Where Is Canadian Commercial Real Estate Heading?

The latest commercial real estate statistics suggest that less capital was invested in the first half of 2014 than the previous year. Furthermore, the value of Canadian commercial real estate transactions dipped by 10 per cent in the first half of 2014.

Is Canadian commercial property on the decline?

The simple answer is no. While the numbers might show a dip, the figures don’t actually reflect any lack of liquidity in capital markets or demand. Rather, the numbers reflect the tightness of commercial income property inventory available in Canada. A combination of current landlords choosing to hold onto their investments long-term, in order to retain top yields and value, and private Canadian investors moving to snap up deals. In fact, individual investors have reportedly beaten out large funds in investing in Canadian properties in 2014.

So if Canadian commercial real estate is still on the way up and is a great investment, where are the best opportunities for individual investors?

Here are 4 Canadian commercial real estate trends and opportunities to watch out for:

1. Retrofitting and redeveloping properties to increase value
2. Retail and shopping plazas are still expanding
3. Edmonton, Alberta is a rising star
4. Partnership opportunities for diversification and professional asset management

Contrary to some potential misinterpretation of the numbers; Canadian commercial real estate is alive and kicking. The key is finding the right opportunities among the above four categories.

Get Your Investment Portfolio Ready For 2015

Many Canadians have found their investments and portfolios have bounced back since the last economic slowdown and have performed well in 2014. But with the year drawing to a close, and foreseeable changes happening already, here are some areas Canadians should look at to best prepare their investment portfolios for 2015.

Getting into the habit of reviewing your portfolio annually can be beneficial. Not only can you adjust to upcoming changes for the year, it also allows you to stay engaged and updated.

Here are some important questions to ask before the end of the year:

• How have your current investments performed this year compared to previous years?
• How are your investments performing in terms of desired goals?
• What are the projected performances of your investments in the next 5 years?
• Are there any emerging trends that can affect or alter your investments in the next year?
• What are your investment goals next year? In 5, 10 and 30 years?

Like any business, financial moves need to be reviewed, strategized and re-strategized to ensure the rewards outweigh the risks.

Planning For Your Retirement

In Dec. 2014, Globe and Mail highlighted the biggest challenges facing Canadian investors today: providing for their children, securing income and financing for retirement.

It can be a tightrope walk for many Canadians trying to find a balance between financing for the present, for their children’s future and their own retirement plans.

Fortunately, there are avenues to help reduce the stress, allowing families to target all areas at the same time. Investing is a great option to take, especially in commercial real estate. This underlying hard asset provides security, as well as financial provision.

Sound commercial property investments can put retirement saving on autopilot. Often these investments provide stable and passive income, and when paired with third-party partnerships, they require minimal effort.

Invest in Commercial Real Estate Before the New Year

Commercial real estate investing can be a great move year round. However, there are extra perks and motivation to invest near the end of the year.

1. Last Chance to Reduce Tax Bills

Commercial property investment can help offset increased income and capital gains. These investments can also help reduce overall tax liabilities.

2. Seasonal Opportunities on Sale

Along with other consumer goods, holiday season can also bring discounts on investments. Property sellers can get nervous with the lack of buyer activity during this slow period, giving real estate investors additional negotiating power and helping them build in more value and high returns.

3. ‘Peace & Good Tidings’

A sound commercial property investment can really deliver peace of mind. Investors can be confident their investments are generating steady wealth for them.

There may not be much time left to acquire the commercial property investment you have had your eye on, but this is the time to act on it.

After the New Year, analysts are predicting there will be a surge of capital entering the Canadian marketplace.

Investment Portfolios

Recently, private Canadian investors have been outpacing large funds in acquiring commercial property investments. The attraction is clear, but how much of your savings and investment portfolio should be dedicated to this sector?

To determine, individual investors must understand what these types of investments would do to their portfolio, including advantages and risks, all while comparing it to other types of investments.

According to the Harvard Business Review, the process of investing should reflect your income needs. Below are several investment periods.

1.) Stable Investments – These investments will provide the minimum income you need to live the lifestyle you require.

2.) Slightly Riskier Investments – Investments that fall into this category enables you to generate more disposable income to take your lifestyle to higher levels. However, you are not dependent upon them for your mandatory living expenses.

