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C A N A D A ’ S O N LY N A T I O N A L P U B L I C A T I O N F O R A P A R T M E N T O W N E R S A N D M A N A G E R SC A N A D A ’ S O N LY N A T I O N A L P U B L I C A T I O N F O R A P A R T M E N T O W N E R S A N D M A N A G E R S

Concert Striking the right notes

Who’s Who 2012

www.canadianapartmentmagazine .ca

VOLUme 9 / nUmBer 3 / may 2012

See page 25 for this year’s rankingPresented by:

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– page 14

Quoteworthy

“First and foremost Concert’s rental apartments are condominium quality and feature a comprehensive array of amenities. There is really very little difference if you walked into one of our rental buildings versus a condominium in Toronto or Vancouver”

-- Brian McCauley, Concert president and chief operating officer

4 www.canadianapartmentmagazine.ca

Editor’s Note

If you have ever wondered who’s who among the top companies in the Canadian multi-residential sector you are in luck!

This month’s issue of Canadian Apartment Magazine includes “Who’s Who 2012” - a comprehensive ranking of the industry’s top Canadian companies.

This report, generously sponsored by RentSeeker.ca and painstakingly assembled by Jonathan Anderson, lists the Top 10 Canadian multi-residential companies in the categories of Apartment, Condo, and Industrial. It also includes the Top 70 companies ranked by total units.

And coming in at number 36 is Concert – the subject of this month’s feature article. Vancouver-based Concert has quietly built a name for itself in the so-called “purpose-built” rental market.

This unique company, which is funded by some 19 pension funds, has established itself as one of the country’s dominant players in the rental apartment industry at a time when others in the industry are steering clear of that area in favour of the more lucrative condominium market.

“We consider ours purpose-built because we are building rental apartment buildings. There seems to be fewer and fewer people that are actually focused on building rental apartment buildings these days. There are only a handful of players …” said Brian McCauley, Concert president and chief operating officer.

With this comprehensive listing, I am sure this will be one issue that you keep on your desk for the remainder of the year.

Scott AndersonEditor

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CovEr Story

14 Striking the right notes Concert

Cover image by capture it photography

SpECial FEaturE

25 Who’s Who 2012

contentsColumNS

8 Finance Anti-money laundering legislation

By Peter Cook and Robert Fleet

10 MCAP Demystifying CMHC’s documentation requirement

By Vito Campisi

32 Insurance One can only wonder…

By Andy Schwartze

34 Portfolio strategy Taking the mystery out of mystery shopping

By Derek Lobo

38 CMHC Financing options for energy efficient multi-unit properties and energy-efficient retrofits

By Paula Gasparro

40 Regulations Ontario places new limits on allowable rent increase

44 Marketing Email communication management

By Carissa Drohan-Jennings

DEpartmENtS

4 Editor’s Note

48 Newsline

50 New Products

54 Smart Ideas

columnists

Peter cook, Robert Fleet, carissa Drohan-Jennings, Paula Gasparro, Derek lobo, Andy schwartze

Publisher Paul Murphy [email protected] (416) 512-8186 ext. 264

ActingEditor Scott Anderson

SeniorDesigner Annette Carlucci

Designer Jennifer Carter

ProductionManager Rachel Selbie

ContributingWriters Peter Cook, Derek Lobo, Robert Fleet, Paula Gasparro, Carissa Drohan-Jennings, Andy Schwartze, and Vito Campisi

Circulation Lina Trunina

For sales information call (416) 512-8186 ext. 262

Canadian Apartment Magazine is published six times a year by:

5255 Yonge St., Suite 1000, Toronto, Ontario M2N 6P4E-mail: [email protected]

Tel: (416) 512-8186 Fax: (416) 512-8344

PresidentKevin BrownCopyright 2012

Canada Post Canadian Publications

Mail Sales Product Agreement No. 40063056

ISSN 1712-140X

Circulation ext. 232Subscription Rates:Canada: 1 year, $50*

2 years, $90* US $75

International $100 Single Copy Sales: Canada: $12*

* Plus applicable taxesReprints:

Requests for permission to reprint any portion of this magazine should be sent to Paul Murphy

Authors:Canadian Apartment Magazine accepts unsolicited

query letters and article suggestions.Manufacturers:

Those wishing to have their products reviewed should contact the publisher or send information to the attention of the editor.

The opinions expressed are those of the authors of articles and do not necessarily reflect the views of Canadian Apartment Magazine. This

information is general and is not a substitute for legal advice.Sworn Statement of Circulation:

Available from the publisher upon written request. Although Canadian Apartment Magazine

makes every effort to ensure the accuracy of the information published, we cannot be held liable for any errors or omissions, however caused.

Printed in Canada

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Incentives from Union Gas influenced CLV Group to choose condensing boilers to replace inefficient heating systems in many of the older apartment buildings they manage. As property managers for InterRent REIT properties across Ontario, CLV Group installed natural gas condensing boilers at properties in Hamilton, Dundas, Burlington, Guelph, London, and other cities, which immediately lowered operating costs and made residents a lot more comfortable.

CLV Group’s Senior Project Manager, Dave Nevins says, “We had choices, but we’ve always been progressive about energy management and even though condensing boilers are more expensive than other options, we’ll save more on operating costs. The Union Gas incentives were certainly part of the decision.” In addition to their cost savings Nevins says, “Residents get the right amount of heat in winter because we can adjust temperatures more easily with the condensing boilers so we’re creating a better living atmosphere for all our residents.”

Energy Efficiency in Action In 2011 CLV Group received $89,000 in Union Gas incentives for installing 48 condensing boilers. With these high efficiency condensing boilers, CLV expects to save 6,000,000 m3 and reduce energy costs by $1,200,000 over the twenty-five year lifetime of the equipment, based on today’s natural gas rates.

CLV Group is already planning more energy efficiency upgrades this year and they’ll install about 10 more condensing boilers. Nevins says, “Union Gas is great to deal with - they’re helpful, knowledgeable and they know the contractors we deal with so it made the process easy.”

Condensing Boilers Bring Efficiency and Comfort to Older Apartment Complexes

NEW 2012 Energy Efficiency Incentives

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Increased Financial Incentives for 2012

Union Gas has developed several energy saving incentive programs for multi-unit residential buildings which include:

• Condensing Boilers – up to $4,500 per unit

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• Energy Recovery Ventilators – up to $1,500 per unit

• Heat Recovery Ventilators – $400 per unit

• Laundry Equipment with Ozone – up to $6,000 per unit

• New and Retrofitted Equipment – $0.10 per annual m3 saved up to $40,000

Contact the Union Gas account manager in your area at uniongas.com/accountmanager or visit uniongas.com/savemoneyandenergy for full details on our energy efficient programs

Early Bird $200 Bonus Act quickly for an additional early bird bonus. The first 500 eligible units will receive a $200 early bird bonus on top of the incentive.

Certain criteria apply for some technologies and rate classes, contact the account manager in your area. Subject to change. © Union Gas Limited 3/2012 UG20120044.

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Money laundering and terrorist financing is a common problem that no country, politician or law enforcement in the world has been able to escape, because it ranges from small individual operations to organized crime.

It’s been around for decades and it takes on many different forms, which makes it very hard to identify. It’s also been a hot topic over the last few years because of its direct correlation to a country’s economic growth, and is more than a billion-dollar problem in Canada alone.

New government legislation is cracking down on this illegal practice to help preserve the integrity of the financial services industry and the social demand to put criminals behind bars. If you’ve applied for funding in Canada since 2008, you may have noticed new detailed requirements that – while certainly frustrating to navigate – provides a significant contribution to Canada’s defense against money laundering and other illicit financial activity.

Regulating bodiesCanada has several organizations to prevent money laundering and terrorism financing (AML). The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) was created in the early 2000s. The intention was to facilitate the detection, prevention and deterrence of money laundering and terrorist activity financing while ensuring the protection of personal information. To support the role of FINTRAC, the Office of the Superintendent of Financial Institutions Canada (OSFI) plays a valuable role by overseeing hundreds of financial institutions to verify their financial condition, ensure compliance with governing statute law and make the appropriate recommendations to FINTRAC. To help strengthen their

Follow us on Twitter @Robert_Fleet and on LinkedIn. Peter Cook and Robert Fleet are committed to helping borrowers strategize the best loan structure possible. They are available for one-on-one consultation for any CAM reader requiring multi-residential financing. As “Apartment Financing Specialists” with First National Financial LP they have originated over $4 Billion of mortgages. Their combined 35 years experience in the financial industry has lead to frequent speaking engagements across the country. They freely share their knowledge and techniques with audiences, clients and prospective clients. If you have questions, Peter and Robert may be reached by phone or email.Peter Cook — (416) 593-2913 [email protected] Fleet — (905) 301-3449 [email protected]

What borrowers need to know about anti-money laundering legislation

Finance

efforts against financial fraud, FINTRAC and OSFI consulted with the federal government to amend the Proceeds of Crime (Money laundering) and Terrorist Financing Act, S.C. 2000, c. 17 (Act) in 2008. Real estate investors are now seeing the effects from changes to this act, as they purchase new properties, refinance debt and renew existing mortgages.

Effects of the legislationThe amendments have increased the burden on banks, credit unions, and other financial institutions to verify the identity of their client and prove the origin of equity for all real estate transactions. Mortgage lenders typically accomplish this by verifying the identity of the client with two pieces of ID and having them complete a detailed borrower information form. Lenders must also verify down payment proceeds by reviewing three months of bank statements to confirm the client has had the proceeds for an extended period of time.

