Exchange Magazine Summer 2025

WWW.REIC.CA 1

EXCHANGE 2025

SUMMER

MAGAZINE

FEATURE ARTICLE

WHERE SPORT MEETS SPACE

BY DR. JULIE STEVENS

PLUS

PLUS:

PROPERTY MANAGEMENT’S

TALENT CRUNCH

ETHICS & AI IN THE INDUSTRY

WHAT’S NEXT FOR HOUSING

AFTER THE ELECTION?

& MORE

2 REIC EXCHANGE, SUMMER 2025

This publication, Exchange Magazine Summer 2025, is protected by copyright law. No part of this magazine may be reproduced, distributed,

or transmitted in any form or by any means, including photocopying, recording, or other electronic or mechanical methods, without the prior

written permission of the Real Estate Institute of Canada (REIC), except in the case of brief quotations embodied in critical reviews and certain

other noncommercial uses permitted by copyright law.

The content in Exchange Magazine Summer 2025 includes original articles and contributions from various authors. The Real Estate Institute of

Canada (REIC) does not endorse or guarantee the accuracy or reliability of any views, opinions, or information presented by contributors. Any

reliance you place on such information is at your own risk.

Exchange is brought to you by a dedicated team who believe in the power of great stories and sharp design.

Don Inouye – Publisher

Amber Wavryk – Editor-in-Chief

Sierra Gouveia – Managing Editor

Anna Petrela – Lead Graphic Designer

We hope you enjoy reading this issue as much as we enjoyed creating it.

Walker Sports and Abilities Centre, featured on the cover. Image credited to MJMA Architecture & Design. Used for editorial and educational

purposes in accordance with Canadian fair dealing guidelines.

WWW.REIC.CA 3

TABLE OF CONTENTS

PUBLISHER’S NOTE

BUILT IN CANADA, COMMITTED TO CANADA: REIC’S LEGA-

CY AND FUTURE

THE COMING SURGE IN DEMAND FOR PROPERTY MANAG-

ERS: CANADA’S CRITICAL TALENT CHALLENGE

NAVIGATING THE ETHICAL FUTURE OF ARTIFICAL INTEL-

LIGENCE

MEET IREM CEO AND EXECUTIVE VICE PRESIDENT ZACK

WAHLQUIST

POST-ELECTION HOUSING PRIORITIES: WHAT MUST THE

NEW LIBERAL GOVERNMENT DO TO ADDRESS CANADA’S

HOUSING ISSUES?

TRUST, ETHICS, AND THE FUTURE OF REAL ESTATE PRO-

FESSIONALISM

UNLOCKING FUTURE-READY SKILLS THROUGH THE PIN-

NACLE PROGRAM

CATHY POLAN TAKES THE HELM AS THE PRESIDENT OF

THE ONTARIO REAL ESTATE ASSOCIATION

STUDENT INNOVATION MEETS INDUSTRY INSIGHT

LA PERSPECTIVE D’UN BANQUIER, AU-DELÀ DES CHIF-

FREES / BEYOND THE NUMBERS, FROM A BANKER’S PER-

SPECTIVE

THE TRAGEDY OF THE COMMONS IN ORGANIZED REAL ES-

TATE

GETTING GOVERNANCE RIGHT: WHY REAL ESTATE NEEDS

A UNIFIED STANDARD NOW MORE THAN EVER

DRIVEN BY KNOWLEDGE, DEFINED BY ETHICS: MARY DI FE-

LICE’S REAL ESTATE LEGACY

STANDING THE TEST OF TIME: THE LIFETIME ACHIEVE-

MENT AWARD

REAL ESTATE AND SPORT:

A COLLABORATION FOR

THE FUTURE

OUTDOOR LIVING

WITH AN INDOOR

FEEL IN MIND

FROM REAL

ESTATE TO ROYAL

RECOGNITION

WHAT CAN

ELEVATORS TEACH

US ABOUT

EMBRACING

ARTIFICIAL

INTELLIGENCE

VOICES OF INFLUENCE

FORCES SHAPING THE FUTURE

KNOWLEDGE IN ACTION

PILLARS OF THE PROFESSION

4 REIC EXCHANGE, SUMMER 2025

PUBLISHER’S NOTE

As you turn the pages of the summer edition of Ex-

change Magazine, I invite you to pause and reflect on

a question that’s becoming increasingly urgent in our

industry: What does it mean to lead with integrity in a

world being reshaped by technology?

At the Real Estate Institute of Canada, we’ve always

stood for professionalism, ethics, and lifelong learning.

Today, those values are being tested–and redefined–by

powerful forces like artificial intelligence, shifting mar-

ket dynamics, and the evolving expectations of the

communities we serve.

This issue dives deep into those conversations. In Nav-

igating an Ethical Future with AI, we explore how real

estate professionals can embrace innovation without

compromising the human values at the heart of our

work. And in Post-Election Housing Priorities, we unpack

the policy shifts and market realities that will shape

housing in Canada for years to come.

We’re also proud to feature Real Estate and Sport: a Col-

laboration for the future by Dr. Julie Stevens. Dive into

a compelling conversation about the convergence of

sport and real estate, and how this evolving relationship

is influencing land use and creating new opportunities

across the country.

Whether you’re a seasoned professional or just start-

ing out, I hope this edition challenges you, inspires you,

and reminds you that our greatest asset isn’t just knowl-

edge–it’s character.

Let’s keep raising the bar. Together.

By Don Inouye, Chief Executive Officer, Real Estate Institute of Canada (REIC/ICI)

A message from the helm on leading with character in a chang-

ing world—and why it matters more than ever in our 70th year.

Pictured above: Don Inouye.

