Explore every episode of the podcast Real Estate Development: The Curtis Way

Who should be leading Canada's response to the housing crisis?

In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by Derek Lobo, Founder of Rock Advisors and Founder of the National Apartment Council of Canada (NAC). Together, they discuss why Canada's private apartment developers are essential to solving the country's growing housing shortage and why the industry needs a stronger voice in shaping public policy.

Drawing on decades of experience advising apartment developers across Canada, Derek shares why he created the National Apartment Council and how the organization is working to advocate for practical solutions that encourage rental housing development.

The conversation explores the disconnect between government policy and the realities of apartment development, while highlighting how thoughtful legislation can unlock private investment and accelerate the construction of much-needed rental housing.

Topics include:

• Why private developers build approximately 90% of Canada's rental housing
• The creation and mission of the National Apartment Council (NAC)
• Why Canada's apartment industry needs stronger representation
• Lessons from the U.S. National Multifamily Housing Council
• The role of private capital in addressing Canada's housing shortage
• How tax policy can encourage new apartment construction
• The proposed return of the MURB (Multiple Unit Residential Building) program
• Why long-term apartment ownership differs from condominium development
• The importance of CMHC financing and collaboration with government
• Regional differences in housing markets across Canada
• Why developers need a seat at the table when housing policy is created
• Intergenerational succession planning for family-owned development companies
• Long-term solutions for increasing Canada's rental housing supply

Derek also explains why Canada's housing challenges cannot be solved through a single policy or government program alone. Instead, he argues that sustainable solutions require collaboration between governments, developers, lenders, investors, and industry organizations that understand the complexities of apartment development.

One of the most compelling takeaways from the conversation is that Canada's private apartment developers have quietly provided the vast majority of the country's rental housing for decades. By creating policies that encourage investment, reduce unnecessary barriers, and support long-term development, Canada has an opportunity to dramatically increase housing supply while strengthening communities across the country.

Whether you're a developer, investor, policymaker, lender, or simply interested in the future of housing in Canada, this episode offers valuable insight into one of the country's most important economic and social challenges.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

What are the biggest legal mistakes developers make—and how can you avoid them before they cost hundreds of thousands of dollars?

In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by construction lawyer Bryan Kwan, Partner at MacLennan Ross LLP, to explore the legal side of commercial real estate development.

From construction contracts and change orders to builders' liens, litigation, arbitration and project documentation, Bryan explains how legal decisions made before construction begins can determine whether a project runs smoothly—or ends up tied up in years of costly disputes.

The conversation provides a practical look at how developers, contractors and owners can better allocate risk, manage contracts and avoid common pitfalls throughout the construction process.

In this episode you'll learn:

• The difference between fixed-price and construction management contracts
• How CCDC contracts allocate risk between owners and contractors
• Why supplementary conditions can dramatically strengthen a construction contract
• The most common causes of construction litigation
• How poorly managed change orders lead to expensive disputes
• Why documentation can make or break a legal case
• What construction liens are and why they stop financing immediately
• How lien claims are removed from title
• What every developer should know about Alberta's Prompt Payment and Construction Lien Act
• Why construction lawsuits often take years to resolve
• The advantages of mediation and arbitration over traditional litigation
• Why investing in legal advice early can save enormous costs later

Bryan also walks through Alberta's construction litigation process—from statements of claim and document discovery to examinations, mediation and trial—giving listeners a realistic understanding of what happens when projects end up in court.

One of the key themes throughout the discussion is that the best legal strategy is prevention. Well-drafted contracts, clearly defined scopes of work, disciplined documentation and experienced advisors dramatically reduce the likelihood of disputes and improve outcomes when disagreements do arise.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

What separates a financeable development from one that never gets approved?

In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by Brandon Kot, Managing Partner at Canada ICI, to explore how commercial lenders evaluate real estate projects across Canada.

Drawing on billions of dollars in annual commercial mortgage placements, Brandon provides an insider's perspective on what lenders are really looking for when they assess apartment developments, industrial buildings, retail centres, office projects and land acquisitions.

The discussion breaks down the commercial lending landscape from traditional bank financing and life insurance companies to pension funds, private lenders and mezzanine financing, while explaining how each plays a different role in today's market.

Beyond financing mechanics, Brandon shares why strong cash flow, experienced developers and conservative underwriting continue to be the foundation of successful projects, regardless of market conditions.

