhra/Amazon


Rising star: Sanjana Sidhra, 29, senior analyst at the Affordable Housing Institute

What Sidhra said about her recommendation:

“The clarity of ‘Why’ is really what drives authenticity, which, in turn, drives innovation and disruptive thinking. Quoting a rather overused line from the book but one that really sticks with me, ‘People don’t buy what you do; they buy why you do it.'”

‘The Rise of the Community Builders’ by Marc A. Weiss

Minjee Kim next to a cover for The Rise of the Community Builders


Minjee Kim.

Minjee Kim/Amazon


Rising star: Minjee Kim, 35, assistant professor at Florida State University

What Kim said about her recommendation: 

“It’s such a classic that reveals the origins of the intimate relationship between planning and real-estate development and how real-estate developers played an instrumental role in shaping public policies and planning regulations.”

‘Radical Candor’ by Kim Scott

Megan LeMense next to a cover for Radical Candor.


Megan LeMense.

Megan LeMense/Amazon


Rising star: Megan LeMense, 34, senior director of marketing at Raise Commercial Real Estate

What LeMense said about her recommendation: 

“It essentially sets the framework for building strong teams. There are two main themes: caring personally and challenging directly.

“So it’s this idea that you can live at the intersection of caring personally and being human in the workplace, while being professional, by making a space where you can develop those relationships. At the same time, it’s your job to stand up and challenge and discuss problems and push towards a greater goal or solution.”

‘Shoe Dog’ by Phil Knight

Dhume next to a cover for Shoe Dog.


Gaurav Dhume.

Gaurav Dhume/Amazon


Rising star: Gaurav Dhume, 27, finance lead for Darwin Homes

What Dhume said about his recommendation: 

“‘Shoe Dog'” is the autobiography of Phil Knight, who is the cofounder of Nike. It’s a brutally honest story of how he built Nike from nothing into what it is today. A lot of times we’ll see people leave out the super hard stuff or make it sound very rosy — he left nothing out.

“He talked about every struggle he faced, the personal challenges, every difficult decision he had to make. It’s really helpful to see that even people who we think have made it, they’re kings of the world, all started out just like us. Reading that brutally honest take makes it feel like those things are more achievable. It changed my life, and I think it’s very useful to anyone who’s trying to make their way in the world of business.”

‘Who’ by Geoff Smart and Randy Street

Horvat next to a cover for Who.


Demi Horvat.



Rising star: Demi Horvat, 30, the CEO of AirDNA, which analyzes the domestic and international short-term-rental market

What Horvat said about her recommendation:

“It’s really a book about how to get the right people into your business and then achieve success through having the best team.”

‘Principles’ by Ray Dalio

Wu and Levitas with the cover of Principles.


Maggie Wu and Adir Levitas.

Maggie Wu/Faropoint/Amazon


Rising stars: Maggie Wu, 27, founder of the W Team at the luxury-real-estate broker Serhant, and Adir Levitas, 35, founder and CEO of Faropoint

What Wu said about her recommendation: 

“I think that man is a genius,” she said of Dalio.

His idea of “radical transparency is something I’ve always practiced,” she said, adding: “Whenever my team has an issue, they know they can voice it to me. It doesn’t matter that I’m their boss. Our team culture is just very focused on openness.”

What Levitas said:

“The idea of creating meaningful relationships and doing work in an honest and transparent environment is something that I have embraced.”

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Real eState

Housing Statistics in Canada Residential real estate investors and investment properties in 2020




For the first time, the Canadian Housing Statistics Program (CHSP) is publishing data on investors. This article presents a profile of these owners and the residential properties they owned in the provinces of Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia in 2020.

Key findings

  • The proportion of investors among owners varied from 20.2% in Ontario to 31.5% in Nova Scotia.
  • Among houses and condominium apartments, just under one in five properties was used as an investment in British Columbia, Manitoba, Ontario, New Brunswick and Nova Scotia combined.
  • Condominium apartments were used as an investment more often than houses (single-detached houses, semi-detached houses, row houses, and mobile homes). Ontario topped the list with the highest rate of condominium apartments used as an investment, at 41.9%.
  • Houses used as an investment were mainly owned by individuals living in the same province as the property.