Pictured above: A proud moment that highlights

REIC’s commitment to professional excellence and

inclusive leadership—Lexi Williams, Chair of RE-

IC’s IDEA (Inclusion, Diversity, Equity, Accessibili-

ty) Committee, receives her CRP designation from

REIC National President Robin Hardman, CPM®

CLO RPA, and CEO Don Inouye in April 2025.

WWW.REIC.CA 5

Since 1955, the Real Estate Insti-

tute of Canada (REIC) has been

proudly built in Canada - not

just in name, but in purpose. Our

roots run deep in this country’s

professional landscape, and our

mission has always been clear:

to elevate the standards of real

estate practice through ethics,

education, and excellence.

But being Canadian isn’t just

about where we started. It’s

about what we stand for.

In an era of global digital plat-

forms and imported solutions,

REIC remains steadfast in its

commitment to Canadian pro-

fessionals, Canadian values, and

Canadian innovation. Our des-

ignations, our training, and our

thought leadership are tailored

to the unique realities of our mar-

kets, our laws, and our commu-

nities.

That commitment is more than

symbolic - it’s strategic. We’ve

recently migrated our digital

home to www.reic.ca, proudly re-

tiring our .com domain in favour

of a distinctly Canadian identity.

And we’re not stopping there.

We’ve launched a new series of

Canadian-built designation pro-

grams and professional program

experiences, designed from the

ground up to reflect the needs,

challenges, and opportunities of

real estate professionals across

this beautiful country.

That’s why protecting our intel-

lectual property isn’t just a legal

necessity - it’s a patriotic one.

Our programs, publications, and

professional standards are the

result of decades of Canadian

expertise. They belong to our

members, our partners, and the

future of our profession. And they

deserve to be safeguarded.

So, as we champion the “Desig-

nation Canadian” movement, we

invite our members and industry

partners to do the same: invest in

Canadian-made education, sup-

port Canadian-led leadership,

and take pride in a professional

Institute that’s not only built in

Canada - but built for Canada.

Because when we protect what’s

ours, we protect what’s next.

BUILT IN CANADA, COMMITTED TO

CANADA: REIC’S LEGACY AND

FUTURE

“Protect-

ing our in-

tellectual

property

isn’t just a

legal ne-

cessity - it’s

a patriotic

one.”

By Don Inouye, Chief Executive Officer, Real Estate Institute of Canada (REIC/ICI)

On embracing Canadian values, perspectives, and potential as

we reframe our work for a stronger tomorrow.

6 REIC EXCHANGE, SUMMER 2025

Winson Chan has spent over 35 years shap-

ing the real estate industry, building a repu-

tation as a leader, mentor, and advocate for

real estate excellence. As Vice President of

Sales Development at Tridel, he has played a

key role in developing one of Canada’s most

respected and award-winning sales teams.

But beyond corporate success, Winson’s

true impact lies in his unwavering dedica-

tion to professional growth, ethical leader-

ship, and giving back to the industry that has

shaped and supported his career.

A firm believer in raising professional stan-

dards, Winson has held numerous influential

positions. He currently serves as the Region-

al Director for Ontario with the Canadian Real

Estate Association (2024-2026) and previ-

ously led the Real Estate Institute of Cana-

da (REIC) as National President from 2018

to 2019. His leadership extends further as a

founding director and advisor for the Great-

er Toronto Chapter of the Asian Real Estate

Association of America and as a director for

FIABCI-Canada, the International Real Estate

Federation. His commitment to the profes-

sion has earned him numerous prestigious

accolades, including the Queen Elizabeth II

Platinum Jubilee Award, the Senator Recog-

nition Award, and the COVID-19 Humanitari-

an Service Medal. He has also been recog-

nized by REIC and the Building Industry and

Land Development Association (BILD) for his

exceptional contributions to the field.

On October 5th 2024, Winson’s dedication

to service and philanthropy was recognized

with one of the highest honours—he took his

Oath of Knighthood and was formally induct-

ed into The Order of St. George. As a Knight

FROM REAL ESTATE TO ROYAL

RECOGNITION: WINSON CHAN’S

REMARKABLE PATH

Celebrating the inspiring journey of Winson Chan—from industry

leadership to receiving one of Canada’s highest honours.

of the Order of St. George, Winson joins a distin-

guished legacy that dates back to 1326, when the

Fraternal Society of Knighthood of St. George was

founded by King Károly Róbert of Hungary. Over

the past 700 years, the Order has evolved into a

globally respected institution dedicated to char-

itable works, humanitarian efforts, and the ideals

of chivalry and selfless service1. Today, the Order

continues to recognize and honour individuals

who dedicate themselves to making a meaningful

difference. Winson’s induction is a testament to his

profound influence—not just in real estate but in

the broader community.

By Don Inouye, Chief Executive Officer, Real Estate Institute of Canada (REIC/ICI)

Pictured above: Winson Chan, FRI CRES.

WWW.REIC.CA 7

committed to community ser-

vice. He actively supports a

number of charitable and cultur-

al organizations that reflect his

values of compassion, inclusion,

and civic engagement. Among

them is the Yee Hong Commu-

nity Wellness Foundation, which

raises vital funds to support the

Yee Hong Centre for Geriatric

Care, an organization specializ-

ing in culturally appropriate care

for Asian Canadian seniors2.

Winson is also a proud supporter

of The Cross-Cultural Communi-

ty Services Association (TCCSA),

which has been assisting thou-

sands of newcomers to Canada

for over 40 years. TCCSA provides

essential human services that

foster integration, resilience, and

participation in Canadian soci-

ety3. Rooted in values of respect,

inclusivity, and accountability,

TCCSA’s mission aligns with Win-

son’s commitment to building a

stronger, more equitable future

for all.