In this episode you'll learn:

• How commercial real estate financing actually works
• Understanding the capital stack: debt vs. equity
• Why lenders focus on repayment before anything else
• When higher loan-to-value financing makes sense
• How mezzanine financing differs from traditional lending
• Which property types are easiest and hardest to finance
• Why Alberta remains one of Canada's strongest lending markets
• How lenders assess sponsors versus tenants
• The importance of execution, liquidity and experience
• Common reasons development projects fail
• Why conservative underwriting protects developers
• How interest rates, inflation and capital markets affect commercial lending
• Why surrounding yourself with experienced advisors can dramatically improve your chances of success

Curtis and Brandon also discuss the broader Canadian economy, affordability challenges, and where commercial capital is flowing today. They explain why lenders remain optimistic about Alberta's long-term prospects and why predictable cash flow continues to drive financing decisions across every asset class.

One of the biggest takeaways from the conversation is that financing isn't simply about securing the highest possible loan, it's about demonstrating that your project can successfully execute and repay that debt under realistic market conditions. For developers, preparation, conservative assumptions and the right advisory team can make all the difference.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

How do apartment developers secure financing for projects worth tens or even hundreds of millions of dollars?

In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Jessica Harland, Senior Vice President with CBRE Capital, to break down the financing process behind modern multifamily developments.

Drawing on her experience as both a lender and a former CMHC professional, Jessica walks through the programs, requirements, risks, and realities developers face when securing construction financing for apartment projects.

The conversation explores how CMHC financing programs have transformed rental housing development in Canada, why Alberta remains one of the country's strongest markets for purpose-built rentals, and what developers need to understand before submitting an application.

Topics Include:

• Understanding CMHC financing programs for apartment development
• CMHC MLI Select versus conventional financing
• Affordable housing, energy efficiency and accessibility incentives
• How much equity developers really need to contribute
• The importance of a strong development pro forma
• Cost consultants, appraisals and due diligence requirements
• Working effectively with lenders and mortgage brokers
• Construction financing approvals and timelines
• Bonding requirements and alternatives such as letters of credit
• Corporate guarantees, personal guarantees and recourse requirements
• Interest rate assumptions and takeout financing strategies
• Managing construction delays and cost overruns
• Common mistakes developers make during the financing process
• Why project management and documentation matter as much as financing

Jessica also explains why having the right financing team is critical, especially for newer developers entering the multifamily space. From application preparation to final loan conversion, the episode highlights how seemingly small decisions can have significant impacts on project success.

Whether you're building your first apartment project or expanding an existing portfolio, this episode offers a practical look at how financing decisions influence every stage of development.

One key takeaway from the discussion: successful financing starts long before the loan application. It begins with a well-prepared pro forma, experienced advisors, and a clear understanding of the risks and requirements involved in bringing a project to life.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

What are apartment investors looking for today, and how do different markets across Western Canada compare?

In this episode, Curtis Way of the RMS Group is joined by Brad Gingerich, Senior Managing Director with Institutional Property Advisors (IPA), one of Western Canada's leading multifamily brokerage teams.

Brad shares insights from decades of experience helping buyers, sellers, investors, and institutions acquire and dispose of apartment properties across Alberta, Saskatchewan, Manitoba, and British Columbia.

The conversation explores how different markets are performing, what drives investor demand, and why Alberta continues to attract attention from developers and multifamily investors.

Topics include:

• Apartment market conditions across Western Canada
• The impact of rent controls in Manitoba and other provinces
• Cap rates and investor expectations in today's market
• Why Saskatchewan remains a unique investment opportunity
• Migration trends and how population growth impacts housing demand
• The evolution of apartment design and tenant expectations
• Condo-quality rentals and the rise of lifestyle amenities
• Why developers are building larger projects than ever before
• Challenges facing new developers entering the market
• The importance of scale, financing, and long-term planning
• How apartment ownership creates wealth over time
• What investors are looking for in today's multifamily market

Brad also discusses how tenant expectations have changed dramatically over the last decade, from in-suite laundry and smart-home technology to fitness facilities, co-working spaces, social lounges, and condo-quality finishes.

Whether you're an investor, developer, property owner, or someone considering your first multifamily project, this episode provides valuable insight into the realities of apartment investing and development across Western Canada.

One theme emerges throughout the discussion: successful multifamily investing is about understanding people, understanding markets, and creating housing that tenants genuinely want to call home.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

What is really happening in Western Canada's real estate market?

In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Dave Young, Executive Vice President, Capital Markets at CBRE, to discuss the current state of commercial real estate across Alberta, Saskatchewan, Manitoba, and British Columbia.

The conversation explores the economic trends, demographic shifts, investment activity, and market fundamentals that are shaping the future of real estate development and investment throughout Western Canada.