3.) Risky Investments – These opportunities should make up a small portion of your portfolio, as they have a higher-risk probability. However, these investments can generate large returns on investment if successful.

Commercial real estate classifies as “stable investments” and can provide you with mandatory minimum income.

Analysts estimate that 30 per cent of your portfolio should be allocated to income producing real estate. Of course, that number will fluctuate depending on your disposable income.

Avoiding Investor Fraud and Risk

New reports suggest investment related fraud continues to grow on a national and international level. What are the risks that Canadian investors face and how can they avoid becoming victims, all while maximizing, their portfolio’s potential?

A host of fresh fraud allegations, investigations and data shows that fraud and similar issues are apparently growing, rather than being eradicated. The recent news of a highly praised Canadian home renovator with his own TV show going bankrupt and taking hundreds of thousands of dollars of local property owners’ money with him has shaken the confidence of many.

The Globe and Mail and Ontario Securities Commission reports Canadian based TD Bank was just found to have been overcharging clients for 14 years. Over 10,000 accounts have reportedly been affected with erroneous charges exceeding $13.5 million. Another fund was just ordered to pay $23.3 million by a BC regulator. On November 13th, 2014, the Edmonton Journal reported that global banks are facing new fines for rigging markets. In the US, the Mortgage Fraud Application Index rose over 3% in 2014. This is on top of lost opportunity costs and subpar investments that simply didn’t perform as promised or expected.

So what can Canadian investors do to avoid being taken advantage of by these traps, and missing out on the best returns?

Due diligence

Individual Canadian investors must do a little home work themselves. Take a few minutes to research the opportunity, companies and professionals involved in any investment and their track record. Those that don’t take a moment to look beyond the glossy hype will unfortunately be met with disappointment. This applies to doing business with the large high-profile names of today as well.

Evaluate the model

How is the investment model weighted? What built-in checks and balances are in place for sponsors and managers to ensure the on-going performance of the investment and to deliver returns for clients?

Understand what you are investing in

While it may not be efficient, necessary or even feasible to fully master every intricacy and nuance of every investment, investors need to have a good handle on what drives performance and what the potential best and worst case scenarios are.

Pace how you invest

Dumping every penny of your savings or retirement fund into a new investment with a new manager is asking for trouble. It also breaks the most basic investment and financial principles. Thankfully, new models such as partnership opportunities for investing in commercial real estate make it easy to test the waters, stay diversified, and scale with confidence as investments and managers prove themselves.

Don’t forget taxes

Investors can’t neglect shielding themselves from unnecessary tax liability either. Don’t allow great returns and gains to be stripped away by taxing authorities out of a failure to choose tax beneficial investments like real estate or keeping good records.

By following the above tips, Canadian investors can make significant strides in reducing liability and securing sustainable positive returns over the long term.

Richard Crenian

Investing in Canadian Shopping Plazas

Canadian shopping plaza investments are increasingly standing out as prime choices for private investors. So how do they work?

Canada’s commercial property market continues to perform well in the retail sector, with Calgary and Edmonton emerging as top options. While investing in local shopping plazas is one of the more straightforward options when it comes to investing today, it is still a new concept for many individuals. How do private investors get in and out of these opportunities, how do they earn returns and what is important to look for in well performing properties?

Getting Into Your First Shopping Plaza Investment

Whether you are new to commercial real estate investing or are an experienced investor looking to hedge your risk, the smartest way to get involved with shopping plaza investments is likely via a syndication or partnership. These structures provide you with the ability to invest less capital and benefit from the financial strength of multiple accredited investors as partners. Once you become comfortable with this asset class, it is relatively easy to scale up and acquire additional interests in other shopping plazas and retail properties. This method of investing ensures additional safety and consistency in your investment performance, along with greater diversification.

Getting Out of Your Shopping Plaza Investment

While investors who are the sole owners of a property can opt to sell their properties on a whim, pooled investments are generally managed based on a predetermined timeline. These may be set deadlines for putting a property on the market, deciding to hold an asset indefinitely with the option to sell and cash out your personal stake at any time. As ab example, owners may decide to re-evaluate the investment after 5 years and vote on whether to continue to hold or liquidate a property, depending on the market and future performance projections from that vantage point.