Residential properties can be owned for several reasons: for use as a primary place of residence, but also for occasional use as a secondary residence, to generate income or other investment purposes. When properties are owned by investors, they can contribute to the rental housing supply—and therefore meet the population’s need for rental housing—but that can also limit the number of properties available to buyers who intend to use it as a primary place of residence. Data from the 2021 Census showed that the proportion of Canadian households who owned their home fell from 69.0% in 2011 to 66.5% in 2021. This article distinguishes between investors and other types of owners to better understand the profile of investors, what they own, and the role they play in the market.

This topic is especially important since, in the United States, the study by Haughwout et al. (2011) showed an increase in the proportion of investors among buyers from 2000 to 2007, when a housing bubble emerged. These borrowers then contributed considerably to the rise in delinquency rates during the 2007/2008 housing crisis. Analyzing the subsequent period in the United States (2009 to 2013), the study by Allen et al. (2018) also found that an increase in the percentage of houses purchased by investors in a given area led to higher prices in that market.

North of the border, the Bank of Canada (2022) analyzed the importance of investors—defined as buyers who own multiple mortgaged properties—and found an increase in the proportion of purchases by investors in Canada in the first half of 2021. Teranet (2022) made a similar observation in an analysis of transactions carried out by owners of multiple properties in Ontario. The Canada Mortgage and Housing Corporation (2016) also investigated investors — defined as households who own a primary residence and at least one secondary condominium unit — using a survey of condominium owner households in Toronto and Vancouver. They found that 48.4% of investors in 2015 stated that their secondary unit was rented out while 42.0% stated that they or a family member were using the unit.


In this release, the CHSP follows a different approach by identifying properties owned by investors among the entire stock of residential properties in Nova Scotia, New Brunswick, Ontario, Manitoba and British Columbia for the reference year 2020.Note The findings provide a snapshot of the situation in these provinces before the COVID-19 pandemic and can therefore be used as a point of comparison to determine the effects of the public health crisis when examining subsequent years.

What is an investor?

In this analysis, owners are divided into three categories: investors, investor-occupants, and non-investors.

An investor is defined as an owner who owns at least one residential property that is not used as their primary place of residence. Individual owners who own a single property in the same province as where they reside are not considered investors, so long as it is not a property with multiple units.

Specifically, the following owners are considered to be investors:

  • A business or government that owns at least one residential property, excluding Canadian non-profit organizations.Note Given the predominance of businesses in this category, they will simply be referred to as “business” in what follows.
  • An individual owner who is not resident in Canada, referred to as a “non-resident investor” below.
  • An individual owner who lives outside the province where they own residential property, referred to as an “out-of-province investor” in the province of the non-principal residence.
  • An individual owner who lives in the province and owns two or more residential properties, or owns a property with multiple residential units who does not occupy that property. These individuals will be referred to as “in-province investors”.

The investor category thus can include, among others, secondary residence owners, landlords, short-term rental owners, developers, for-profit businesses and speculators.

An owner is classified as an investor-occupant if they own a single property with multiple residential units, one of which is their primary place of residence. For example, this category includes owners of a house with a laneway unit or basement suite and owners of a duplex who live in one of the units. In all cases, at least one of the units must be occupied by one of the owners.

An owner is classified as a non-investor when they are not an investor or an investor-occupant. This category primarily includes owners who live in the province where the property is located, who own a single property, and this property does not have multiple residential units. Canadian non-profit businesses are also included in this category.Note

More than one in five owners is an investor

For British Columbia, Manitoba, Ontario, New Brunswick and Nova Scotia combined, CHSP data show that a total of 21.9% of owners were investors in 2020. The proportion of investors was higher in Nova Scotia (31.5%) and New Brunswick (29.0%) than in British Columbia (23.3%), Manitoba (20.4%), and Ontario (20.2%).