In addition to borrowers providing identification for new mortgages, they will need to provide ID upon renewal of their existing mortgages funded pre-legislation. Both new and experienced investors are generally surprised by these extra steps when working with their lender, as they believe it is specific only

Finance

may 2012 9

FINTRAC also has the ability to report extensive non-compliance to law enforcement. These infractions include:Infraction PenaltyFailure to report suspicious transactions Up to $2 million and/or 5 years imprisonment.Failure to report a large cash transaction or an electronic funds transfer Up to $500,000 for the first offence. Up to $1 million for

subsequent offences.Failure to meet record keeping requirements Up to $500,000 and/or 5 years imprisonment.Failure to provide assistance or provide information Up to $500,000 and/or 5 years imprisonment. during compliance examinationDisclosing the fact that a suspicious transaction report was made, or disclosing the Up to 2 years imprisonment. contents of such a report, with the intent to prejudice a criminal investigation

These are serious offences that management of lending institutions cannot take lightly. Lenders must make sure they cross all their T’s and dot all their I’s when it comes to AML. Failure to comply with the AML legislation can be damaging to an institution with both monetary penalties and more importantly restrictions on their ability to lend. With these mandatory provisions present in commercial financing and the regulatory bodies stepping up their efforts against money-launderers, lenders and borrowers should certainly expect additional hurdles to navigate in order to get their mortgages funded.

To demonstrate just how seriously they take AML issues, FINTRAC and OSFI have implemented a strict auditing process for all regulated institutions”“

to their institution. In fact, this is not the case as every FINTRAC and OSFI-regulated institution must abide by this legislation.

PenaltiesTo demonstrate just how seriously they take AML issues, FINTRAC and OSFI have implemented a strict auditing process for all regulated institutions. OSFI employs a number of methods ranging from regular monitoring, intensive document reviews and regular communication with the lender’s senior management. OSFI also reserves the right to audit any service provider of a regulated institution provided it gives reasonable notice. It provides feedback when necessary to insure the institutions and their service providers adhere to the provisions within the act. If an institution is found to be non-compliant, FINTRAC has the legislative authority to issue administrative penalties which can include: Infraction Type PenaltyMinor (individual/entity) Up to $1,000Serious (individual/entity) Up to $100,000Very serious (individual) Up to $100,000Very serious (entity) Up to $500,000


How many times have you said or heard “I can’t go to CMHC, I have a quick closing and just cannot wait for them”, or something similar? As the former Canada Mortgage and Housing Corporation (CMHC) regional manager of Underwriting at the Ontario Business Centre, I can tell you that CMHC staff can turn around an application within a reasonable time. They just need the appropriate information.

CMHC publishes an excellent reference guide (CMHC Mortgage Loan Insurance for Multi-Unit Projects) which provides details on its products and policies related to multi-unit projects. At the end of the booklet you will find a handy checklist of the minimum documentation needed. Of course, ticking off the box and attaching paper to it will not do the trick. The information must be up to date, accurate and complete. Often this is not the case and here is where time starts to get wasted as numerous emails go back and forth requesting additional information and clarification. My advice is: take a bit of extra time to assemble the information and you will reduce the processing time by a lot.

As you know, the underwriting process focuses on three areas whether the loan is financed with CMHC mortgage loan insurance or not:• Analysis of the housing market• Analysis of the borrower and guarantor• Analysis of the security

What follows are some examples of the information needed for each area of analysis for existing projects.

Housing marketThe main considerations will be the vacancy history of the market and sub-market area and of the project under consideration. As a minimum you should provide a three-year vacancy history of the project and show how it compares with the market and sub-market area. This is where you need to support the vacancy rate you want CMHC to accept. Make sure that the rationale of your recommended vacancy rate is supported by facts. To aid you in this assessment, you should refer to the Rental Market Survey (RMS) published by CMHC in the spring and fall each year.

Borrower/Guarantor capacityTwo main aspects are examined in analyzing the borrower - competence and capacity. This is the area that, in my view, insufficient information is provided and therefore results in time delays. For competence, the underwriter will assess track record, management ability and relevance to past experience. For the assessment of capacity, the underwriter will review financial statements and net worth statements.

For competence simply provide a one-page document to describe your track record and property management process and ability. A clear, concise and factual description will make the work of the underwriter much easier.

For the capacity portion, provide the most recent fiscal year financial statement, preferably prepared by a public accountant on a review engagement basis. Make sure that you provide

Vito Campisi recently joined MCAP Financial Corporation as vice-president, Commercial Lending in Toronto after a long career with CMHC. He is responsible for originating mortgage financing, with an emphasis on CMHC insured products, for multi-residential, nursing homes, retirement homes, assisted housing and student housing. Campisi is a Certified General Accountant and an Accredited Mortgage Professional. He may be reached by phone or email at 416 591 2888 or [email protected].

Demystifying CMHC’s documentation requirement

Go online for more finance articles

www.canadianapartmentmagazine.ca

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sufficient information for the underwriter to assess profitability, liquidity and equity. Simply providing a copy of the financial statement is not sufficient. Provide details behind the numbers. Show how you arrived at the market values of the income producing assets. Provide details on assets and liabilities that are material. Remember, the underwriter has to be satisfied that the equity in the company is solid and durable. As for the income statement, explain components that appear out of the ordinary. Lastly, provide an up to date credit report of the borrower and guarantors. Provide explanations for any derogatories.

SecurityThis is probably the most important component for you. CMHC’s valuation of the property will determine the maximum loan amount. CMHC will generally use the income approach to arrive at a value and then it will reconcile it with comparable recent sales in the market area to determine an acceptable lending value. It is, therefore, very important to provide relevant up to date information about the property. Your support documentation should include:

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CMHC staff can turn around an application within a reasonable time. They just needthe appropriate information…” “

• A current rent roll with details of unit type, unit rents, parking charges and other charges and rent-effective dates. Clearly identify vacant units and explain anomalies.

• A current Income and Expense Statement for a 12-month period with at least one previous year for comparison. Show the Gross Income Potential, Vacancy and Bad Debt and Effective Gross Income separately. For expenses make sure to explain unusual amounts and rationalize any adjustments or normalizations made. For example, if you installed new boilers or replaced windows recently and you expect substantial savings in utility costs, show your calculations to support the reduction. If the expenses include expenses not related to the property,

identify them and provide an explanation.• Provide a list of recent improvements and

planned improvements to the property.• Provide copies of bills of the most recent

property tax, property insurance and utility costs listed by type and month and totalled. Provide details of superintendent costs and other wages and benefits costs.

• Indicate if the property is self-managed or managed by third party. If it is managed by a third party, provide a copy of the agreement. If it is self-managed, describe your internal charge.I hope the above information helps you to

better understand and appreciate some of the CMHC information requirements. And that it will also help you to work with the lender of your choice in preparing an application for mortgage loan insurance.”

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Concert’s regional manager, residential properties, Rod Pirie and his leasing team at Village Gate West

When it comes to building top-quality rental housing in some of the country’s most desirable locations, few rival Concert.

At a time when most property developers are forgoing the construction of rental properties in favour of exclusively developing condominiums, Vancouver-based Concert has struck a balance and carved a niche for itself in the purpose-built rental market.

Cover Story

may 2012 15

Striking the right noteS in rental

houSing

Cover Story

The company was established in 1989 with the mandate of providing economically-priced rental housing in British Columbia. Since then Concert has expanded geographically into Alberta and Ontario as well as by asset class. Today, the company is also known for excellence in developing condominium homes and retirement communities as well as acquiring and developing commercial, industrial and infrastructure properties.

With the financial backing of 19 Canadian union and management pension plans, Concert has completed some $2 billion worth of projects, developed more than 9,600 rental and condominium homes, and built or acquired more than 10.7 million square feet of income-producing properties. Along the way it has created more than 20.8 million person-hours of union employment and contributed in excess of $83.8 million to affiliated union pension, health and welfare plans.

To date the company has more than 1,700 rental apartments in Vancouver and over 2,400 in Toronto that are either currently operational or under construction. These apartments compete with condominium owners who are renting out their individual suites. Concert has effectively differentiated itself in this competitive marketplace in a few key ways.

“First and foremost Concert’s rental apartments are condominium quality and feature a comprehensive array of


march 2012 17

Cover Story

may 2012 17

Cover Story

amenities. There is really very little difference if you walked into one of our rental buildings versus a condominium in Toronto or Vancouver,” said Brian McCauley, Concert president and chief operating officer. “We may forgo the stainless steel appliances and the granite countertops, but the size and finish of our rental apartments are every bit the same as the condominiums that we compete with.”

Concert further differentiates itself in the marketplace with outstanding customer service. All residents benefit from the company’s signature Concert On-Call maintenance which provides round-the-clock service.

“We have on-site maintenance people that not only live in the building, but they are on call 24 hours a day,” said Rod Pirie, Concert’s regional manager, residential properties in Toronto. “If a tenant has a problem with their toilet in the middle of the night it will be taken care of immediately.”

Furthermore, Concert’s long-term approach to property management sets the company apart. Concert is building a portfolio of rental apartments that it has every intention of holding for decades to come.

Sustainability“We have taken a good hard look at our global footprint. As a property manager, Concert embraces the challenge of reducing waste while enhancing the performance of existing assets. In addition, every new development we undertake is gauged either against LEED or another green building standard more applicable to the jurisdiction that we are working in,” McCauley said.


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Cover Story

TAKE A fresh LOOK AT WHAT’S

POSSIBLE

FlexibilityObtain mortgage � nancing on up to 85% of the multi-unit property’s value when you are buying, building or re� nancing.

Reduced Renewal RiskEnjoy mortgage renewal with no need to re-qualify. CMHC insures the entire amortization period of the loan and coverage is transferable between CMHC-approved lenders.

Lower Interest RatesBene� t from interest rate savings available throughout the entire life of CMHC-insured loans, including construction periods and renewals.

Learn how CMHC mortgage loan insurance gives you more choices for your multi-unit property investment. Call 1-877 Multi GO or visit www.cmhc.ca/multi-unit.

Untitled-1 1 11-09-29 10:55 AM

Last year the company issued its inaugural Report on Sustainability which summarized the results of its first greenhouse gas emission audit. The report, which was finalized in early 2011, captured the environmental impact of Concert’s operations in 2010. This provided a baseline measurement for the company.

In its second year of reporting on greenhouse gas emissions, the company has already started to realize the effects of its efforts to shrink emissions. There was a 2.5-per cent reduction in emissions per square foot which places the company on the path to achieve its goal of a 20 per cent reduction by 2020.