Yield, Income, and Cash Flow

One of the chief reasons sophisticated Canadian investors choose retail real estate investments is for the consistent yields. Cash flow is generated from renting units to business tenants, and sometimes via additional revenue streams. Well-written retail leases can provide landlords with incredible upside potential over a modest period of time. Net operating income (NOI) has been improving thanks to technology and increased efficiency in property management. Cash distributions really depend on the investment model, but for many investors, the passive income from these properties is more than enough reason to invest in retail properties.

Capital Gains

In addition to income and tax benefits, Canadian shopping plazas also offer investors the potential for substantial capital gains from appreciation. While values will fluctuate over time, they have so far proven to always bounce back higher and are currently on an upward trajectory. For smaller retail centers there is always the possibility of increasing equity at any time via value add improvements and higher rental rates.

Canadian shopping plazas have a lot to offer private investors and are relatively easy to navigate. However, real performance will all come down to the individual investment and most importantly, who is managing the property on a daily basis.

Most Important Type of Properties to Invest In

Decoding the Best Type of Property

To hone in on the best type of property for investors today requires looking at which elements are most important to those investing. So what are they? Security is often the biggest one. Sophisticated Canadian property investors want to invest in bricks and mortar that will preserve their capital. Second to safety is which properties are most likely to perform consistently.

To determine this, investors will want to hone in on which types of properties are most critical and needed in the current market. For example, new sports arenas and museums might be valuable, and they may certainly help anchor a locale and increase interest, but most would reasonably argue they are not necessities.

Industrial Property

Some may pose that industrial real estate is the most important, especially in provinces such as Alberta. After all agriculture, manufacturing and energy are all crucial backbones of sustainable economies and provide real wealth building and job creation. However, industrial property can be a virtual minefield for most Canadian investors. This type of property can be tricky to develop, manage and sell for those not intimately familiar with the market. On top of this, industrial properties can have a much smaller user and buyer base than other types of properties. With energy production, regulations and technology constantly changing, it can be difficult to determine where performance for this property type is headed.

Office Buildings

After industrial, office property may be assumed to be a significant indicator of local economic strength, job creation potential and financial stability. Strong office markets used to suggest strong broader real estate markets but this is no longer the case. With 60% of the population on the way to working remotely, there has been a drastic change in the demand for working space, resulting in serious uncertainties regarding the future of the office property sector.

Residential Property

Most individuals would instinctively point to residential properties, as the most “needed” type of property. Whether it’s single family homes, multi-family apartment buildings or hospitality venues such as hotels, everyone needs somewhere to live and stay.

In destinations such as Edmonton, there are clear shortages in housing, which suggests that future growth is on the horizon. From purely an investment standpoint, multi-tenant properties have significant advantages in value, cash flow performance, efficiency in management and reliability. However, even when things are at their worst, homeowners and renters will skip their housing payments before they stop shopping for essential products and services, such as food and household items.

Retail Investment Property

It is hard to refute the fact that retail, specifically local shopping plazas, are the most important property type for the current market. As a result, they are likely to perform consistently and hold their value over time, while producing consistent cash flow in the interim. Retail can also pose far less liability when compared to residential landlord-tenant lawsuits.

Why Investors Choose Commercial Real Estate

The world’s wealthiest individuals continue to consider commercial real estate as one of the most desired assets in their portfolios. So what is it that makes this asset class so popular for the affluent and sophisticated investor?

1. Income

Call it yield, cash flow or passive income, but the point is that commercial property delivers it. For savvy investors, income is even more important than asset value. Everyone needs income, and particularly passive investment income.

2. Wealth Preservation

For wealthy individuals, preservation of capital is even more important than investment gains. These investors are risk adverse, and understand that promises of investment returns do not justify risking their capital. Commercial property is amongst the best investments when it comes to capital preservation, as it is a tangible asset that can provide wealth protection for families over the long run.

3. Taxes

One of the main reasons many affluent Canadians choose real estate investment is for the tax benefits. Direct real estate investment offers many potential tax breaks and deductions. This can be taken even further by using tax preferred vehicles for investing in real estate in order to reduce tax liability and even generate tax free returns.

4. Capital Gains

Capital gains are the icing on the cake when it comes to commercial property investments. They are not normally the primary reason to invest, but can provide substantial passive wealth gains in both the short and long term. Property value cycles are in general quite predictable. Timed well, investors can use this to speed up their portfolio growth, as well as providing lump sum cash needs for larger expenditures later in life.