Chart 1: Distribution of owners, by investor status

Data table for Chart 1

This difference is largely due to a higher proportion of vacant land in the two Atlantic provinces, which is a type of property often owned in addition to the primary place of residence. The proportion of investors who live in the province and own one or two pieces of vacant land in addition to their primary place of residence was 6.7% in Nova Scotia and 7.7% in New Brunswick. If we remove this type of investor, the rate of investors falls to 24.8% in Nova Scotia and 21.3% in New Brunswick. The proportions of investors are then more comparable to those of the other provinces.

Given that the stock of vacant land is proportionally lower and more expensive in British Columbia and Ontario, less than 2% of owners in these provinces were in-province investors who owned one or two pieces of vacant land in addition to their primary place of residence. In Manitoba, the proportion of homeowners in this situation was also low, at 2.5%.

Investor-occupants are more common in British Columbia, where they made up 9.6% of owners. This higher proportion is mostly due to the composition of the housing stock. In this province, properties with multiple residential units represented 11.7% of the stock, a higher proportion than in the other provinces, where it varied from 2.9% in Ontario to 5.7% in Nova Scotia. This higher percentage in British Columbia was mostly attributable to many residences with a laneway unit or a basement suite among properties with multiple residential units. These kinds of properties were more likely to be occupied by the owner when compared to apartment buildings in British Columbia and elsewhere.

How is the investment status of the property defined?

An analysis of properties used as an investment helps clarify the role that investors play in the housing market. The investment status of the property is determined by analyzing the investor status of the owner and the use of the property. Properties are divided into one of the following three categories: an investment property, an owner-occupied investment property, and a non-investment property.Note

An investment property is defined as a property owned by at least one investor that is not the primary place of residence of any of the owners. This can include, for example, a rented property with one or more units, a cottage or a property owned for speculative purposes.

If the property is not included in the previous category, it can be considered an owner-occupied investment property if it is a property with multiple residential units where at least one of the owners occupies a unit.Note

Finally, the non-investment property category includes properties owned only by non-investors or those used as a primary place of residence by at least one of the owners.

The proportion of investment properties varies greatly by the type of property analyzed. Vacant land and properties with multiple residential units are used more for investment than single-detached houses, semi-detached houses, row houses, and mobile homes — which we refer to as “houses” in this article — and condominium apartments.

In all the provinces analyzed in this study combined, more than 9 in 10 vacant lots were investment properties or were owned by a non-profit organization. The remainder were owned by individuals residing in the province where they owned a single vacant lot. Similarly, for all these provinces, 96.7% of properties with multiple residential units were either investment properties (45.6%) or owner-occupied investment properties (51.1%), while the rest were owned by non-profit organizations. However, these proportions varied from one province to another. In British Columbia, 73.0% of properties with multiple dwellings were owner-occupied investment properties. By contrast, in the other provinces, the majority of properties with multiple dwellings were investment properties, with the proportion reaching 72.0% in Manitoba.

As a result, provinces with a large stock of vacant land, such as New Brunswick and Nova Scotia, and those with a high proportion of properties with multiple residential units, such as British Columbia, had high rates of investors or investor-occupants. The portrait shifts when the focus is on houses and condominium apartments, which are more likely to be owner-occupied, and therefore not used for investment purposes. In the following sections, the analysis of properties focuses exclusively on houses and condominium apartments, and excludes properties with multiple dwellings and vacant land.

In Nova Scotia, more than 1 in 20 houses is used as an investment by a person living outside the province or the country

The analysis by property type found that investors were drawn more to condominium apartments than houses. The share of houses used as an investment varied from 14.3% in New Brunswick to 20.1% in Nova Scotia, with an overall average of 15.6% for all five provinces. By comparison, this same statistic for condominium apartments was 39.4%. For the five provinces, a total of 918,695 houses were used as an investment, 584,615 of which were in Ontario. A regional analysis found that the proportion of houses used as an investment was generally higher in more touristic regions, where there may be more cottages.

In-province investors owned, as investment properties, between 8.7% of the houses in New Brunswick and 12.4% in Nova Scotia, and, as such, they owned more houses used as an investment than all the other types of investors combined.