This year, in recognition of Win-

son’s exceptional contributions

and legacy, REIC has introduced

the Honorary Fellowship Pro-

gram as part of its Pursuit of

Excellence

Awards

Program.

Spearheaded by Past-President

Winson Chan, FRI CRES, this ini-

tiative recognizes outstanding

industry leaders and experts by

awarding them the Honorary Fel-

low of the Real Estate Institute

(FRI.H) designation. This distinc-

tion is reserved for individuals

who, much like Winson, exem-

plify and actively share REIC’s

mission of elevating and raising

the ethical and professional stan-

dards of Canadian real estate

professionals. Honorary Fellows

are not just recognized for their

achievements—they are cele-

brated for their ongoing commit-

ment to shaping the future of the

industry through their respective

fields.

Beyond his professional achieve-

ments, Winson is also deeply

Winson’s knighthood is a reflec-

tion of his lifetime of service,

leadership, and integrity. Wheth-

er he’s advocating for higher stan-

dards, mentoring future leaders,

or giving back to his community,

Winson embodies the very best

of what the real estate profession

stands for.

As he continues to lead and in-

spire, Winson Chan’s legacy

serves as a reminder that suc-

cess is not just measured by per-

sonal achievements but by the

positive impact one has on oth-

ers—setting a standard of excel-

lence for real estate profession-

als to aspire to.

Sources

[1] The Order of St. George. “His-

tory – the ORDER of ST. GEORGE.”

Orderstgeorge.ca, 2021, orderst-

george.ca/company/.

[2] Yee Hong Community Well-

ness Foundation. “Foundation

Home.”

Yeehong.com,

2025,

https://www.yeehong.com/

foundation/.

[3] The Cross-Cultural Commu-

nity Services Association. “About

TCCSA.” TCCSA, 2025, https://

tccsa.on.ca/.

Pictured on the left: Winson Chan

speaks on behalf of Tridel, inspir-

ing the next generation at a real

estate career exploration day in

collaboration with REIC and Fair

Chance Learning in May 2025.

8 REIC EXCHANGE, SUMMER 2025

MEET IREM® CEO AND EXECUTIVE

VICE PRESIDENT ZACK WAHLQUIST

A personal introduction from IREM®’s new

leader on stepping into the role, forging

connections, and what’s ahead for the

profession.

Hi, I’m Zack, IREM’s new CEO and Executive

Vice President. Since joining IREM in January

2025, I’ve been deeply impressed by the tal-

ent and energy of our members. Thanks to in-

ternational partners like REIC, IREM has grown

into a global community, a place where indus-

try professionals support each other in their

day-to-day challenges.

My Background

Before joining IREM, I held positions in the

higher education and real estate spaces. Most

recently, I served as Chief Operating Officer of

the Chicago Association of REALTORS® (CAR)

since 2022, and as CAR’s Executive Vice Pres-

ident from 2019 to 2022. These experiences

solidified my commitment to the association

industry, and to real estate specifically.

Academically, I earned a Master of Science in

Higher Education and Student Affairs, and a

Bachelor of Arts in Political Science. I’m hon-

ored to be recognized as a Fellow of the Amer-

ican Society of Association Executives (FASAE),

and I also hold the CAE (Certified Association

Executive) designation, and the REALTOR® As-

sociation Certified Executive (RCE) certification

from the National Association of REALTORS®.

Community means a lot to me, and it’s been

rewarding to support the efforts of the orga-

nizations I believe in. I’m currently serving as

a Board Member for both the Illinois Chapter

of the LGBTQ+ Real Estate Alliance and Ada S.

McKinley Community Services, Inc., and am an

active volunteer with several local arts organi-

zations.

I bring the skills I’ve acquired in these roles to

advance IREM’s mission, serve our members,

including our REIC members, and to continue

By Zack Wahlquist, CEO and Executive Vice President, Institute of Real Estate Management (IREM®)

Pictured on

the right: Zack

Wahlquist, FASAE,

CAE, RCE.

To learn more

about IREM, visit

www.irem.com.

expanding our footprint around the world.

A New Era for Property Management

Real estate management is experiencing a seismic

shift shaped by technological advancements, sus-

tainability efforts, and shifting tenant expectations.

With all the expectations placed on our members

today, IREM remains at the forefront of this global

evolution.

We’re expanding globally, establishing new partner-

ships with real estate organizations, and meeting the

needs of our international members. Real estate in-

vestors and owners around the world recognize the

value of professional property management in pro-

tecting asset value, and IREM is there to help.

Since transitioning into the world of real estate five

years ago, I’ve come to love the people in this indus-

try. And the IREM leaders and community I’ve met so

far are no different; incredibly thoughtful, kind, and

committed to the industry and to IREM. I’m honored

to have the opportunity to lead such a well-regard-

ed organization already doing incredible things, and

excited to see what the future holds for IREM and its

members across the globe.

WWW.REIC.CA 9

TRUST, ETHICS, AND THE FUTURE

OF REAL ESTATE PROFESSIONALISM

In an industry where trust is every-

thing, professionalism isn’t just a

buzzword—it’s a fundamental pillar

of long-term success.

REALTORS® play a critical role in

shaping client outcomes and the

public’s perception of the entire

sector. They are trusted advisors

and consummate professionals.

They know the market inside and

out. They stand by their clients,

helping them navigate challenges

to achieve their dreams of home-

ownership or to move through life’s

many journeys, whether it be es-

tablishing a place for business or

selling a home that has meant so

much.