5. Building the Local Economy and Community

Aside from the direct financial benefits of investing in commercial real estate for personal gain, these assets are also responsible for improving communities as they create jobs and inject cash into the economy.

6. Teaching Kids Essential Investment Principles

Even when there are no immediate financial needs for increased income, wealth or tax breaks, making new investments in commercial property can provide great teaching moments for future generations and can equip them to provide for themselves in the years to come.

In summary, there are many reasons to invest in commercial real estate in Canada for both young and mature investors. Regardless of your priorities, it’s worth taking a look at this investment sector and the broad array of benefits it incorporates.

Alberta Is Still The Best For Real Estate

According to a new report, Alberta continues to top the rankings in real estate markets across Canada.

A new study, ‘Emerging Trends in Real Estate 2015’, from the Urban Land Institute and PwC pegs Edmonton and Calgary as the top two cities in Canada for real estate.

Strong job creation, continued urbanization, downtown development and population growth are among the reasons why Calgary and Edmonton took the top spots.

Data also shows 27 per cent of the Canadian population as Millennials and 27 per cent as Baby Boomers. This suggests the real estate market will be heavily active in the near future.

Boomers’ housing needs are changing, and not only are Generation Y migrating and buying homes, Generation Z is also on the verge of becoming a massive home buying and real estate investment force as well. According to a recent Wakefield Research study, Generation Z is incredibly bullish on real estate ownership, with over 80 per cent saying it is critical to them.

These factors, as well as the side effects of more global economic and real estate trends are colliding to provide for more fuel to the growth of Alberta’s top cities. When compounded, many may find their investment property performances in Alberta exceptional.

Developments Boosting Canadian Housing Market

The latest data and commentary from the Canada Mortgage and Housing Corp. (CMHC) reveals an optimistic forecast for construction growth through 2015 and beyond. Canada’s housing agency anticipates 189,000 new housing starts in 2015.

Obviously much of this investment and construction will go to Alberta’s leading cities Calgary and Edmonton. The Urban Land Institute states these two destinations hold the best growth for real estate in Canada through 2015.

While Calgary and Edmonton continue fighting to be the most attractive and top performing real estate market in Canada, Edmonton seems to be coming out ahead. With the city’s current value proposition and velocity of growth, it looks to be leaving Calgary behind.

Edmonton has been attracting residents and businesses alike. Where the residential properties and small businesses go, demand for retail space follows. So does better performance of retail properties.

However, recent reports of Calgary’s steaming real estate market, in both new developments and resale tells us, this fight for Canada’s leading real estate market is far from over.

Opening Up Canada to Real Estate Global Investments

Global investment in real estate is rising rapidly and with continued growth in the construction sector, property investors can expect increased returns.

Global real estate investment has risen by almost 20 per cent. Analysts not only expect new money to be invested, but they also believe large portfolios will be shifting as well.

According to The Globe and Mail, Alberta’s new leadership is pressing the federal government for new clarity and rule reform to aid the province in attracting more international investments.

In particular, those pushing for the changes want to open the doors wider for wealthy Chinese investors and firms. By doing so, Canada would draw attention from the likes of the largest sovereign fund in the world.

Until then, the Alberta market is open for smaller private and individual investors to capitalize on value opportunities in prime property.

Investment Strategies

The world’s wealthiest investment gurus and billionaires are becoming increasingly transparent about their investment strategies. Wealthy global billionaires such as Warren Buffett, Carl Icahn and Tony Robbins are increasingly opening up about their investment secrets in new books, blogs and podcasts as they seek to share their success and help others achieve similar results in their portfolios.

Here are some areas they focus on:

Wealth Preservation

There’s a saying “big risk, big reward”, however, these risks should always be calculated. Wealth preservation and the return of investment capital is a priority, above return on investment.

This can explain why strongholds like London, Hong Kong, New York City and San Francisco continue to draw global investments even though yields have been poor lately.

Taxes

Paying close attention to taxes is important, especially minimizing tax liabilities. For example Amazon founder, Jeff Bezos has a map prohibiting staff from entering certain regions to prevent triggering new tax liabilities.

While Mr. Bezos and Amazon’s route might be a bit extreme for the average private investor, for most it can still mean 25 to 50 per cent difference in net returns, income and wealth. The difference becomes more significant overtime, as gains or losses are compounded.