“Every one of our new buildings are created utilizing an integrated design approach. All of our consultants are engaged and challenged at the outset to determine the most cost-effective and innovative sustainability solutions,” said McCauley. “We are very committed to building greener and more sustainable communities.”

Within its existing rental and commercial properties, Concert has embraced waste reduction and energy consumption with initiatives such as the installation of energy-efficient systems and appliances, energy audits and regular upgrades and improvements.

“I think our tenants, and the population in general, are becoming more concerned about what is happening with the environment and they want to do their part,” said Pirie.

Although both Pirie and McCauley take pride in the company’s sustainability efforts, McCauley concedes there is still much work to be done.

“I don’t think the public is yet willing to really pay for sustainability features. Whether it is condominium or residential rental, people aren’t really putting their money where their mouth is right now,” he said. “Part of it is education, and we take that seriously. We try to engage and educate both our homebuyers about sustainability in general and the specific features included into their building.”

Growing portfolioThe company has a number of developments under construction that will add to the growing portfolio of properties of this 23-year-old company.

Motion is a 29-storey rental highrise with 463 units and 11,500 square feet of ground floor retail space. The development is targeting LEED Gold sustainability certification

We are very committed to building greener and more sustainable communities”.

- Brian McCauley, president and chief operating officer“

Untitled-3 1 12-04-26 1:33 PM

TAKE A fresh LOOK AT WHAT’S

POSSIBLE

FlexibilityObtain mortgage � nancing on up to 85% of the multi-unit property’s value when you are buying, building or re� nancing.

Reduced Renewal RiskEnjoy mortgage renewal with no need to re-qualify. CMHC insures the entire amortization period of the loan and coverage is transferable between CMHC-approved lenders.

Lower Interest RatesBene� t from interest rate savings available throughout the entire life of CMHC-insured loans, including construction periods and renewals.

Learn how CMHC mortgage loan insurance gives you more choices for your multi-unit property investment. Call 1-877 Multi GO or visit www.cmhc.ca/multi-unit.

Untitled-1 1 11-09-29 10:55 AM


Cover Story

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The Berczy

One32 Berkeley

88 Scott

35 years of experience

200,000 sub-meters installed

Innovative submetering technology

Highest level of customer support

MOTION ON BAY

Untitled-11 1 12-05-04 4:08 PM

may 2012 23

Cover Story

Untitled-4 1 12-05-15 4:38 PM

as well as Tier Two of the Toronto Green Standard. Set for completion in the spring of 2013, Motion offers studio, one, two and three bedroom rental apartments. The development is ideally located in the heart of downtown Toronto steps from the financial district, shopping, the University of Toronto and Ryerson University.

“It is a high demand area where there hasn’t been much in the way of new rentals,” said Pirie. “There has been a lot of condominium development in that area, but not a lot of rental. We are very excited about this opportunity.”

Also under construction is One32 Berkeley, a 10-storey, 177-suite rental community targeting LEED Gold certification at the corner of Berkeley and Queen Streets in downtown Toronto. One32 Berkeley is due for completion in the summer of 2013.

Concert also recently completed its Village Gate West master-planned rental community in Etobicoke, Ont. This impressive community in the historic Islington Village features Serrano with 278 apartments, a Tapestry Retirement Community with 168 apartments, Sierra with 218 apartments and Palomar with

283 apartments. Sierra and Palomar are targeting LEED Gold certification.

Axis, Concert’s latest residential rental building in Vancouver is being constructed on the campus of the University of British Columbia. The 15-storey development, which broke ground earlier this year, will include 174 self-contained rental apartments. The company will also be contributing a 25,000-square-foot landscaped green space complete with a children’s playground. Concert is targeting the prestigious REAP Gold certification administered by UBC’s Sustainability Office. Completion is scheduled for the summer of 2013.

While Concert has expanded into many other facets of the real estate industry over the past 23 years, the company remains committed to building and maintaining quality rental buildings across Canada. Along the way it has earned a reputation for excellence in rental housing and garnered numerous awards from the Canadian Home Builder’s Association, the Urban Development Institute and the Federation of Rental-Housing Providers of Ontario.

Partner with a proven leaderin the multi-residential

industry

As the industry leader in residential properties, Rogers understands what you’re looking for in a

communications and entertainment provider. That’s why with us, you’ll get personalized support

through a dedicated Account Executive. They’ll ensure your tenants are completely satisfi ed with

our innovative Cable TV, Internet and Home Phone services. And you’ll rest assured knowing you’ve

partnered with experts you can really count on.

Call a Rogers Account Executive today at 1 866 567-5778 or visit rogers.com/cma for more information.





As the industry leader in residential properties, Rogers understands what you’re looking for in a As the industry leader in residential properties, Rogers understands what you’re looking for in a

through a dedicated Account Executive. They’ll ensure your tenants are completely satisfi ed with

our innovative Cable TV, Internet and Home Phone services. And you’ll rest assured knowing you’ve

partnered with experts you can really count on.



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FAFAF STSTSTM Trademarks of or used under license from Rogers Communications Inc. or an affi liate. ©2012 Rogers Communications.

ROGERS_ApartmentMag_Ad_april29_g.indd 1 12-04-30 12:22 PM

WHO’S WHO 2012CANADIAN APARTMENT MAGAZINE

WHO’S WHO 2012CANADIAN APARTMENT MAGAZINE

PRESENTED BY:

CAM_WhosWho_2012.indd 25 12-05-30 12:51 PM

APARTMENT CONDO COMMERCIAL % BY REGION

MANAGE OWN BOTH MANAGE OWN BOTH MANAGE OWN BOTH WESTERNCANADA ONTARIO QUEBEC MARITIMES

> GREATER THAN< LESS THAN

TOTAL UNITSRANK

May 2012 27

IN CANADIANMULTI-RESIDENTIALTOP 10

MANAGE ONLY NUMBER OF UNITS

1 MetCap Living Management 180222 Greenwin Inc. 155073 Gateway Property Management Corp. 152334 The DMS Group 148755 Briarlane Property Management Inc. 9244

NUMBER OF UNITS

6 Vertica Resident Services 78027 Minto Properties 67778 Shelter Canadian Properties Ltd. 63359 Cogir Management Corporation 630010 Berkley Property Management 3925

OWN ONLY NUMBER OF UNITS

1 Preston Group 21002 Lanesborough Real Estate Investment Trust 18173 AON Inc. 17374 The Brown Group of Companies 12265 Sabjoy Inc. 837

NUMBER OF UNITS

6 Old Oak Properties Inc. 3707 Berkley Property Management 2408 Industrielle Alliance, Assurance et services fi nanciers Inc. 1169 AWM- Alliance Real-estate Group Ltd. 2710 Parkhurst Asset Corp. 15

MANAGE & OWN ONLY NUMBER OF UNITS

1 Boardwalk REIT 352772 CAPREIT 283893 Realstar Management 238004 Homestead Land Holidays Ltd. 223485 Timbercreek Asset Management 11505

NUMBER OF UNITS

6 Killam Properties Inc. 108267 Minto Properties 93678 Park Property Management Inc. 80869 Skyline Apartment REIT 751910 Northern Property REIT 7284


1 Gateway Property Management Corp. 4702 Minto Properties 2773 Shelter Canadian Properties Ltd. 2384 Pacifi c Quorum Properties Inc. 2195 AWM- Alliance Real-estate Group Ltd. 212

NUMBER OF UNITS

6 Greenwin Inc. 2077 Briarlane Property Management Inc. 1188 Apollo Property Management Ltd. 1129 Bayshore Property Management 10210 The DMS Group 100


1 Lanesborough Real Estate Investment Trust 672 AON Inc. 153 Sabjoy Inc. 144 The Brown Group of Companies 95 Preston Group 9

NUMBER OF UNITS

6 Industrielle Alliance, Assurance et services fi nanciers Inc. 47 AWM- Alliance Real-estate Group Ltd. 28 Berkley Property Management 29 Old Oak Properties Inc. 110 Parkhurst Asset Corp. 1


1 Baywest Management Corp. 4502 Northern Property REIT 3103 Boardwalk REIT 2304 Minto Properties 1905 Homestead Land Holidays Ltd. 187

NUMBER OF UNITS

6 Mainstreet Equity Corp. 1857 Realstar Management 1478 Killam Properties Inc. 1449 Timbercreek Asset Management 12810 Skyline Apartment REIT 93


1 Gateway Property Management Corp. 190812 AWM- Alliance Real-estate Group Ltd. 115063 Pacifi c Quorum Properties Inc. 113334 ICC Property Management Ltd. 90365 Apollo Property Management Ltd. 8000

NUMBER OF UNITS

6 Mainstreet Equity Corp. 80007 Shelter Canadian Properties Ltd. 36508 Citigroup Properties Inc. 31499 Briarlane Property Management Inc. 287510 Bayshore Property Management 2733


1 Baywest Management Corp. 340572 CAPREIT 13333 Shepherd Village 115

NUMBER OF UNITS

4 Bona Building and Management Co. Ltd. 135 Morguard Residential 4


APARTMENT

COMMERCIAL

CONDO

Thank you to those companies submitting information for our 2012 ranking of multi-res owners/managers in Canada. We appreciate your input. Every effort has been made to ensure the accuracy of the fi gures published. These are Canadian Apartment’s listings and are based on data that was supplied to us but not independently verifi ed. If you have any questions or comments, please contact me at [email protected]. If you were not represented in the rankings and would like to participate next year, you can obtain a registration form by contacting me at the above email.

1 Baywest Management Corp. 35869 670 692 34057 450 >80

2 Boardwalk REIT 35507 35277 230 60-80 <20 <20

3 Gateway Property Management Corp. 34821 15233 35 19081 470 2 60-80 <20 <20

4 CAPREIT 29722 28389 1333 <20 60-80 <20 <20

5 Realstar Management 23947 23800 147 <20 60-80 <20 <20

6 Homestead Land Holidays Ltd. 22535 22348 187 >80

7 MetCap Living Management 19430 18022 1406 2 >80 <20 <20

8 Minto Properties 19260 6777 9367 2649 277 190 >80

9 Greenwin Inc. 17727 15507 1998 207 15 >80 <20 <20

2012 WHO’S WHO TOP COMPANIES IN CANADIAN MULTI-RESIDENTIAL

MetCap Living knows the importance of your property investment. With over 20 years in professional property management and experience in owning and managing all aspects of multi-unit housing, we have the expertise to boost your NOI. From Marketing, Leasing, Utilitiesand Site Management, Collections and Accounts Receivable, we tailor our services to your needs.