Topics include:

• Alberta's continued population and job growth
• Why private sector employment matters to real estate performance
• Migration trends and the Alberta Advantage
• Industrial, multifamily, office, and retail market conditions
• How municipal taxes and policies impact development decisions
• The current state of investment activity across Western Canada
• Why investors are increasingly focused on cash flow over appreciation
• Market conditions in Saskatchewan, Manitoba, and British Columbia
• Capital flows, institutional investors, REITs, and family offices
• Cap rates, valuations, and investment opportunities across asset classes
• The future outlook for Alberta's economy and commercial real estate market

Dave shares why he believes Alberta remains one of the strongest real estate markets in Canada and explains why many investors are increasingly looking west for stability, growth, and long-term opportunity.

Whether you're a developer, investor, lender, property owner, or simply interested in the future of Western Canada's economy, this episode provides valuable insight into the trends driving today's market.

One message comes through clearly: strong population growth, private sector job creation, and affordability continue to make Western Canada one of the most attractive regions in the country for real estate investment.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

Before a shovel ever hits the ground, every successful real estate development starts with a proforma.

In this episode of the RMS Real Estate Development Podcast, Curtis Way and Dan Demers break down one of the most important tools in development: the apartment proforma. From land costs and construction budgets to financing, operating expenses, rental assumptions, and long-term returns, they walk through the numbers developers use to determine whether a project is viable.

The discussion covers how proformas help identify risk, why they must be continually updated throughout the development process, and some of the common mistakes that can lead to costly surprises.

Topics include:

• Land acquisition and off-site costs
• Construction budgeting and contingencies
• Soft costs, consultants, and legal fees
• CMHC financing and mortgage insurance fees
• Marketing and lease-up costs
• Rental assumptions and vacancy rates
• Operating expenses and property taxes
• Cap rates, valuation, and investment returns
• Cash-on-cash return versus internal rate of return (IRR)
• Why developers need to be realistic with their numbers

Whether you're an aspiring developer, investor, lender, or simply curious about how real estate projects are evaluated, this episode provides a practical look at the financial framework behind apartment development.

One lesson stands above all others: a proforma is only valuable if you're honest with yourself about the assumptions behind it.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

In the debut episode of the RMS Podcast, RMS Group CEO Curtis Way and President Laura Way-Olenek introduce the series and share the stories behind how they got started in real estate development.

From Curtis’ early days as a carpenter and project manager to building apartments, shopping centres, industrial projects, and large-scale multifamily developments across Western Canada, this episode explores the realities of becoming a developer and the lessons learned along the way.

The conversation covers:

• How real estate developers actually get started
• Why risk management is critical in development
• The importance of asking questions and learning through experience
• Partnerships, financing, and protecting your future
• Construction challenges and lessons from the field
• How RMS evolved from northern industrial projects into multifamily development
• Why “you don’t know what you don’t know” is one of the biggest lessons in the business

This episode also previews upcoming conversations on proformas, financing, CMHC, construction, legal issues, market trends, and property management.

Whether you're an aspiring developer, investor, entrepreneur, or simply curious about how buildings come to life, this series offers a behind-the-scenes look at the business of real estate development.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

In Episode 2 of the RMS Real Estate Development Podcast, Curtis Way is joined by RMS Executive Vice President Dan Demers for a practical deep dive into the apartment development process.

From finding the right site and navigating municipal approvals to financing, consultants, construction contracts, and lease-up, this episode walks through the real-world steps involved in bringing a multifamily project to life.

The conversation covers:

• How developers evaluate and select apartment sites
• Why “beauty is in the eye of the beholder” in real estate
• The importance of zoning, environmental reports, and geotechnical studies
• Working with architects, engineers, lawyers, and consultants
• CMHC financing and the realities of today’s lending environment
• Development permits, appeals, and municipal challenges
• Construction contracts, liens, contingencies, and risk mitigation
• Lease-up strategy, carrying costs, and deciding whether to hold or sell a building

Curtis and Dan also share stories from their own experience developing multifamily projects across Western Canada, along with practical lessons for aspiring developers looking to avoid costly mistakes.

Whether you’re considering your first development project or simply want a better understanding of how apartment buildings actually get built, this episode offers a candid look at the process behind the scenes.

To learn more about the RMS Group, please visit: https://rms-group.ca/

This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

Pilot episode overview. Join us for future episodes soon! 

Ever looked at a vacant piece of land and wondered how it becomes an apartment building, shopping centre, or thriving commercial property?

Join the team at RMS Group as they pull back the curtain on the world of real estate development. Through conversations with developers, investors, lenders, brokers, lawyers, property managers, and construction professionals, we'll explore the wins, the mistakes, the risks, and the opportunities behind every project.

From proformas and financing to market cycles, approvals, construction, and property management, this podcast is designed for aspiring developers, experienced investors, and anyone interested in how great real estate projects get built.

Real stories. Real deals. Real lessons from the people doing the work every day.