Passive Income

Time is limited. No one wants to be tied to their investments, while their friends and family are having fun. Hence choosing investments with passive income can be beneficial.

Diversification

Diversification brings together the best of the above. It helps protect wealth further and ensures the consistency of investment returns and ongoing income.

Investing in Commercial Real Estate

Many Canadians are already investing in real estate via their own homes. However, investing in commercial real estate can diversify an investor’s portfolio and bring other valuable advantages residential real estate can’t, such as ongoing passive income or multiple tax benefits.

In the past, commercial real estate has been thought of as more challenging than residential investing. And for new investors, the whole process can be overwhelming and scary.

While there are differences between the two and different procedures are needed, investing in commercial real estate doesn’t have to be intimidating. Today, there are many options investors can choose to help ease them through their investments. From commercial financing, third party partnerships and syndication structures, expert management is always accessible.

Before investing, here are five strategies that can lead you to successful commercial real estate investing:

Define your investment goals
Clarify how much you want or have to invest and know your limits
Layout timelines for when you want to start and how long you want your investment to carry on for
Research which investment types are best suited to you
Decide who can help, and what options are available

Commercial Real Estate Investing Continues to Grow

According to the latest figures, global real estate investments have grown by over 17 per cent to almost $790 billion, and this figure is expected to continue to increase in 2015.

In addition, sources are leading us to believe we’ve only seen the tip of the iceberg in investment portfolio restructuring. With London’s looming new capital gain tax on the horizon, it’s set to create a substantial shift in the market, sending significant amounts of capital flowing into new investments and new markets.

Some of the world’s largest real estate funds are also exiting their earlier investments and re-allocating them into new investments and industries.

Profits made in emerging markets like Africa and India by local entrepreneurs are also being reallocated and placed into more secure markets or for diversification.

Regardless of where international real estate trends are heading, we’re sure Canada will be part of it.

Continue Investing After Purchasing A Home

Buying a new home in the current economy can be intimidating. Besides creating a new budget for all the additional costs that come with purchasing a new home, buyers also want to ensure they have enough savings for emergencies, retirement and their children.

While everyone saves and budgets differently, investing in commercial real estate is a sound option that can help you stay financially healthy, even when buying a new home.

Commercial real estate generates passive income. This avenue of steady income can become a financial cushion, helping out on rainy days, retirement planning or funding for children’s education. Furthermore, investors can also benefit from multiple tax benefits.

Thanks to the development of new opportunities and partnership structures, most will find they can start investing in commercial property with far less capital and time.

With Current Stock Market Plunge, Should Investors Be Worried?

News headlines have been buzzing with alerts about the latest stock market plunge. While this may be a temporary slump in the stock market, analysts have been predicting as much as a 60 per cent dive in stock prices for some time. It’s difficult to estimate a precise moment, but the current fundamentals of the stock market suggest that a steep sell-off is inevitable.

Money markets have already been reacting to the mayhem with mortgage interest rates reportedly edging even further down. This creates significant opportunities for Canadian investors to expand in commercial property acquisitions with low rate financing, which will enhance the property’s cash flow and NOI.

Existing commercial property owners can find lower rates ideal for restructuring debt leverage to improve investment property performance. Individual investors can also find it to be an ideal moment for refinancing their homes and even accessing additional capital to invest.

Smart Leasing Strategies

Many Canadian retailers are fighting for space in Canada’s top markets like Edmonton. Some commercial centers, such as the West Edmonton Mall and Calgary’s Chinook Centre have even been reportedly combating each other for brand name tenants.

Attempting to draw big name tenants and offering exclusivity has long been common practice in retail property investment and management, but this may not be the most profitable strategy going forward.

Historically, lower demand for retail space used to dictate that retailers could demand exclusivity in their domain within a shopping centre and landlords would oblige. However, this is quickly changing, especially in markets such as Alberta where retailers are competing with each other to secure floor space.

Big names are desirable, but they can also present issues. For example, well-known retailers may already have an extensive e-commerce presence. This can become a disadvantage, as it can reduce in-store sale performances and additional traffic to the shopping centre.

Furthermore, popular retailers are not always the most profitable tenants due to their negotiating power and prestige. Competing for these tenants gives the larger retailers more negotiating power, thus decreasing the landlord’s profit even further.