We manage over $1 Billion in assets owned by private families and institutional investors. Our focus is on revenue growth and vacancy reduction, while maintainting strict control over expenses. We also have three engineers on sta� for those di�cult capital projects!

To ensure the health of your bottom line, contact:Stacey Kurck – Director, Business DevelopmentO�ce: 416-340-1600 x 467Cell: 416-894-2377 [email protected]

C

M

Y

CM

MY

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CMY

K

MetCap-WhosWhoArticle-halfH-v2-1.pdf 05/01/2012 10:15:29 AM


We manage over $1 Billion in assets owned by private families and institutional investors. Our focus is on revenue growth and vacancy reduction, while maintainting strict control over expenses. We also

To ensure the health of your bottom line, contact:Stacey Kurck – Director, Business Development

Cell: 416-894-2377 [email protected]

C

M

Y

CM

MY

CY

CMY

K


#7

12054_MetCap_WhosWho_2012.indd 1 12-05-15 10:43 AM

CAM_WhosWho_2012.indd 26-27 12-05-31 11:31 AM




TOTAL UNITSRANK

May 2012 27

IN CANADIANMULTI-RESIDENTIALTOP 10


1 MetCap Living Management 180222 Greenwin Inc. 155073 Gateway Property Management Corp. 152334 The DMS Group 148755 Briarlane Property Management Inc. 9244

NUMBER OF UNITS

6 Vertica Resident Services 78027 Minto Properties 67778 Shelter Canadian Properties Ltd. 63359 Cogir Management Corporation 630010 Berkley Property Management 3925


1 Preston Group 21002 Lanesborough Real Estate Investment Trust 18173 AON Inc. 17374 The Brown Group of Companies 12265 Sabjoy Inc. 837

NUMBER OF UNITS

6 Old Oak Properties Inc. 3707 Berkley Property Management 2408 Industrielle Alliance, Assurance et services fi nanciers Inc. 1169 AWM- Alliance Real-estate Group Ltd. 2710 Parkhurst Asset Corp. 15


1 Boardwalk REIT 352772 CAPREIT 283893 Realstar Management 238004 Homestead Land Holidays Ltd. 223485 Timbercreek Asset Management 11505

NUMBER OF UNITS

6 Killam Properties Inc. 108267 Minto Properties 93678 Park Property Management Inc. 80869 Skyline Apartment REIT 751910 Northern Property REIT 7284


1 Gateway Property Management Corp. 4702 Minto Properties 2773 Shelter Canadian Properties Ltd. 2384 Pacifi c Quorum Properties Inc. 2195 AWM- Alliance Real-estate Group Ltd. 212

NUMBER OF UNITS

6 Greenwin Inc. 2077 Briarlane Property Management Inc. 1188 Apollo Property Management Ltd. 1129 Bayshore Property Management 10210 The DMS Group 100


1 Lanesborough Real Estate Investment Trust 672 AON Inc. 153 Sabjoy Inc. 144 The Brown Group of Companies 95 Preston Group 9

NUMBER OF UNITS

6 Industrielle Alliance, Assurance et services fi nanciers Inc. 47 AWM- Alliance Real-estate Group Ltd. 28 Berkley Property Management 29 Old Oak Properties Inc. 110 Parkhurst Asset Corp. 1


1 Baywest Management Corp. 4502 Northern Property REIT 3103 Boardwalk REIT 2304 Minto Properties 1905 Homestead Land Holidays Ltd. 187

NUMBER OF UNITS

6 Mainstreet Equity Corp. 1857 Realstar Management 1478 Killam Properties Inc. 1449 Timbercreek Asset Management 12810 Skyline Apartment REIT 93


1 Gateway Property Management Corp. 190812 AWM- Alliance Real-estate Group Ltd. 115063 Pacifi c Quorum Properties Inc. 113334 ICC Property Management Ltd. 90365 Apollo Property Management Ltd. 8000

NUMBER OF UNITS

6 Mainstreet Equity Corp. 80007 Shelter Canadian Properties Ltd. 36508 Citigroup Properties Inc. 31499 Briarlane Property Management Inc. 287510 Bayshore Property Management 2733


1 Baywest Management Corp. 340572 CAPREIT 13333 Shepherd Village 115

NUMBER OF UNITS

4 Bona Building and Management Co. Ltd. 135 Morguard Residential 4


APARTMENT

COMMERCIAL

CONDO

Thank you to those companies submitting information for our 2012 ranking of multi-res owners/managers in Canada. We appreciate your input. Every effort has been made to ensure the accuracy of the fi gures published. These are Canadian Apartment’s listings and are based on data that was supplied to us but not independently verifi ed. If you have any questions or comments, please contact me at [email protected]. If you were not represented in the rankings and would like to participate next year, you can obtain a registration form by contacting me at the above email.

1 Baywest Management Corp. 35869 670 692 34057 450 >80

2 Boardwalk REIT 35507 35277 230 60-80 <20 <20

3 Gateway Property Management Corp. 34821 15233 35 19081 470 2 60-80 <20 <20

4 CAPREIT 29722 28389 1333 <20 60-80 <20 <20

5 Realstar Management 23947 23800 147 <20 60-80 <20 <20

6 Homestead Land Holidays Ltd. 22535 22348 187 >80

7 MetCap Living Management 19430 18022 1406 2 >80 <20 <20

8 Minto Properties 19260 6777 9367 2649 277 190 >80

9 Greenwin Inc. 17727 15507 1998 207 15 >80 <20 <20



We manage over $1 Billion in assets owned by private families and institutional investors. Our focus is on revenue growth and vacancy reduction, while maintainting strict control over expenses. We also have three engineers on sta� for those di�cult capital projects!

To ensure the health of your bottom line, contact:Stacey Kurck – Director, Business DevelopmentO�ce: 416-340-1600 x 467Cell: 416-894-2377 [email protected]

C

M

Y

CM

MY

CY

CMY

K



We manage over $1 Billion in assets owned by private families and institutional investors. Our focus is on revenue growth and vacancy reduction, while maintainting strict control over expenses. We also

To ensure the health of your bottom line, contact:Stacey Kurck – Director, Business Development

Cell: 416-894-2377 [email protected]

C

M

Y

CM

MY

CY

CMY

K


#7

12054_MetCap_WhosWho_2012.indd 1 12-05-15 10:43 AM



TOTAL UNITS MANAGE OWN BOTH MANAGE OWN BOTH MANAGE OWN BOTH WESTERN

CANADA ONTARIO QUEBEC MARITIMES


RANK




TOTAL UNITSRANK

28 www.canadianapartmentmagazine.ca May 2012 29

29 Globe General Agencies 6099 6029 70 >80 <20 <20

30 Bayshore Property Management 4755 1920 2733 102 >80

31 Citigroup Properties Inc. 4228 995 3149 84 >80

32 Hollyburn Properties Ltd. 4067 4000 67 60-80 20-40

33 Sterling Karamar Property Management 3993 3799 163 31 >80

34 Devon Properties Ltd. 3880 3340 464 76 >80

35 The Regional Group 3875 2000 1800 75 >80 <20

36 Concert Properties 3398 3380 18 40-60 40-60

37 Prospero International Realty Inc. 2735 2686 49 >80

38 Centurion Apartment REIT 2675 2648 27 >80 <20

39 Kelson Group 2563 2524 39 >80

40 O’Shanter Development Company Ltd. 2555 460 2016 50 6 23 >80

41 Old Oak Properties Inc. 2399 977 1347 62 6 7 >80

10 The DMS Group 14975 14875 100 >80

11 AWM- Alliance Real-estate Group Ltd. 12245 498 27 11506 212 2 >80

12 Briarlane Property Management Inc. 12237 9244 2875 118 >80

13 Pacifi c Quorum Properties Inc. 11971 419 11333 219 >80

14 Timbercreek Asset Management 11633 11505 128 <20 60-80 <20 <20

15 Killam Properties Inc. 10970 10826 144 <20 >80

16 Shelter Canadian Properties Ltd. 10449 6335 222 3650 238 4 40-60 40-60

17 Apollo Property Management Ltd. 9362 1250 8000 112 >80

18 ICC Property Management Ltd. 9132 20 9036 76 >80

19 Morguard Residential 8648 1154 6718 735 4 15 22 <20 >80

20 Park Property Management Inc. 8295 8086 140 1 68 >80

21 Mainstreet Equity Corp. 8185 8000 185 >80 <20

22 Vertica Resident Services 7836 7802 34 <20 60-80 <20

23 Skyline Apartment REIT 7709 94 7519 3 93 >80

24 Northern Property REIT 7594 7284 310 40-60 <20 <20 <20

25 Drewlo Holdings Inc. 7323 7271 52 >80

26 CLV Group Inc./ Interrent REIT 7200 7200 >80 <20

27 Berkley Property Management 6669 3925 240 2450 52 2 >80

28 Cogir Management Corporation 6352 6300 1 51 <20 >80


#12Briarlane Rental Property Management Inc.Brad Smith905 944 9406 ext [email protected]

MAPLE LEAF QUAY, TORONTO

L-R: MONISH COMAR, SUSANNE MAGUIRE,

BRAD SMITH, PAT BRAWN, ANDRUS KUNG

Briarlane Rental Property Management Inc. is a private Canadian Corporation based in Markham, Ontario and was established in 1999 to provide an integrated array of investment and property management services to owners, investors and fi nancial institutions.

Briarlane manages many properties in the Greater Toronto Area, and we have for many years also very successfully managed properties in London, Brantford, Kitchener, Waterloo, Guelph, Pickering, Ajax, Oshawa, Oakville and Ottawa, Ontario.