Yet, the perception of real estate

professionals has been in contrast

for years. In 2020, a Nanos Re-

search survey revealed only 14%

of Canadians considered real es-

tate agents trustworthy—far behind

doctors, nurses, and even lawyers.

This spotlights the gap between

the profession’s potential and pub-

lic perception.

One primary area of focus for the

Canadian Real Estate Association

(CREA) is emphasizing transparency

and ethical practices within the real

estate industry. The goal is to en-

sure every real estate professional

who is also a REALTOR® epitomiz-

es the hallmarks of the REALTOR®

brand and trademark: unwavering

service; unparalleled competence;

and, of course, strict adherence to

CREA’s REALTOR® Code of Ethics.

In 2021 CREA partnered with Saint

Mary’s University Research Depart-

ment to bring data, structure, and

actionable insights to an issue that

has long demanded serious atten-

tion. The project aimed to take a

deeper look at professionalism and

create a validated framework and

measurement tool to define, assess

perceptions of, and ultimately ele-

vate professionalism amongst RE-

ALTORS® in Canada.

Why Professionalism Matters Now

More Than Ever

We all know that buying or selling a

home is one of the most significant

financial and emotional decisions in

a person’s life. At such high stakes,

clients expect their real estate rep-

resentatives to be more than just

competent—they expect them to

be professional in every sense of

the word.

But “professionalism” in real estate

has remained somewhat nebulous.

As there is no national standard,

varying provincial regulations, di-

verse business models, and differ-

ences in brokerage culture have

contributed to a fragmented un-

derstanding of what professional-

Exploring how trust and ethics are shaping the

next era of professionalism in Canadian real estate.

By Janice Myers, Chief Executive Officer, Canadian Real Estate Association (CREA)

10 REIC EXCHANGE, SUMMER 2025

Pictured above: Janice Myers joins expert panelists at the

Ethics in Real Estate discussion in November 2024. From

left to right: Chris MacDonald, Don Inouye, Janice Myers,

and Keith Major.

To learn more about CREA, visit https://www.crea.ca.

ism looks like in practice.

Ultimately, if trust is the currency of

real estate professionals, then pro-

fessionalism must be its bedrock.

Addressing the Trust Deficit

REALTORS® overwhelmingly view

themselves as ethical and pro-

fessional—yet many remain silent

in the face of peers’ unethical be-

haviour, and the public continues to

express skepticism.

As CREA’s work shows, profession-

alism isn’t just about avoiding mis-

takes or following rules. It’s about

embracing a mindset of excel-

lence, respect, and responsibility.

It’s about showing up every day

with integrity and delivering not

only results—but reassurance—to

clients who are entrusting you with

their biggest life decisions.

Defining Professionalism: Beyond

Minimum Standards

Through our work with Saint Mary’s

University, CREA developed the

Real Estate Agent Professionalism

Scale (REAPS)—a comprehensive

tool grounded in both qualitative

and quantitative research to help

assess members’ perceptions of

themselves and others as it relates

to professionalism.

The development process involved

three phases:

Item Development: Drawing from

real

estate

regulations,

ethics

codes, and focus groups with RE-

ALTORS®, researchers created 60

behaviour-based statements that

reflect professional attitudes and

actions.

Scale Structure: A pilot study with

100 real estate agents helped vali-

date the statements and refine the

scale, yielding strong reliability and

alignment with industry realities.

WWW.REIC.CA 11

Janice Myers is the CEO of the Ca-

nadian Real Estate Association with

over 20 years of leadership experi-

ence in real estate governance and

advocacy. She is committed to ad-

vancing REALTOR® technology and

federal advocacy while serving as

Vice Chair of World Animal Protec-

tion Canada.

Scale Validation: Two shortened

versions of the tool were tested

with CREA members—one for

self-assessment and one for peer

perception. The results were en-

couraging:

REALTORS®

rated

themselves highly across four

key dimensions of professional-

ism, including ethics and civility.

However, the area of “reporting

unethical behaviour” emerged

as a relative weakness, suggest-

ing a lingering reluctance to hold

peers accountable.

These insights helped develop

a proposed Professional REAL-

TOR® Profile – the purpose be-

ing to provide a foundational re-

source for boards, brokerages,

educators, and regulators look-

ing to instill and recognize high

standards

professionalism

across the industry.

The proposed Professional RE-

ALTOR® Profile streamlines pro-

fessionalism into three core di-

mensions rooted in observable,

measurable behaviours:

Ethics: Prioritizing honesty, con-

fidentiality, fairness, and adher-

ence to the law—even when it’s

inconvenient. It also includes

taking responsibility for mistakes

and reporting unethical conduct.

Professional Development &

Engagement: Demonstrating a

commitment to lifelong learn-

ing, staying current on industry

standards, mentoring others, and

proactively

seeking

improve-

ment.

Communication: Ensuring time-

ly, accurate, and respectful ex-

changes with clients and col-

leagues. This includes reviewing

paperwork carefully, using pos-

itive language, and maintaining

civility in tense negotiations.

Together, these elements could

create a more robust, nuanced,

and enforceable definition of

professionalism—one that aligns

with public expectations and re-

al-world practice.

The Path Forward

Professionalism is the through-

line that connects a REALTOR®’s

knowledge, behaviour, and im-

pact. In an increasingly complex

and competitive market, main-

taining high standards is no lon-

ger optional—it’s essential.

By defining what professionalism

truly means and providing tools

to assess and elevate it, CREA

can help shape a more respect-

ed, resilient, and trusted real es-

tate profession.

As industry stakeholders, we

now have a responsibility to take

this work further—through im-

plementation, advocacy, and a

collective commitment to excel-

lence. Because when profession-

alism is the norm, everyone ben-

efits – REALTORS®, clients, and

the entire real estate ecosystem.