Chart 2: Proportions of houses used as an investment, by investor type

Data table for Chart 2

Out-of-province investors owned proportionally fewer houses used as an investment in Ontario (0.3%) than out-of-province investors in the other provinces, which is likely partly due to higher real estate prices in Ontario than most of the provinces. Nova Scotia, New Brunswick and British Columbia seemed more popular with out-of-province investors, who owned, as investments, 2.3%, 1.6% and 1.7% of houses, respectively. New Brunswick and Nova Scotia may have attracted residents from other provinces with lower average housing prices than in other provinces. As for British Columbia, the number of out-of-province investors was particularly high in the areas near the Alberta border. In British Columbia, non-residents and out-of-province investors owned 43,890 houses used as an investment.

Condominium apartments are more popular with investors than houses

The share of condominium apartments used as an investment was higher than for houses, varying from 22.6% in New Brunswick to 41.9% in Ontario and totalling 39.4% for all five provinces. Although this share was higher in Ontario and British Columbia (36.2%) than in Manitoba (29.2%) and New Brunswick, this does not appear to be attributable to the large census metropolitan areas (CMAs) in those provinces. In fact, the rate of condominium apartments used as investment was lower in the CMAs of Toronto (36.2%) and Vancouver (34.0%) than the rate in the rest of their respective provinces.

Chart 1: Proportion of condominium apartments used as an investment, by investor type

Data table for Chart 3

There was a higher rate of business-owned investment properties among the condominium apartment stock than in the stock of houses. In Ontario, businesses owned 74,485 condominium apartments for investment purposes, or 13.4% of all properties of this type, which is the highest share among the provinces analyzed. Nevertheless, most condominium apartments used as an investment in both Ontario and Manitoba were owned by in-province investors. In the other jurisdictions, this was not the case.

The proportion of condominium apartments owned for investment purposes by non-resident investors was the highest in British Columbia (7.0%), followed by Ontario (5.6%).

More investment properties outside CMAs and census agglomerations (CAs) seem to be used as a secondary residence

While some investors rent out their investment property, others may use it as a secondary residence. Properties located outside CMAs and CAs are more likely to be used as secondary or recreational properties, such as cottages, when the owners are residents of the province and only own one additional property outside the region of their primary residence.Note These properties may or may not be rented.

Outside the major centres, this type of investment made up between 3.2% of houses and condominium apartments in New Brunswick and 11.1% in Ontario. In the latter, this amounted to 70,610 properties, or 1.6% of all houses and condominium apartments in the province. Of these, more than 99% were houses, while condominium apartments, which are less common outside major centres, represented less than 1% of the investment properties of this type.

In British Columbia and, to a lesser extent, Nova Scotia, the share of potential secondary residences owned by out-of-province investors was higher than in the other jurisdictions. In British Columbia, investment properties owned by out-of-province residents represented 6.3% of the houses and condominium apartments outside CMAs and CAs, while the figure for Nova Scotia was 3.5%.

Chart 4: Proportion of investment properties outside CMAs and CAs among condominium apartments and houses

Data table for Chart 4

Although a secondary residence could also be a pied-à-terre in the city, this seemed less common. In large urban centres, the proportion of houses and condominium apartments used as an investment owned by residents from outside the region or the province was lower than in areas outside CMAs or CAs. This proportion was highest in the CAs and CMAs in Nova Scotia (2.2%) and British Columbia (2.2%). In CMAs and CAs of the five provinces, the second property of in-province investors living in a different region was more often a condominium (23.0% of cases) than was the case outside major centres.

Chart 5: Proportion of investment properties among condominium apartments and houses, CMAs and CAs

Data table for Chart 5

In the Toronto and Vancouver CMAs, investment properties were concentrated in the downtown core

In both Toronto and Vancouver CMAs, there was a higher proportion of investment properties in the core census subdivisions (CSDs). In the Vancouver CMA, the Greater Vancouver ANote CSD was the one exception, with a higher proportion of houses and condominium apartments used as an investment (42.1%) than in the other CSDs in the region. This is consistent with other trends observed for Greater Vancouver A. According to the 2021 Census, this CSD had a higher proportion of renters (57.3% of households) than in the rest of the CMA. This difference is partially due to the students who attend the University of British Columbia, which is located in this area. Students are more likely to be renters, but they could also be owners, or they could live in a second property owned by a family member. In addition, this CSD had the highest non-resident ownership rate (14.9%) in the CMA in 2020.