Our size allows us to negotiate excellent pricing for supplies and services including utility costs and our ability to compare operating costs throughout our managed portfolio allows us to ensure that our clients properties are operating

effi ciently and competitively whether within the GTA or outside of it.

We would welcome the opportunity to show you how by being very “hands on”, utilizing our years of experience, proven systems, and documentation we can ensure that there are few surprises or emergencies at your property while providing you with effi cient and competitive operations in any rental market.

CANADIAN APARTMENT MAGAZINE WHO’S WHO 2012



being very “hands on”, utilizing our

you with effi cient and competitive operations in

12054_Briarlane_WhosWho_2012.indd 1 12-05-11 1:35 PM


#10The DMS GroupPaul Smith416 736 [email protected]

10 DMS is a market leading third party rental property management organization with a diverse portfolio of multi-residential, commercial and government-owned properties across Ontario.

Our team are energized. DMS is focused on growth of our managed portfolio and on personal growth for our staff. As a multi-dimensional enterprise, DMS offers team members unparalleled career development opportunities. Our culture encouraging promotion from within the organization has allowed many staff to experienced multiple promotions.

Our clients trust us. DMS manages professionally for over 100 different owners – many for over 20 years. Service delivery is tailored to specifi c property requirements and each client benefi ts from industry leading practices and economies of scale.

DMS is proud to be ranked once again by Canadian Apartment Magazine as one of the in the top few multi-residential property management companies.

12054_DMS_WhosWho_2012.indd 1 12-05-10 5:08 PM



TOTAL UNITS MANAGE OWN BOTH MANAGE OWN BOTH MANAGE OWN BOTH WESTERN

CANADA ONTARIO QUEBEC MARITIMES


RANK




TOTAL UNITSRANK

28 www.canadianapartmentmagazine.ca May 2012 29

29 Globe General Agencies 6099 6029 70 >80 <20 <20

30 Bayshore Property Management 4755 1920 2733 102 >80

31 Citigroup Properties Inc. 4228 995 3149 84 >80

32 Hollyburn Properties Ltd. 4067 4000 67 60-80 20-40

33 Sterling Karamar Property Management 3993 3799 163 31 >80

34 Devon Properties Ltd. 3880 3340 464 76 >80

35 The Regional Group 3875 2000 1800 75 >80 <20

36 Concert Properties 3398 3380 18 40-60 40-60

37 Prospero International Realty Inc. 2735 2686 49 >80

38 Centurion Apartment REIT 2675 2648 27 >80 <20

39 Kelson Group 2563 2524 39 >80

40 O’Shanter Development Company Ltd. 2555 460 2016 50 6 23 >80

41 Old Oak Properties Inc. 2399 977 1347 62 6 7 >80

10 The DMS Group 14975 14875 100 >80

11 AWM- Alliance Real-estate Group Ltd. 12245 498 27 11506 212 2 >80

12 Briarlane Property Management Inc. 12237 9244 2875 118 >80

13 Pacifi c Quorum Properties Inc. 11971 419 11333 219 >80

14 Timbercreek Asset Management 11633 11505 128 <20 60-80 <20 <20

15 Killam Properties Inc. 10970 10826 144 <20 >80

16 Shelter Canadian Properties Ltd. 10449 6335 222 3650 238 4 40-60 40-60

17 Apollo Property Management Ltd. 9362 1250 8000 112 >80

18 ICC Property Management Ltd. 9132 20 9036 76 >80

19 Morguard Residential 8648 1154 6718 735 4 15 22 <20 >80

20 Park Property Management Inc. 8295 8086 140 1 68 >80

21 Mainstreet Equity Corp. 8185 8000 185 >80 <20

22 Vertica Resident Services 7836 7802 34 <20 60-80 <20

23 Skyline Apartment REIT 7709 94 7519 3 93 >80

24 Northern Property REIT 7594 7284 310 40-60 <20 <20 <20

25 Drewlo Holdings Inc. 7323 7271 52 >80

26 CLV Group Inc./ Interrent REIT 7200 7200 >80 <20

27 Berkley Property Management 6669 3925 240 2450 52 2 >80

28 Cogir Management Corporation 6352 6300 1 51 <20 >80


#12Briarlane Rental Property Management Inc.Brad Smith905 944 9406 ext [email protected]

MAPLE LEAF QUAY, TORONTO



Briarlane Rental Property Management Inc. is a private Canadian Corporation based in Markham, Ontario and was established in 1999 to provide an integrated array of investment and property management services to owners, investors and fi nancial institutions.

Briarlane manages many properties in the Greater Toronto Area, and we have for many years also very successfully managed properties in London, Brantford, Kitchener, Waterloo, Guelph, Pickering, Ajax, Oshawa, Oakville and Ottawa, Ontario.

Our size allows us to negotiate excellent pricing for supplies and services including utility costs and our ability to compare operating costs throughout our managed portfolio allows us to ensure that our clients properties are operating

effi ciently and competitively whether within the GTA or outside of it.

We would welcome the opportunity to show you how by being very “hands on”, utilizing our years of experience, proven systems, and documentation we can ensure that there are few surprises or emergencies at your property while providing you with effi cient and competitive operations in any rental market.




being very “hands on”, utilizing our

you with effi cient and competitive operations in

12054_Briarlane_WhosWho_2012.indd 1 12-05-11 1:35 PM


#10The DMS GroupPaul Smith416 736 [email protected]

10 DMS is a market leading third party rental property management organization with a diverse portfolio of multi-residential, commercial and government-owned properties across Ontario.

Our team are energized. DMS is focused on growth of our managed portfolio and on personal growth for our staff. As a multi-dimensional enterprise, DMS offers team members unparalleled career development opportunities. Our culture encouraging promotion from within the organization has allowed many staff to experienced multiple promotions.

Our clients trust us. DMS manages professionally for over 100 different owners – many for over 20 years. Service delivery is tailored to specifi c property requirements and each client benefi ts from industry leading practices and economies of scale.

DMS is proud to be ranked once again by Canadian Apartment Magazine as one of the in the top few multi-residential property management companies.

12054_DMS_WhosWho_2012.indd 1 12-05-10 5:08 PM


RANK MANAGE OWN BOTH MANAGE OWN BOTH MANAGE OWN BOTH WESTERNCANADA ONTARIO QUEBEC MARITIMES

APARTMENT CONDO COMMERCIAL % BY REGION > GREATER THAN< LESS THAN

TOTAL UNITS



42 Preston Group 2109 2100 9 >80

43 Lanesborough Real Estate Investment Trust 2009 1817 125 67 >80

44 Greenrock Property Management Limited 2000 2000 >80

45 AON Inc. 1848 33 1737 56 7 15 40-60

46 The Brown Group of Companies 1713 471 1226 7 9 <20 >80 <20 <20

47 Salpam Properties 1508 1500 8 >80

48 Lawrence Construction/Grant Management 1427 519 908 >80

49 Tandem Property Management 1008 1008 >80

50 Twin City Management Ltd. 995 949 1 45 >80

51 Cogir 980 980 >80

52 Capilano Property Management Ltd. 964 950 14 >80

53 Sabjoy Inc. 851 837 14 >80

54 Manulife Real Estate 801 800 1 >80

55 Shepherd Village 778 659 115 4 >80

56 Bona Building and Management Co. Ltd. 753 740 13 >80

57 Equity Hill Properties Group 700 48 638 14 >80

58 Blue Stone Properties Inc. 674 674 >80

59 Equitable Real Estate Investment Corp. 634 606 28 >80

60 Northland Properties Inc. 614 605 9 >80

61 Shindico 592 94 490 3 5 >80 <20 <20 <20

62 Canadian Urban Ltd. 551 547 4

63 State Building Group 450 450 >80

64 Gistex Inc. 440 430 10 20-40

65 Compass Commercial Realty 329 317 12 >80

66 Greenwood Lane Inc. 318 35 278 5 >80

67 GoodWood Property Investments 152 150 2 >80

68 Industrielle Alliance, Assurance 120 116 4 40-60 40-60 et services fi nanciers Inc.

69 Realspace Management Group Inc. 105 103 2 >80

70 Parkhurst Asset Corp. 16 15 1 >80


RANK MANAGE OWN BOTH MANAGE OWN BOTH MANAGE OWN BOTH WESTERNCANADA ONTARIO QUEBEC MARITIMES

APARTMENT CONDO COMMERCIAL % BY REGION > GREATER THAN< LESS THAN

TOTAL UNITS



42 Preston Group 2109 2100 9 >80

43 Lanesborough Real Estate Investment Trust 2009 1817 125 67 >80

44 Greenrock Property Management Limited 2000 2000 >80

45 AON Inc. 1848 33 1737 56 7 15 40-60

46 The Brown Group of Companies 1713 471 1226 7 9 <20 >80 <20 <20

47 Salpam Properties 1508 1500 8 >80

48 Lawrence Construction/Grant Management 1427 519 908 >80

49 Tandem Property Management 1008 1008 >80

50 Twin City Management Ltd. 995 949 1 45 >80

51 Cogir 980 980 >80

52 Capilano Property Management Ltd. 964 950 14 >80

53 Sabjoy Inc. 851 837 14 >80

54 Manulife Real Estate 801 800 1 >80

55 Shepherd Village 778 659 115 4 >80

56 Bona Building and Management Co. Ltd. 753 740 13 >80

57 Equity Hill Properties Group 700 48 638 14 >80

58 Blue Stone Properties Inc. 674 674 >80

59 Equitable Real Estate Investment Corp. 634 606 28 >80

60 Northland Properties Inc. 614 605 9 >80

61 Shindico 592 94 490 3 5 >80 <20 <20 <20

62 Canadian Urban Ltd. 551 547 4

63 State Building Group 450 450 >80

64 Gistex Inc. 440 430 10 20-40

65 Compass Commercial Realty 329 317 12 >80

66 Greenwood Lane Inc. 318 35 278 5 >80

67 GoodWood Property Investments 152 150 2 >80

68 Industrielle Alliance, Assurance 120 116 4 40-60 40-60 et services fi nanciers Inc.

69 Realspace Management Group Inc. 105 103 2 >80

70 Parkhurst Asset Corp. 16 15 1 >80



The year is not going well. There is no point in pretending that there’s a recovery occurring, or that we are “over the worst part”, nor that things can only go “uphill from here”. Optimism is a wonderfully uplifting attitude that can invigorate us and provide the energy and motivation to move forward. But there is nothing gained by ignoring reality and, as far as North America goes, the realities are not pleasant.