12 REIC EXCHANGE, SUMMER 2025

The Ontario Real Estate Association

(OREA) is excited to announce that

Belleville-based REALTOR®, Cathy

Polan, has officially stepped into the

role of OREA President, following

the Association’s Annual General

Meeting on March 27, 2025.

Representing nearly 100,000 Mem-

bers across the province, OREA en-

sures REALTORS® have the tools,

resources, and support needed to

help build stronger communities

across the province. As President,

Polan will lead the Association’s ef-

forts to enhance professional stan-

dards, improve consumer protec-

tion, and bring housing affordability

back within reach for hardworking

Ontarians.

“I’m honoured to be taking on the

role of OREA President in 2025 and

I look forward to working along-

side our Members, Member Board

leaders, and industry partners to

guide the real estate profession for-

ward,” said Polan. “As REALTORS®,

building stronger communities is

at the heart of everything we do,

and during such a pivotal time, it’s

more important than ever that we

work together to keep the dream of

homeownership alive for the next

generation.”

With over 16 years of experience,

Polan has been a dedicated lead-

er in Ontario real estate since be-

ginning her career as a sales representative with the

Sharon Shortt Team in 2009. She now works with

Royal Heritage Realty and has held several leader-

ship positions within organized real estate, including

as President of the Quinte & District Association of

REALTORS® (QDAR) and Director of the Ontario RE-

ALTORS Care® Foundation (ORCF). Most recently, she

served as OREA’s Provincial Director for Northeastern

Ontario.

Polan’s commitment to the profession extends be-

yond her leadership roles. When speaking with REAL-

TORS® about how to make the most of a career in real

estate, Polan is the first to recommend volunteering

CATHY POLAN TAKES THE HELM AS

PRESIDENT OF THE ONTARIO REAL

ESTATE ASSOCATION

Welcoming Cathy Polan as she begins her term as President

of OREA, bringing experience, vision, and a commitment to

members across Ontario.

By the OREA Team

Pictured above: Cathy Polan, REALTOR®.

WWW.REIC.CA 13

as a meaningful way give back

to the profession while building

your network and learning more

about the industry. Throughout

her career, Polan has volunteered

on various committees, including

on QDAR’s Public Relations and

Leadership Development com-

mittees, and OREA’s Finance and

Governance committees.

Drawing on her extensive expe-

rience as a real estate leader,

Polan looks forward to creating

meaningful change within the

profession by advocating for the

issues that matter most to Ontar-

io REALTORS®. She is focused on

completing an organization-wide

governance

review,

revamp-

ing OREA’s Young Professionals

Network (YPN), and pushing for

pro-housing legislation that will

bring more homes to market. Her

platform will focus on key initia-

tives, including:

Advocacy at Queen’s Park:

•

Addressing the housing sup-

ply and affordability crisis by

building more homes, fast-

er with solutions like facto-

ry-built housing;

•

Fixing the backlog at the

Landlord and Tenant Board

(LTB) to ensure cases are re-

solved effectively, fairly and

quicky;

•

Further modernizing the rules

that govern real estate in the

third and final phase of the

Trust in Real Estate Services

Act (TRESA); and

•

Limiting municipal develop-

ment charges to make home-

ownership more affordable.

Further strengthen OREA’s rela-

tionship with Members and Mem-

ber Boards:

•

Creating meaningful oppor-

tunities for Members to en-

gage

directly

with OREA’s

Leadership team, Member

Board leaders, committee

volunteers, and fellow REAL-

TORS®.

“Cathy has shown time and again

an incredible level of commit-

ment to this industry and its

advancement, whether it was

a popular position or not,” said

Lisa Comerford, Chief Public Af-

fairs Officer for the Central Lakes

Association of REALTORS® and

long-time friend of Polan. “I truly

respect her dedication and un-

wavering commitment to orga-

nized real estate.”

As Polan leads the Association

in 2025, she looks forward to

continuing the OREA’s work in

supporting our Members in their

day-to-day business and ensur-

ing Ontarians and their families

can afford the keys to a great

place to call home, in the vibrant

communities they want to live in.

“Cathy has

shown time and

time again an

incredible level

of commitment

to this industry

and its advance-

ment, whether it

was a popular

position or not.

I truly respect

her dedication

and unwavering

commitment to

organized real

estate.”

To learn more about OREA, visit

https://www.orea.com.

14 REIC EXCHANGE, SUMMER 2025

LA PERSPECTIVE D’UN BANQUIER,

AU-DELÀ DES CHIFFREES

L’obtention de votre financement

dans le cadre d’un projet immobil-

ier peut parfois sembler complexe

ou intimidant. Les banquiers ont

souvent la réputation d’aller au

fond des choses et de poser les

questions difficiles. Cela fait na-

turellement partie de leur rôle, le

banquier doit bien comprendre

le projet qui lui est présenté afin

d’offrir à leur client les meilleures

chances de réussite. Évidemment,

les chiffres représentent une por-

tion importante de cette équation,

mais ce n’est pas tout.

La première question qu’un ban-

quier vous posera est : Qui êtes-

vous?

La réponse pourrait sembler év-

idente, toutefois elle ne l’est pas

toujours. Contrairement à l’immo-

bilier résidentiel, l’immobilier com-

mercial possède habituellement la

particularité d’être acquis, détenu

et financé via différentes structures

de détention corporatives, cer-

taines très simples et d’autres plus

complexes. La société par actions,

(incorporation), est la structure de

détention la plus commune. Toute-

fois il n’est pas rare de voir d’autres

structures plus sophistiquées qui

seront habituellement créées pour

des raisons fiscales, de protec-

tion d’actifs ou de transmission de

patrimoine. Parmi celles-ci, on re-

trouve notamment les fiducies, les

By Guillaume Denis-Sylvain, Commercial Banker & CRF Designation Candidate

Comment couronner de succès votre prochaine demande de

financement immobilier commercial.