In order to combat this, landlords should diversify their tenants. Local and boutique tenants, especially stores revolving around services and food, can prove to be just as profitable as big name tenants.

Investing in Properties can Help Startup Entrepreneurs too

According to Benjamin Tal and a new CIBC World Markets report, Alberta remains the “most favourable place for small business to flourish.” A recent infographic via Medium, documents a dramatic and exponential rise in new business startups and investment activity in Edmonton, flowing through 2014. Popular pitching and funding platform AngelList listed 87 startups and almost 4,000 angel investors in Edmonton.

However, while tech and startups are hot, there are many good reasons for angel investors and entrepreneurs to be prioritizing commercial real estate investments right now too.

For a start, these small businesses need to secure and maintain affordable office spaces going forward. Whether they remain boutique-sized, work in co-working office spaces or plan to expand into retail storefronts, one of the best ways for them to ensure survival in this rapidly appreciating commercial real estate market is to own a slice of it.

Many might not be able to afford or justify acquiring a whole office building, office condo, or shopping plaza, but they could utilize partnerships to own part of a building without having all the obligations. This will also provide them the benefit of sharing the wealth created from the lift in values.

For many it can be a strategy to pull in additional income, depending if they sublet part of the building or invest close to home.

How E-Commerce is Boosting Retail Investments

A new report shows that almost 80 per cent of Canadians are now using smartphones to shop and make their purchases.

Furthermore, coverage of the latest surveys by the Edmonton Journal shows that 79 per cent of Canadians between the ages of 18 and 29 years old and as many as 77 per cent of those aged 25 to 54 are using mobile devices in conjunction with shopping in Canadian retail stores.

While 10 per cent of the surveyed Canadians have used mobile payments, less than a quarter of shoppers say they feel comfortable using their smartphones to make payments, rather prefer  to use credit cards and cash in stores.

This shows us that e-commerce and the latest apps and smartphones are generating a significant amount of business for retailers, especially in helping consumers make purchasing decisions.

Done right, new technology and a complimentary online presence for retailers can increase in-store sales, sale per square foot and same customer sales. This can provide a tremendous boost for retailers, property owners and investors.

These online and tech tools can also provide a substantial lift to in-store traffic and sales via recommendations, positive online reviews and social media contacts.

As property managers and landlords begin to capitalize on this increased community and engagement, they can expect improvements to the overall results achieved by retail tenants and investors.

Those investing in local shopping plazas are also well positioned to benefit from the continued adoption of these technologies and their lift to rental rates and Net Operating Income.

Richard Crenian

Ways to Finance Your Next Commercial Property Investment

There have been no better time than now to capitalize on the opportunities in Canada’s commercial real estate market. Values and demand are both trending up and interest rates remain low.

Here are some ideas to look at when analyzing gow to fund new investments in the current market.

Cash Purchases

Many Canadians are currently flush with cash or have cashed out other types of investments to help restructure and optimize their portfolios. Cash can be a great asset to have when capitalizing on attractive investment opportunities, as it enables investors to negotiate from a position of strength and achieve above average returns – all while retaining the benefits of a solid equity position.

It’s always wise to keep some cash on hand to retain liquidity and ensure diversification across your portfolio.

Commercial Mortgage Loans in Canada

Commercial mortgage capital appears to be freely available from global markets, especially for solid properties in Canada’s growing provinces and top cities.

Interest rates are low and capital markets are becoming increasingly aggressive. Terms may vary, but qualified investors with performing income producing properties shouldn’t have issues finding attractive long term mortgage financing.

Crowdfunding

Crowdfunding is increasingly becoming a preferred form of leverage and fundraising for commercial property in North America. Beyond access to low cost capital, crowdfunding offers many perks for investors. This includes visibility, as more individuals are invested in the success of the project.

The one catch here is that organizers must be prepared to compete in this blossoming space and understand the strategy and tactics required to stand out and attract contributors. This can demand significant marketing expertise and can often require a sizable upfront capital requirement.

Partnerships

Crowdfunding is simply a glitzy, technologically-fueled version of how sophisticated real estate investors have partnered together for decades.

Before rushing into launching a crowdfunding campaign, taking out a mortgage with a personal guarantee or funneling all of your available cash into a single commercial property, consider the advantages of partnering with others in a proven on your next commercial real estate investment in Canada.