Recently, I had the opportunity to travel to Texas and Vancouver on business. The impressions were far from positive and I came away from the trip more concerned than ever about the direction in which we are heading.

My stay in Vancouver included a get together with a real estate client who, while originally an Ontarian, is now a local resident in this beautiful West Coast city. For a visitor, Vancouver is a sight for sore eyes, with mountain and ocean views that are simply stunning. The earthquake fears are not that visible and tend to be ignored.

Thousands of city centre condo apartments have apparently never been occupied since the day they were built. It was suggested that some 7,000 condo units are empty as a result.

Finally, the east end of downtown, well known as the home for Canada’s downtrodden and

Andy Schwartze, BSc., MBA, CIP, is an insurance broker specializing in property management and real estate. He is a former President of the Insurance Institute, has taught in the community college system and provides continuing education to other brokers. He can be reached at [email protected]. For any comments, you can go to www.takecover.ca and post them on their new blog.

insurance

One can only wonder...

addicted, has little prospect of ever being cleaned up. There is apparently no government willingness to step in, as local Vancouverites are fearful that the inhabitants will resettle in other parts of the city. Politics is fully in charge of the status quo. But, in spite of this, it’s a beautiful place and I will visit every chance I get. Tourism comes with certain innocence, after all.

Meanwhile, in the east, an Ontario government grovels for survival by tacking two per cent on to the tax bill of those earning more than $500,000. In the entire province that number is only 19,000 … expecting this small group to rescue the province, from its declining credit rating is like asking one’s uncle to pay the mortgages for all the nieces and nephews because they are over stretched. Spending less is just not an option.

Even in Toronto, the popularly elected mayor is being hammered by obstructionist opposition at all levels. On the real estate side, when one drives in to the city along the Gardiner Expressway, one can easily count at least 12 condo construction cranes. On the way out, one sees at least 12 more that weren’t visible on the drive in. Desperate development, because the city can then collect four times the property tax that it gets from a private residence.

Just as this is written, we hear that a local downtown brewery had its property tax pushed up by a factor of eight times … MPAC had walked in and their assessment simply triggered the higher tax bill. Who at MPAC has ever run for election? Assessment too high? Sorry … pay first, argue later. For those who have argued before the OMB, better 20 lashes with a nine-foot buggy whip.

Let’s leave our neighbours to the south out of this. The over administered, election crazy, divided country has more problems than there is room here to recount. When we look at their divided electorate we can only wonder how they will ever come together again. Does anyone doubt the current president’s return to office for a second term?

You might ask yourself, what is an insurance professional doing expounding on all this negativity? It’s a fair question and certainly deserves an answer. Insurance is a financial recovery tool for the cost of accidents and unexpected losses. How our social/economic world goes, so goes the insurance world as it constantly adjusts to the demands made on it.

As violence increases (witness the G-20 damage) and as infrastructure ages, financial stress grows and as the legal world expands its recovery attempts, the world of insurance becomes the support system for the unanticipated needs of its clients. Fortunately, the property/casualty insurance world has the ability to re-price itself on an annual basis. Hence, the premiums that we pay will always be (albeit one step behind) reflective of the socio-economic trends that affect it.

The life insurance world handles this a bit differently. While benefit plans are similarly re-priced annually, most of the remaining life insurance products don’t have it quite so easy. Testimony to this is the industry’s hurried exit from what is referred to as “guaranteed” insurance products. Interest rate declines have so battered this product sector that regulators are trying to determine if certain heavily exposed life insurers need to raise additional capital. Guaranteed products are pretty much no longer available.

As I have made clear in the past, if things become difficult enough, insurers will simply pull the plug on offerings that have become too expensive to manage profitably. When that happens, especially in the property/casualty world, the lack of insurance availability can devastate affected businesses forcing them out or under. The insurance world is a barometer of socio-economic change. It is worth paying attention to.

insurance

may 2012 33

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portfolio Strategy

Derek Lobo is the founder of DALA Group of Companies and Rock Advisors. Derek has been the Canadian rental apartment industry’s leading consultant for almost 30 years and is now one of the industry’s most active brokers. Derek recently brokered the sale of the ESAM portfolio to Minto Management in one of the largest multi-unit residential sales in Canadian history.

Taking the mystery out of mystery shopping

may 2012 35

As a typical apartment owner, you can’t be everywhere at once. You can’t always be fixing the plumbing, handling rent cheques, or, most importantly, giving tours of vacant apartments and keeping your building filled. You have staff that handles these tasks. But how can you tell how well your staff is doing?

You will quickly hear from your tenants if maintenance issues are going unresolved, but prospective tenants who are not impressed by how your building is presented will not tell you of the problems that led them to choose a different building down the street. You will simply never hear from them again.

Selling a rental lifestyleFilling vacant apartments is like selling a home. Your building needs curb appeal, the apartment itself needs to look good, and the path the prospective tenant takes from street to suite must be well maintained so that the tenant can be confident of the whole package to which they are committing.

But there is one big difference between selling a home and renting an apartment: homes have brokers. These individuals specialize in how to present the best face of a property. They know how to walk prospective buyers through it, engaging them, talking up the selling features. The task of renting out your vacant apartments falls to you, and to your staff, and you probably don’t have a broker’s training.

So, train yourself, and train your staff. Learn the techniques that realtors use to sell homes, and make sure your staff learns these as well. Understand your apartments, understand what the best selling points are, and be sure to build a presentation that highlights these points. Prospective tenants may call to arrange a showing, or they may show up off the street, so it’s important that you are prepared to put your best foot forward. This includes how you and your staff dress (you don’t have to dress for a job interview, but business casual will do), and how you approach the prospective tenant (a warm smile and firm handshake is best).

Vacant apartments are a drain on your bottom line, so you have motivation, but how motivated is your staff? You can give them incentives to perform, possibly through bonuses for each apartment they help rent out, and that can get them behind you in renting out vacant apartments, but it can be hard to check on their performance. This is where mystery shopping comes in.

portfolio Strategy

Mystery shopping is not a tool to spy on your staff. What the mystery shopper provides is constructive criticism for you and your staff members to identify ways that the showing process can be improved…”

“


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may 2012 37

Testing yourself and your staffMystery shopping has been used by market research companies and consumer watchdogs to test how well stores serve customers. At the DALA Group of Companies, we have mystery shoppers pose as prospective tenants and arrange to be shown a vacant apartment, testing each staff member of the apartment through successive visits. As a staff member shows the shopper the apartment, the shopper makes note of the process. Did your building have good curb appeal? Was he or she greeted in a friendly manner? Was the staff member helpful? Did he or she answer questions well and seem knowledgeable of what he or she was showing? Were all of the apartment’s selling points shown to their best advantage?

The shopping continues for the whole showing, including going back to the manager’s office and providing the rental agreement paperwork for the mystery shopper to fill out afterward.

The staff member is not aware that the mystery shopper is a mystery shopper. That way you can be sure that the performance on display is the one the staff member gives to all prospective tenants. You should tell your staff that you have hired a mystery shopper, however, nobody likes to be kept in the dark and, letting staff know that their performance is being assessed could add a spring to their step as they deal with real prospective tenants who show up during the mystery shopping period.

Constructive criticismMystery shopping is not a tool to spy on your staff. What the mystery shopper provides is constructive criticism for you and your staff members (you can hire mystery shoppers to check out your own performance as well, and you should let your staff members know that you are being similarly assessed) to identify ways that the showing process can be improved. You and your staff are not trained brokers, so you may not know the simple tricks that can dramatically improve how an apartment is showed and get vacant apartments rented quicker. A mystery shopper helps with that.

The detailed assessment the mystery shopper agency provides will describe what went well in the showing process and what can be improved. Sharing this information between you and your staff gives you the information you all need to better rent out vacant apartments. This, combined with incentives to get your staff behind you in renting out your vacancies, will help get your vacant apartments rented faster, and directly help your bottom line.

DALA Group of Companies offers a number of services to help building owners rent out their vacant apartments, and mystery shopping is key among them. At our office, Celia Pinto handles mystery shopping. To set up your mystery shopping schedule, call Celia at (800)898-0347 x 17.

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portfolio Strategy


CMHC is Canada’s provider of mortgage loan insurance for the construction, purchase and refinancing of multi-unit residential properties, including rental buildings, licensed care facilities and retirement homes. CMHC’s innovative products can help you grow your business. CMHC is continually looking to provide borrowers with greater choice and financing options.

CMHC recently introduced enhancements to its multi-unit loan insurance policies and products which enable lenders to offer more financing options for energy efficient multi-unit properties and energy-efficient retrofits.

The enhancements are offered on a two-year pilot basis and include:• Borrowers may be able to receive instant savings by choosing to receive an up-front premium

reduction at the time of financing, when applicable.• For energy-efficient multi-unit rental retrofits the level of premium refund is based on the

reduction in energy consumption and the maximum refund increases from 10 per cent to 15 per cent.

• CMHC energy efficiency incentives are now available for qualifying new construction projects –the building is required to be the higher of five per cent more energy-efficient than if constructed to meet provincial/territorial requirements (where they exist) or 20 per cent more energy-efficient than if constructed to meet the Model National Energy Building Code for Buildings (MNECB).

• Borrowers are now able to use a variety of documents to demonstrate eligibility such as reports prepared by other government organizations and utility companies that provide grants.

• In addition to heat and hydro, CMHC will now also recognize an estimated reduction in water consumption.

• CMHC recognizes energy-efficient improvements that have been made within a 12-month period prior to the current mortgage loan advance.

• CMHC continues to recognize energy savings for valuation purposes.