WWW.REIC.CA 15

sociétés en commandite et par-

fois même des contrats de type

‘’prête-nom’’.

Si ces termes vous sont familiers

ou si votre projet inclut plusieurs

partenaires ou actionnaires, ,

votre banquier pourrait rapide-

ment perdre le fil s’il ne dispose

pas d’ un portrait clair de votre

structure organisationnelle.

La première chose à fournir est

donc un organigramme corpo-

ratif clair, complet et qui a été

mis à jour récemment. De cette

manière, votre banquier sera

réellement en mesure de voir qui

sont les actionnaires ultimes du

projet qui lui est présentéet d’en

identifier leurs subtilités, telles

que la répartition des actions

(votantes,

participantes,

ordi-

naires, privilégiées, etc.).

Cette première étape est néces-

saire pour y analyser le niveau de

risque général du dossier, mais

il s’agit aussi d’une étape impor-

tante pour répondre à des enjeux

de nature réglementaire et de

conformité auxquelles les ban-

ques doivent adhérer.

Il peut également être pertinent

pour un banquier de connaître

les professionnels qui vous en-

tourent. N’hésitez pas à lui don-

ner accès aux experts qui vous

accompagnent, qu’il s’agisse de

votre avocat, de votre compt-

able ou de votre fiscaliste. Vous

avez tout intérêt à mettre en re-

lation les intervenants qui par-

lent le même langage financier

et juridique afin de faciliter les

échanges et d’accélérer le trait-

ement de votre dossier.

Une fois que votre banquier aura

bien compris avec qui il fait af-

faires, il vous posera une deux-

ième question : Quelle est votre

valeur?

Votre

banquier

joue,

quelque sorte, le même rôle

que votre médecin, mais d’un

point de vue financier. Plus

vous lui fournissez de l’infor-

mation complète et détaillée

sur votre santé financière,

plus aisément il sera en me-

sure d’identifier la source de

vos symptômes et de vous

proposer le traitement qui

correspond le mieux à vos

besoins. Au contraire, plus

vous lui cachez d’’informa-

tions, plus vous augmentez

vos chances d’obtenir un di-

agnostic erroné.

Plusieurs emprunteurs com-

mettent l’erreur de ne pas

divulguer la totalité de leurs

actifs financiers. Ils se con-

tentent de fournir le strict

nécessaire ou le minimum,

parfois par volonté de con-

server une certaine pudeur

financière.

Sachant que votre banquier

doit se baser uniquement sur

ce qu’il peut voir et démon-

trer, il lui deviendra parfois

difficile d’établir le portrait le

plus favorable possible de

votre valeur financière, au

risque d’en arriver à la mau-

vaise conclusion. Un ‘’non’’

peut donc se transformer en

‘’oui’’ si vous informez votre

banquier que vous possédez

également une société de

gestion pouvant être ajoutée

comme caution, qu’un au-

tre actionnaire d’expérience

pourrait venir s’intégrer dans

votre structure, ou simple-

ment

que

vous

détenez

d’autres

actifs

financiers

nondéclarés, que ce soit via

une autre incorporation ou à

l’étranger.

Prenez le temps de divulguer

l’ensemble de vos actifs finan-

ciers. Même si cela exige un ef-

fort supplémentaire au départ,

cette transparence vous évitera

que votre dossier soit refusé à

tort en raison d’un manque d’in-

formations.

La dernière question que votre

banquier vous posera : Quelle di-

rection prendrez-vous?

En d’autres mots, comment évol-

uera votre projet – Durant une

transaction immobilière, beau-

coup d’éléments peuvent évolu-

er en parallèle. Il est donc crucial

de garder votre banquier informé

des

développements,

même

s’ils vous paraissent anodins. Ne

prenez pas de chance, si vous

décidez de modifier une condi-

tion à votre promesse d’achat, in-

tégrez un nouvel actionnaire ou

ajustez vos plans et projections

financières, il est important d’in-

former votre banquier. Il pour-

ra évaluer la pertinence de ces

changements selon son juge-

ment. Trop de transactions se

terminent parfois avec un goût

amer, de la frustration ou des

délais additionnels juste avant la

date de clôture prévue, simple-

ment parce que votre banqui-

er a été forcé de recommencer

une partie du travail, n’ayant pas

été informé de certains change-

ments plus tôt dans le processus.

Mais aussi, comment évoluera

votre relation d’affaires - Les

banques sont avant tout des

partenaires qui valorisent leurs

relations avec leurs clients Votre

banquier apprendra à vous con-

naître, ce qui vous permettra

d’établir des attentes et des re-

sponsabilités qui sont claires l’un

envers l’autre.

Une relation d’affaires se constru-

it avec le temps. Donnez l’oppor-

16 REIC EXCHANGE, SUMMER 2025

tunité à votre banquier de bâtir cette

relation en l’impliquant d’abord dans

des dossiers plus simples, qui cad-

rent aisément à l’intérieur des poli-

tiques de gestion de risque de votre

institution financière. Cela vous per-

mettra d’entamer votre nouvelle rela-

tion d’affaires sur des bases solides et

de bâtir un historique favorable avec

votre prêteur. Une erreur fréquente

commise par plusieurs investisseurs

est de vouloir tester une nouvelle re-

lation d’affaires avec un dossier qui ne

cadre pas dans l’appétit de la banque

en fonction de son risque perçu, en

raison de son caractère trop original

ou singulier.