In the City of Vancouver, which is the core CSD, the proportion of houses and condominium apartments used as an investment was 32.5%, the second highest proportion in the Vancouver CMA, which had an overall rate of 21.3%. The higher share of investment properties in the core CSD is partly due to a greater concentration of condominium apartments, which are more often used as an investment. However, even considering condominium apartments and single detached houses separately, both had a higher rate of properties used as an investment in the Vancouver CSD than in the rest of the CMA.

Map 1: Proportion of houses and condominium apartments used as an investment by census subdivision. Toronto and Vancouver census metropolitan areas, 2020

Description for Map 1

The finding was similar in Toronto, where the proportion of investment properties was higher in the core CSD of the City of Toronto (21.7%) than in the CMA as a whole (16.3%). For the CSD, this amounts to 112,220 condominium apartments and 52,935 houses used as an investment.

Note to readers

The Canadian Housing Statistics Program (CHSP) is an innovative data project that leverages existing data sources and transforms them into new and timely indicators on Canadian housing.

The data in this study are compiled from the CHSP for the reference year 2020. Complete information about the reference years of the property stock, by province and territory, are available here.


Investor status and investment status of the residential property take into consideration the type of property as obtained by our data providers. Certain properties may have secondary units that are not known to the authorities. As a result, we cannot account for them. The counts and distribution of properties are calculated based on the property classifications established by the CHSP. These may differ from the ones used by local authorities.

Once the property is categorized as an investment property, a subcategory is created to determine the type of investment property. This is based on the type of investor who owns it. The order of priority is as follows:

  1. Investment property owned by at least one business or one government;
  2. Investment property owned by at least one non-resident individual;
  3. Investment property owned by at least one out-of-province individual;
  4. Investment property owned by an individual living in the province.

Properties cannot be included in more than one investment property category. If the property has multiple owners with various profiles, once an owner fits in one of the categories, by order of priority, then the property is included in that category.

Geographical boundaries

In CHSP releases, data are based on the geographical boundaries from the Standard Geographical Classification 2016.

The CHSP database does not contain information about residential properties on Indian reserves.


property owner refers to an individual or an entity included in the classification of ‘business and government’ (such as corporations, governments, sole proprietorships and partnerships, and other legal types) that has property title transferred to, recorded in, registered in, or otherwise carried in their name.

A property may have more than one owner or an owner may have more than one property, therefore the count of owners and properties can differ.

An individual is considered a non-resident if their primary dwelling is outside the economic territory of Canada.

The core of a geographic area, for the purposes of this release, refers to the census subdivision (CSD) within a census metropolitan area (CMA) with the highest number of residential properties.

An investor is defined as an owner who owns at least one residential property that is not used as their primary place of residence, excluding Canadian non-profit organizations. An individual owner who owns a single property in the same province as where they reside is not considered an investor, so long as it is not a property with multiple residential units. This category excludes investor-occupants.

An investor-occupant is defined as an owner who possesses a single property with multiple residential units and who occupies that property.

non-investor is defined as an owner who is not an investor or an investor-occupant. An owner who lives in the same province as where the property is owned and owns a single property is included in this category, so long as it is not a property with multiple residential units.

An investment property refers to a residential property owned by at least one investor and is not used as a primary place of residence by any of the owners. This category excludes owner-occupied investment properties.

An owner-occupied investment property refers to a property with multiple residential units where at least one of the owners occupies a unit.

non-investment property refers to a property held solely by non-investors or a property being used as a primary place of residence by at least one of the owners and that is not an owner-occupied investment property.

The term unspecified investment property status refers to properties whose owner is unknown, and therefore the investment status of the property cannot be determined.

property with multiple residential units refers to a property containing more than one set of living quarters owned by the same owner(s), as is the case for an apartment building or a duplex or a property with two houses on the same lot.

condominium apartment refers to a set of living quarters that is owned individually, while land and common elements are held in joint ownership with others.