When these flexibilities are used in conjunction with other energy efficiency incentive programs, they will encourage borrowers to make energy-efficient improvements to their buildings. Building/unit owners and tenants may benefit from reduced operating costs when energy efficiency measures are implemented and certain energy efficiency initiatives may also contribute to the prolonged life span of the structure itself.

In addition, we encourage you to leverage the wealth of energy-saving information and ideas on reducing energy and water consumption in multi-unit residential buildings available on the CMHC website at www.cmhc.ca.

CMHC brings a unique combination of proven industry expertise, knowledgeable service and flexible products helping you focus your time on building greater possibilities.

To take advantage of CMHC’s Mortgage Loan Insurance, contact Paula Gasparro, Manager, Business Development, Multi-Unit Mortgage Insurance at 416-250-2731 or via e-mail at [email protected]. For more information, log on to www. cmhc.ca/mult-unit.

Paula Gasparro is the Manager, Business Development, Multi-Unit Mortgage Insurance at CMHC. Reach her at 416-250-2731, via e-mail at [email protected] or visit www. cmhc.ca/mult-unit. CMHC provides a wealth of research material and energy-saving tips at www.cmhc.ca > Business /Government Housing Organizations > Building & Design > Highrises and Multiples. You can also call CMHC at 1-800-668-2642.

Energy-efficient construction and retrofits of multi-unit residential properties

Go online for more finance articles

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Inflation could bring added budgeting woes for Ontario’s rental housing landlords beginning in 2013 when the annual allowable rent increase will be capped at 2.5%. This arises from a new amendment to the Residential Tenancies Act that the recently re-elected provincial government introduced in December 2011, much to the surprise of rental housing industry advocates.

“No one called for this [during the election campaign] and there was no call from the public,” observes Mike Chopowick, Director of Government Policy with the Federation of Rental-housing Providers of Ontario (FRPO). “What’s disappointing is that the government did this without any consultation or discussion with our industry. That’s one of the things we find most alarming.”

Currently, the annual allowable rent increase in Ontario is pegged to the Consumer Price Index (CPI) for the 12 months ending May 31 of the previous year. This means the maximum rent increase can be no greater than the average retail price increase of approximately 600 goods and services that Statistics Canada monitors and weights according to their prominence in consumers’ overall spending.

Critics have argued that this formula is too broadly based since much of the CPI’s basket of goods has little direct bearing in rental housing operation, and badly timed since more

This article is reprinted from Canadian Property Management, January 2012.

Ontario Places New Limits on Allowable Rent Increase

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than 18 months can elapse before landlords can account for some major inflationary hits. Notably, the 3.1% allowable rent increase that went into effect for January 2012 reflects the impact of additional harmonized sales tax (HST) that landlords have already been paying since July 1, 2010.

The proposed new amendment sets upper and lower limits for allowable rent increases that disregard the CPI once it rises above 2.5% or falls below 1%. “Capping rent increases would provide greater certainty and reduce year-to-year volatility in housing costs so that Ontario families continue to have access to affordable housing,” the Minister of Municipal Affairs and Housing, Kathleen Wynne, stated when the legislation was introduced.

“Ontario tenants already have some of the strongest rent control laws in Canada,” counters Allan Weinbaum, a Principal with WJ Properties currently serving as FRPO’s chair. “In 2011, rents were limited to a 0.7% increase – far less than what is needed for landlords to cover rising maintenance costs.”

In comparison, the annual allowable rent increase in British Columbia is the CPI plus 2%, which translated into 2.3% for 2011. FRPO has called for a similar approach in Ontario to better address maintenance needs in what’s predominantly older housing stock.

“It would allow landlords to cover inflation in operating costs and also allow additional dollars for capital repairs,” Chopowick says.

A 2.5% cap will provide little budgeting room for that kind of discretionary spending, particularly when operating costs increase at a higher rate. Nor is there much consolation in the lower-end guarantee that the allowable increase will not drop below 1%.

“Most economists have been forecasting an inflation rate of 3% for the foreseeable future,” Chopowick notes. “So we do come out on the losing end.”

In future, the upper and lower caps could be adjusted since the amendment calls for a review at four-year intervals.

Across Ontario’s major urban centres, Canada Mortgage and Housing Corporation’s most recent market survey recorded an availability rate of 3.8% in October 2011. The average rent for a two-bedroom apartment was $1,002, up from $980 in October 2010.

This is lower than the average rents for two-bedroom units in Alberta ($1,044) and British Columbia ($1,050). Meanwhile, Saskatchewan experienced the greatest percentage gain of any province, at 4.6%, as the average rent for a two-bedroom unit rose from $872 to $913.

Electricity discount intactThe 2012 Ontario budget confirmed that the Ontario Clean Energy Benefit would remain in place for most eligible consumers. This reaffirms the 10% discount on electricity bills that the Ontario government first extended to residential, multi-residential and small business customers in the fall of 2010.

However, the budget did introduce an exception for customers consuming in excess of 3,000 kilowatt-hours (kWh) per month, which is likely to have the greatest impact on the farm and small business sectors.

The policy will be applied to multi-residential buildings on a 3,000 kWh-per-suite formula so landlords with bulk-metered buildings should be vigilant about required paperwork.

“We were told by Ministry of Finance staff that, as long as landlords continue their suite-count declarations under the Regulated Price Plan, they should be eligible under the 3,000 kWh/month cap,” says Mike Chopowick, Manager of Policy with Federation of Rental-housing Providers of Ontario (FRPO). “But Ministry staff also advised that this must be authorized in the Regulation so FRPO will be monitoring to make sure that happens.”

Reprinted from Canadian Property Management, April 2012

Untitled-1 1 12-05-11 11:47 AM

regulations

Capping rent increases would provide greater certainty…”“

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Untitled-6 1 12-04-09 5:44 PM

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Carissa Drohan-Jennings is the Director of Marketing and Communications at Landlord Web Solutions (www.landlordwebsolutions.com). If you would like to learn more about any of the topics mentioned, please email Carissa at [email protected] for more information.

Building a multimillion-dollar property is not for the faint of heart. When trying to fill vacant units, many developers toss and turn at night wondering how they’re going to fill the property quickly. Every vacant unit is lost revenue, and after maximizing resources to build an apartment building, every month a unit sits empty is money wasted.

The KG Group recently faced this situation when building the Harrison, a beautiful, modern condominium-style apartment tower located near Yonge Street and Sheppard Avenue in Toronto. This building is state of the art and stylish units cost between $1,200 and $2,300 per month.

So how did KG Group manage to rent out the entire building in just over one year? (Which is an astounding feat!) They turned to email marketing.

Email marketing is a digital form of direct mail. In the broadest sense, the term covers every email ever sent to a customer or potential customer. In general, though, it’s used to refer to sending direct promotional emails to try to acquire new customers or persuade existing customers to buy again, or to encourage customer loyalty and enhance the customer relationship.

Jeff Goldband, property manager of the Harrison project stated, “We developed an email marketing program whereby we collected email addresses from each prospective renter that visited the building. We then aggregated these emails into Constant Contact, a professional grade email marketing program, which allowed us to keep each prospect informed about the progress we were making on the development. In each email we also highlighted services that would be available at the building. Our prospects liked how we kept them in the

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know, and they enjoyed following the progress. The emails kept interest levels up during the final days of construction, allowing us to rent units throughout our final development phase.”

And that’s exactly why email marketing works. It’s an effective form of communication because the messaging that is sent is targeted to appeal to a select group of individuals who have opted to receive the communications. People who receive these emails begin recognizing the value that is being delivered and they become more receptive to the messaging. In time this receptiveness presents an opportunity for the landlord to expand their email campaigns to include more sophisticated calls to action that can drive further sales.

“As a result of the success we had at the Harrison, we’ve taken email marketing and applied it to all of our buildings. We now also use email to communicate with residents and

marketing

deliver news and event information pertaining to their building. Email marketing has given us tremendous insight into what our customers want, and in some cases it has opened our eyes to what we need to offer them,” said Goldband.

“By knowing what content is clicked on by our recipients we are able to determine what services are most important to them. We can then take that feedback and make actionable operational decisions based on it.”

Email marketing is a great way to deliver messages to interested renters quickly, easily and affordably. For pennies on the dollar any landlord can deliver messaging quickly to residents, potential residents, customers or investors. Print communications can become costly, but digital communication is cost-effective and quick to implement, resulting in a solution that is perfect for any sized marketing budget.

The fact is, email communication is alive and well, and renters want to communicate by email. A study done in the United States, “Getting Inside the Head of Today’s Online Renter”, which surveyed 85,000 residents from 30 different property management companies across the country, determined that 89.4 per cent of respondents preferred communicating by email. This figure is not surprising, as most individuals use email for quick and non-intrusive communication.

But email marketing is not only for communicating with renters. REITs and property management companies can also benefit from email communication campaigns when communicating with their investors and customers. Passing along news and information instantaneously, while keeping costs low makes it an essential component in any marketing program.

So whether you’re building a new property, performing renovations, or dealing with vacancy issues, an email campaign is a great way to create a communication channel with your current and potential residents. By keeping customers informed during transitional periods you can build trust and loyalty.

If you are a landlord or supplier who would like to learn about email marketing and how it could bring value to your business, send an email to carissa@lan d l o rd we b s o lu t i o ns .com with email marketing information in the subject line.

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Newsline

InterRent makes $23.9M acquisition in MississaugaInterRent Real Estate Investment Trust has entered into an unconditional agreement to acquire a property consisting of highrise and lowrise apartment buildings situated in Mississauga, Ont.

The complex is located at 2757 Battleford Road and consists of 184 suites and 250 parking spaces. The property is located within a sought after rental neighborhood at the intersection of Glen Erin Drive and Battleford Road (across from Meadowvale Town Centre) and borders the walking trails around Lake Aquitaine Park. There is easy access to public transit, Erin Mills Parkway and Highways 401 and 407.

The acquisition is expected to be completed in June at a purchase price of $23.9 million. The property is being purchased with a going in capitalization rate of 6.1 per cent and is immediately accretive to the REIT. The acquisition will be financed through a combination of an existing first and a new second mortgage.