Une fois que vous aurez établi une

relation durable et solide avec votre

banquier, ce dernier sera davantage

enclin à vous faire confiance, à adopt-

er une approche plus orienté vers

les solutions, et possiblement vous

offrir de meilleurs termes et condi-

tions. Ce sera alors le moment pour

lui présenter votre projet plus délicat

ou ambitieux.

Votre banquier appréciera également

votre approche proactive, alors im-

pliquez-le tôt dans le processus. Avi-

sez-le dès que vous déposé une offre

d’achat sur un immeubleou que vous

travaillez sur un futur développement

immobilier. Cela lui donnera une

meilleure visibilité sur les dossiers à

venir, et lui permettra de réagir plus

efficacement advenant des délais

serrés dans vos négociations avec un

vendeur, par exemple, ou certaines

particularités liées à votre transaction.

En tant que client, vous êtes le mieux

placé pour raconter votre histoire et

mettre en lumière les qualités que

comporte votre dossier.

Je vous souhaite beaucoup de suc-

cès dans votre prochaine démarche

de financement, et n’oubliez pas :

vous êtes le meilleur allié de votre

banquier!

WWW.REIC.CA 17

BEYOND THE NUMBERS,

FROM A BANKER’S PERSPECTIVE

Obtaining financing for a real es-

tate project can sometimes feel

complex or intimidating. Bank-

ers often have the reputation of

getting to the bottom of things

and asking the tough questions

—an essential part of their job.

They need a full understanding

of the project presented to them

in order to provide their client

with the best chance of success.

While numbers play a large role

in this equation, they are not the

only consideration.

The first question your banker

will ask is: Who are you?

At first glance, the answer may

seem obvious, but that isn’t al-

ways the case. Unlike residential

real estate, commercial real es-

tate is usually acquired, owned

and financed through a variety

of corporate holding structures

—some very simple, others that

can become more complex. In-

corporation represents the most

common structure, but it isn’t un-

usual to observe more sophisti-

cated structures such as trusts,

limited partnerships, or nominee

agreements for fiscal, asset pro-

tection or wealth transfer pur-

poses.

If these terms are familiar to you,

or if your project includes mul-

tiple partners or shareholders,

your banker could quickly lose

track without a clear, compre-

hensive overview of your organi-

zational structure.

The first thing to provide your

banker with is a clear, complete

and up-to-date corporate or-

ganizational chart. This will help

your banker identify who the ul-

timate shareholders of the proj-

ect presented are, and under-

stand the technicalities (voting/

participating shares, common/

preferred shares, etc.). This step

is crucial not only for assessing

the general risk level of your file,

but also for ensuring compliance

with the regulatory requirements

that banks must follow.

It may also be relevant for a

banker to know who the pro-

fessionals supporting you are.

Don’t hesitate to connect them

with your lawyer, accountant, or

tax advisor. Having experts who

speak the same jargon collab-

orate directly can be beneficial

and help your file move forward

as smoothly as possible.

Once your banker understands

who they are dealing with, the

next question will be: Where is

the value?

From a financial point of view,

your banker plays a similar role

as your doctor. The more de-

tailed and complete the infor-

mation you provide about your

financial health, the easier it will

be to identify the source of any

potential issues and recommend

the best course of action. On the

contrary, the more information

you withhold, the greater your

chances of obtaining an errone-

ous diagnosis.

Many borrowers make the mis-

take of not disclosing all of their

financial assets, sharing only

what they believe is necessary —

often out of a desire for financial

privacy. However, this makes it

By Guillaume Denis-Sylvain, Commercial Banker & CRF Designation Candidate

How to transform your next commercial real estate financing

application into a success.

18 REIC EXCHANGE, SUMMER 2025

difficult for your banker to estab-

lish the most favorable assess-

ment of your financial net worth.

Since they can rely on verified in-

formation, withholding details in-

creases the risk of an inaccurate

evaluation.

A “no” may turn into a “yes” if

your banker is aware of all your

financial assets. For example, if

you own another holding com-

pany that could be included as

a guarantor, if another experi-

enced shareholder could join

your structure, or if you have oth-

er undeclared financial assets

through another incorporation,

or abroad, these factors could

strengthen your case. Taking the

time to disclose all relevant fi-

nancial details, even if this may

require additional effort, can pre-

vent your file turning into a “false

negative” and being rejected due

to incomplete information.

The last question your banker

will ask is: Where are you going?

In other words, how is your proj-

ect progressing? During a real

estate transaction, many ele-

ments can evolve simultane-

ously, so it’s crucial to keep your

banker informed of any devel-

opments, even those that seem

minor. Do not take any chanc-

es—if you modify a condition in

your purchase agreement, bring

in a new shareholder, or to adjust

your architectural plans and pro-

jections, it’s important to pass on

this information to your banker.

They will be able to determine if

it’s relevant to your file. Too many

transactions end in frustration,

unexpected delays or last-min-

ute complications before the

scheduled closing date, simply

because the banker had to redo

a portion of work after being left

out of the loop on certain chang-

es earlier in the process.

Additionally, how is your business

relationship developing? Banks

are financial partners who value

their relationships above all else.

As your banker gets to know you,

this familiarity will help establish

clear expectations and respon-

sibilities on both sides. A strong

business relationship takes time

to develop. To build this relation-

ship, start by involving your bank-

er in files considered as cook-

ie-cutter at first, and that align

well with the financial institution’s

risk management policies. This

approach enables you to begin

your working relationship on the

right foot and build a favorable

track record with your lender. A

common mistake investors make

is testing a new banking relation-

ship with a project that is high-risk

or unconventional and doesn’t fit

the bank’s typical appetite based

on the perceived risk.