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Commercial real estate prices in P.E.I. stabilizing but supply issues remain, realtors say



After a turbulent few years, real estate agents on Prince Edward Island say the commercial real estate market is starting to show signs of stabilizing, but supply challenges continue.

Over the past two to three years, commercial real estate prices on P.E.I. saw a jump, said Kevin Quinn, a realtor with Remax Charlottetown.

“We had a pretty good demand for product, but yet we just didn’t have the inventory to handle that,” said Quinn.

Now, he said prices are showing signs of cooling. But limited supply remains an issue, especially in certain parts of the Island, like Charlottetown.

A man sitting in an office surrounded by papers.
Realtor Kevin Quinn says there is a shortage of commercial properties in Charlottetown, despite high demand. (Safiyah Marhnouj/CBC)

There are currently 73 commercial properties available on P.E.I., which Quinn said is about average. But the majority of those listings are located on P.E.I.’s north and south shore, or in the eastern part of the province.

“People looking in the Charlottetown area are having to struggle to find something,” he said.

A ‘very tough’ search

Nguyen Tuan knows first-hand how challenging it can be to find a commercial property in Charlottetown. He’s been looking for more than four months without any luck.

“It’s very tough now,” said Tuan of his search so far.

A man with folded arms stands near the steps and front door of a home.
Nguyen Tuan says he’s spent more than four months looking for a commercial property in Charlottetown to open a Vietnamese restaurant, but hasn’t been able to find anything at the right size or price. (Steve Bruce/CBC)

Tuan said he’s looking for a building that’s 800 to 1,000 square feet to open a Vietnamese restaurant, but so far buildings are either between 300 to 500 square feet or larger properties more than 2,000 square feet.

Along with a lack of options, rent is also expensive. Tuan said he’s trying to find a place that’s under $2,000 a month, but prices in the few available properties have been two or three times higher.

“We see one or two locations in Charlottetown with space of about 1,000 square feet, the rent [was] about $4,000 something,” he said, adding he was surprised to see such high prices.

Now, Tuan said he’s started looking in Stratford instead and is hoping to find a property better suited for his needs sometime soon.

Shortage of Charlottetown properties

Quinn said he’s heard from prospective buyers and renters that finding certain commercial places is especially difficult. People wanting to find smaller properties that are less than 1,000 square feet, for example, might face added challenges.

There is a demand there and the volume is not overly high right now, especially in the Charlottetown area,” he said.

Newly built commercial properties are being snatched up quickly, “sometimes even before a shovel went in the ground,” Quinn said.

Older properties will likely stay on the market longer before selling, he added. Quinn said there is still reluctance from buyers, especially over the past year which saw rising interest rates.

“Prices don’t usually skyrocket on P.E.I. The last few years, I think, has been a bit of an anomaly,” he said, adding he expects prices to stay roughly the same moving forward.

A headshot of a man wearing a suit and smiling.
Realtor Clifford Lee says the commercial real estate market on P.E.I. has largely stabilized and won’t likely see huge jumps in prices anytime soon. (Submitted by Clifford Lee)

Higher interest rates

As Canada’s interest rates continue to rise, realtor Clifford Lee said it’s a reality buyers should be preparing for.

Lee said people have become used to seeing interest rates less than two and three per cent for a few years, but that won’t be likely to return anytime soon.

“I really think it’s a matter of us getting used to the new normal interest rates of what we anticipate they’re going to be,” he said.

The Bank of Canada raised its benchmark interest rate to 4.5 per cent in January. It was the eighth time in less than a year the bank has raised rates, in an effort to stem record-high inflation across the country.

People are concerned about entering the commercial market right now, Lee said, but for the most part, prices in P.E.I. are reasonable. It’s a stark contrast to other national trends.

We didn’t have the big boom, and we’re not going to experience a big bust.– Clifford Lee, realtor

Lee said over the past few years, commercial real estate prices skyrocketed in bigger centres like Toronto and Vancouver. Prices on P.E.I. also saw a bump, but not to the same extent as in larger cities, he added.

“We didn’t have the big boom, and we’re not going to experience a big bust,” he said.

While prices aren’t expected to drop anytime soon, Lee said they likely won’t increase either.

“I think the prices now have certainly stabilized,” he said on what the market will look like in the coming months.


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China’s real estate crisis isn’t over yet, IMF says – CNBC



BEIJING — China needs to do more in order to fix its real estate problems, the International Monetary Fund said Friday.

The property market contributes to about a quarter of China’s GDP and has been a drag on growth, especially since Beijing cracked down on developers’ high reliance on debt in 2020.

Chinese authorities started to ease restrictions on financing for the sector over the last several months.

“Authorities’ recent policy measures are welcome, but in our view additional action will be needed in order to end the real estate crisis,” Thomas Helbling, deputy director in the IMF’s Asia Pacific Department, said in a briefing.


“If you look at the measures, a lot of them address financing issues for the developers that are still in relatively good financial health, so that will help,” he added in an interview with CNBC. “But the problems of the property developers’ facing severe financial difficulties are not yet addressed. The issue of the large stock of unfinished housing more broadly is not yet addressed.”

China is slowly coming back, Dassault Systemes CEO says

China is slowly coming back, Dassault Systemes CEO says

Apartments in China are typically sold to homebuyers before completion. Covid and financial difficulties slowed construction so much that some homebuyers halted their mortgage payments last summer in protest.

Chinese authorities subsequently emphasized the need to help developers finish building those pre-sold apartments. Still, residential floor space sold in China dropped by nearly 27% last year, while real estate investment fell by 10%, according to official numbers.

“I think it would be helpful to point to a way out and … how the restructuring could be done and who will absorb losses if there are any losses,” Helbling said. He also called for additional measures to address the large stock of unfinished apartments.

“Otherwise the sector will continue to slump and remain a risk and also constrain households that are overexposed to the property sector, and will have cash tied up and their savings tied up which will be a handicap for the broader economic recovery,” he said.

Helbling declined to name a specific timeframe within which authorities needed to act before the situation got much worse.

“The sooner you address downside risks the better.”

China says it’s not a crisis

The IMF analysis was part of the organization’s latest report on China, following annual discussions with Chinese officials that ended in November.

The officials pushed back on the IMF’s real estate assessment, according to a statement in the IMF report by Zhengxin Zhang, executive director for People’s Republic of China, and Xuefei Bai, senior advisor to the executive director, dated Jan. 12.

China’s property market has generally operated smoothly and “is not in a ‘crisis’ situation,” the statement said, casting the sector’s situation as “a natural evolution of ‘deleveraging and destocking’ in the past few years.”

“The related risks are local and only concern individual firms, and their impact on the rest of the world has been relatively small,” the central bank representatives said. Looking ahead, the Chinese side said they would work toward ensuring the delivery of completed apartments, and merging developers.

Chinese property developers such as Country GardenLongfor and R&F Properties have seen their shares nearly double or more over the last 60 trading days — about three months, according to Wind Information. But trading in shares of one-time giants Evergrande, Shimao and Sunac have been halted since March 2022.

The IMF report pointed out that a significant portion of investors in Chinese developers’ bonds have been affected.

“As of November 2022, developers that have already defaulted or are likely to default — with average bond prices below 40 percent of face value — represented 38 percent of the 2020 market share of firms with available bond pricing,” the report said.

“The sector’s contraction is also leading to strains in local governments. Falling land sale revenues have reduced their fiscal capacity at the same time as local government financing vehicles (LGFVs) have also significantly increased land purchases.”

The IMF on Monday raised its global growth expectations for the year due to better-than-expected growth in major countries late last year, softening inflationary pressures and the end of China’s Covid controls.

The new 2.9% forecast for the world is 0.2 percentage points better than anticipated in October. But it’s still a slowdown from 3.4% growth in 2022.

For China, the IMF projects growth of 5.2% this year, faster than the 3% pace in 2022.

— CNBC’s Silvia Amaro contributed to this report.


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