Once you’ve built credibility with

your banker, they’ll be more in-

clined to trust you, adopt a solu-

tion-oriented approach, and pos-

sibly offer you better terms and

conditions. At this point, it will be

easier to explore more delicate

or ambitious projects together.

Your banker will also appreciate a

proactive approach, so it’s best to

involve them early in the process.

Let them know when you submit

an offer to purchase a property or

begin working on a future real es-

tate development. This will pro-

vide them with a clearer picture

of upcoming projects, allowing

them to act swiftly in the event of

tight deadlines, negotiations, or

transaction-specific challenges.

As the client, you are the per-

son who’s in the best position to

tell your story and highlight the

strengths of your file.

I wish you every success in your

next financing project—and don’t

forget you are your banker’s best

ally!

Guillaume Denis-Sylvain is a com-

mercial banker, specializing in

multi-unit residential and com-

mercial real estate financing. He

holds a Bachelor’s degree in Fi-

nance from Sherbrooke University

and is currently pursuing his CRF

designation through REIC/ICI.

Guillaume Denis-Sylvain est ban-

quier

commercial,

spécialisé

dans le financement immobilier

multi-résidentiel et commercial

pour la province du Québec. Il dé-

tient un baccalauréat en finance

de l’Université de Sherbrooke et

poursuit présentement sa désig-

nation CRF auprès de REIC/ICI.

WWW.REIC.CA 19

OUTDOOR LIVING WITH AN

INDOOR FEEL IN MIND

Designing seamless transitions between inside and out;

where comfort meets style in every square foot.

We Canadians are a hardy lot. We power through each

season anticipating the next. Flowers are planted, veg-

etables are harvested, leaves are raked and snow is

shovelled. 

As a designer, I have seen sub-

tle changes throughout the year

as to how my clients stretch and

enjoy their outdoor living spaces

well into the next season. 

There is a reluctance to put the

lawn furniture away as soon as

September rolls around. Pools

are closed later in the season

and early fall evenings are en-

joyed outside long into the cold-

er season. 

Outdoor living is alive and well.

Nearly every home I design to-

day has an intentional outdoor

living area complete with out-

door barbecue and grill, stream-

lined cabinetry, a dining area, gas

or wood-burning fireplace/pizza

oven plus a generous seating

area. These are all housed cosily

under a roof structure for inclem-

ent weather. 

I would say that ten years ago,

these outdoor spaces were an

afterthought and a luxury. 

They provide homeowners the

enjoyment of the seasons for

much longer. And those home-

owners spend money to keep

those spaces as comfortable as

their interior ones. 

The pandemic helped drive de-

mand for outdoor living spaces

as well. Spending more time at

home due to travel restrictions

made people realize they could

use their home for entertainment.

Pool companies were inundated

and the wait list was long. 

By Jackie Glass, Owner, President & Principal Designer, Jackie Glass Inc.

All accompanying images are courtesy of Jackie Glass and showcase her work.

20 REIC EXCHANGE, SUMMER 2025

People started going far beyond

a basic patio or deck instead cre-

ating true outdoor rooms com-

plete with pizza ovens, fire pits,

big screen TV’s, lighting, green

houses and even conservato-

ries. The outdoor living sector

was thriving and essential and

upgraded using beautiful woods

and natural stones. 

Even after the pandemic, peo-

ple quickly realized the value of

upgrading their exteriors even if

just to increase the value of their

home as they searched for a big-

ger one. Buyers preferred luxu-

rious bespoke additions to the

outdoors and sellers dove deep

into meeting those needs. 

A home builder today under-

stands that and often offer out-

door spaces that are unique in

order to attract buyers. 

I believe the love for beautiful

outdoor spaces is still strong. I

think we realize how important

it is to stay connected to nature.

Our homes have become an oa-

sis and will continue to do so es-

pecially during uncertain times.

In my own home, our outdoor liv-

ing space was a happy accident.

A cantilevered space under our

living room became a private

haven to watch fireflies and the

view of our pond. We decided

to use electronic screens to pro-

vide protection from mosquitos

in the spring. Since then, we’ve

added a dining area and lots of

seating. Finally, the addition of

infra-red heating lights allowed

us to enjoy this area that much

further into the colder season.

We added electric blankets for

additional comfort. I have to ad-

mit, this area probably one of my

favourite spots in my house. 

Outdoor living spaces are de-

fined as an added extension of

our home space. They add enjoy-

ment and value because these

spaces extend our use of them. 

It can be really simple to achieve.

Group chairs around a firepit.

There are styles and price points

to fit any budget. Run a gas line,

use a propane tank or real logs. 

You will find that adding the el-

ement of fire encourages people

to sit back and gaze at the stars.

I love using twinkle lights around

my patio. I also like solar light-

ing under umbrellas and on the

skirting around a deck. There

are many inexpensive options to

choose from depending on your

design preference and style.  

Equally important but less often

used is the placement of art and

mirrors. Strategically placed in a

garden and appropriately weath-

er proofed, these add a charming

note.

Many years ago, when I was sell-

ing my first home, we had an

unexpected showing in the eve-

ning. We knew we had to leave

the potential buyers on their own. 

Our house had a small back gar-

den with a hot tub. I quickly set

the outside table with food and

lots of candles. Combined with

the soft lights of the bubbling hot

tub, I created an intimate dinner

under the summer stars. Even

then I realized the allure of a out-

door space. I think it worked be-

cause we had an offer that night. 