“This is a well maintained and well positioned property with a strong tenant base and within close proximity to our other Mississauga locations. This purchase adds more scale and efficiency to our operations in Mississauga, which is a strong market and one that we have targeted for growth,” said chief executive Mike McGahan.

GTA Q1 rental market reportGreater Toronto REALTORS reported 3,804 leased condominium apartment transactions in the first quarter of 2012, up 11 per cent from the 3,442 units rented during the first three months of 2011. The number of condominium apartments listed for rent on the TorontoMLS system during the first quarter was also up, but by a lesser four per cent to 7,096 units.

“There have been very few purpose-built rental buildings completed in the GTA over the past few years. This means that households looking to rent an apartment with modern finishes and amenities have been focusing on condominium apartments rented out by investor owners,” said Toronto Real Estate Board President Richard Silver.

“Condominium apartment vacancy rates, as reported by CMHC, were down in 2011 and it looks as if this trend is continuing with growth in lease transactions outstripping growth in listings.”

Average one-bedroom and two-bedroom condominium apartment rents increased at annual rates above inflation, at four and seven per cent respectively.

“Tighter rental market conditions played a key role in the strong annual average rent increases. However, a lot of condominium apartment projects were completed over the last year. Some owners chose to list their units for rent. Newly completed units benefiting from the latest trends in finishes and amenities could have arguably commanded higher rents compared to older units. This factor likely played a role in strong year-over-year average rent increases as well,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Please send your company’s news tips, acquisitions and new products to [email protected]. As well, check out our website, www.canadianapartmentmagazine.ca for timely news, features and V-Reports.

New

s tip

sN

ews t

ips

Hollyburn Properties acquires $60M apartment portfolio in TorontoHollyburn Properties Ltd. has purchased four prime residential apartment properties in Toronto. That brings to 13 the total number of buildings the company owns and manages, in exclusive Toronto neighbourhoods.

The Vancouver, B.C. based company faced fierce competition for these rare properties in an unpriced bid process. Bidders came from a diverse cross section of local, national, and international buyers who all attempted to acquire these prime revenue properties, all in upscale neighbourhoods. David Montressor of CBRE Ltd.’s National Apartment Group and Swiss Canadian Management Co. Ltd., marketed the properties and facilitated the transaction while Vito Campisi of MCAP, arranged the CMHC insured financing.

Hollyburn has been branching out in recent months as these deals come on the heels of the recent purchase of two more residential apartment properties in Calgary. Hollyburn now owns and manages 65 residential properties in Metro Vancouver, Calgary and Toronto.

“Our base is still in Metro Vancouver, where we own and operate 47 residential properties,” said Hollyburn’s Director of Communication Peter Louwe. “That won’t change - it’s where we started and still do the bulk of our business. But there’s no doubt we’re increasingly looking at the Toronto market to expand,” he said.

The new Toronto buildings are: 411 Eglinton Avenue East & 445 Eglinton Avenue East, both located near Mount Pleasant Road. The properties are situated in an affluent neighbourhood, and in close proximity to the Yonge-Eglinton shopping centre, a number of city parks and highly ranked public schools.

48 Isabella Street - located west of Church Street, in the Yonge-Bloor neighbourhood in downtown Toronto. It boasts a desirable location downtown and transit options, including two major subway lines in one terminal within walking distance. The surrounding area has excellent shopping, dining and entertainment options.

224 St. George Street sits just north of Bloor Street West, in the Annex district of Toronto. Like all Hollyburn apartments, transit is within easy reach. The Annex is a vibrant and colourful downtown neighbourhood, with much of its character derived from the nearby University of Toronto.

CAPREIT closes $176.3M equity financingCanadian Apartment Properties Real Estate Investment Trust (CAPREIT) closed its previously announced issue and sale of 7,750,000 units, which includes the exercise in full of the over-allotment option to purchase an additional 900,000 units, for $22.75 per unit for aggregate gross proceeds of $176,312,500. The offering was sold through a syndicate of underwriters led by RBC Capital Markets on a bought-deal basis.

CAPREIT intends to use a portion of the net proceeds of the offering to repay the $85.4 million owing under its Acquisition and Operating Facility as of March 31, 2012. Upon closing of the acquisition of 3,562 apartment suites in 14 properties across the Greater Toronto Area, Southwest Ontario, Montréal Region, Québec City and Halifax (the “Acquisition Properties”), CAPREIT intends to apply to remainder of the net proceeds of the offering towards the purchase price of the Acquisition Properties. In the event the Acquisition Properties are not acquired, CAPREIT intends to use the remainder of the net proceeds of the offering to fund future acquisitions, repay maturing mortgages and for general trust purposes.

“We have financed our portfolio growth and value-enhancing capital investment programs with debt and internally generated funds since our last equity offering in October 2011,” said Thomas Schwartz, president and CEO. “With the proceeds from this offering, we have significantly strengthened our balance sheet and positioned ourselves to capitalize on future investments aimed at enhancing unitholder value.”

may 2012 49


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New products

New consumer product fights global warmingEarth Innovations launched EcoCompo, an affordable household product that conveniently allows homeowners to reduce their carbon footprint year round, while

eliminating the odor emitted from food waste. “Whether in an apartment or a backyard, consumers can now eliminate the unpleasant

odor from separated food waste and effortlessly decrease their carbon footprint at the same time,” said product founder Mark Watson.

The methane gas emitted from decomposed food waste is a significant contributor to the unwanted greenhouse gas emissions causing climate change and a substantial reason why landfill emissions are a problem. EcoCompo’s non-toxic crushed volcanic minerals stop this by reacting and absorbing the odors from food waste, including ammonia and later methane. It can safely be used in indoor food waste containers, municipal green bins, and all types of composters.

“Homeowners can easily halt the unwanted odors from food waste by sprinkling fast acting EcoCompo on top of the food waste or in their composter, while doing their part against climate change without additional effort,” said Watson. “Although composting is the best way to minimize landfill, those who don’t can still make a positive change year round.”

According to the United States Environmental Protection Agency, 16.2 percent of anthropogenic methane emissions in 2010 came from the country’s landfills, the third largest contributor behind natural gas systems and enteric fermentation. EcoCompo captures methane from decomposed food, before it’s emitted into the atmosphere. It also makes compost soil richer and accelerates the composting process.

EcoCompo will be sold in 4.5kg/10lb recyclable plastic jugs and available across Canada at Tru-Serve hardware stores and Home Hardware locations. It can be purchased commercially through Acklands-Grainger. Additional retailers will be announced on the company web site.

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Hamilton apartment market regional reportHamilton, with a population of over 500,000 is one of Ontario’s most economically diverse cities. It was recently ranked as the 2nd best place to invest in Ontario over the next five years (2009-2015) by the Real Estate Investment Network. For Apartment investors Hamilton is a challenging market. Read how investors, owners and managers can profit in this unique marketplace.

issue: Summer 2012advertising close: June 29thadvertising material: July 4thFor more information please call Paul Murphy, Publisher at (416) 512-8186 X264 or email me at [email protected]

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New products

Magical Pest Control teams up with K-9 detection serviceCanadian military and law enforcement agencies have been using specially

trained dogs to accurately detect bombs, firearms, ammunition, narcotics, missing persons, and signs of arson. Now, dogs have become the latest weapon in the war against bed bugs.

Traditional bed bug detection methods can be very time consuming and offer less than a 35 per cent accuracy rate for even the best trained human inspector. However, certified bed bug detection dogs such as the ones deployed by Magical offer a much faster and more accurate way to inspect for bed bugs. The average bedroom can be inspected in less than two minutes.

The first bed bug dog inspection occurred in 2006 and this more accurate and scientifically proven method of inspecting for bed bugs is now the most popular form of bed bug detection in North America. Magical Pest Control aims to once again offer its clients the best products and services available to the industry.

“Certified K-9 bed bug detection teams are a necessity to any respectable pest control company, said Alex Dayan, manager of Magical Pest Control. “The key ingredient in this procedure is certification as not all teams out there are certified. Our dogs can check for bed bugs behind walls, base boards, in dresser drawers and under carpets without having to strip down the room or pull baseboards away from the walls. This is also the least disruptive way for our clients.”

All of Magical Pest Control dogs are third-party certified by the International Association of Canine Pest Inspectors (IAOCPI) and together with ongoing daily training, these dogs are very expensive resources.

Magical Pest Control’s Bed Bug Management Division offers free bed bug consultations to residential and commercial property owners.

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TorontoMichael Lombard or Ady SteenPhone: 416-368-3266Fax: 416-368-3328Email: [email protected]

VancouverBrian D. Kennedy or Jonathan WongPhone: 604-685-1068Fax: 604-683-2787Email: [email protected]

CalgaryDennis Aitken or Daniel StewartPhone: 403-237-8975Fax: 403-266-5002Email: [email protected]

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Multi-Family Rental PropertiesSenior’s Housing Projects

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zenPeak_2012.indd 1 12-04-26 10:11 AM


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Quick closings with competitive LTV.That’s our commitment to you.First National is committed to working together to provide the ideal customized mortgage solution to meet your needs. We offer a wide variety of mortgage products, competitive loan to value, and one of the quickest closings in the industry. You can often receive your commitment documents in as little as seven days. Trust us to fi nd the best fi nancing solution for your property.

First National is licensed under the Mortgage Brokers, Lenders and Administrators Act 2006 (Ontario) Licence No. 10514

www.fi rstnational.ca

Make First National your fi rst call. Contact us today.

VANCOUVER

604.681.5300 800.567.8711

CALGARY

403.509.0900 888.923.9194

TORONTO

416.593.1100 800.465.0039

MONTREAL

514.499.8900 888.499.1733

HALIFAX 902.452.0776

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SealConsider weather stripping around doors and windows to further prevent pest entry, installing #16 screens where needed

InstallInstall fitted grills over air intakes and wire mesh at roof level to prevent bird and wildlife pests

Clean and rotate trash cans often to eliminate food and odours that attract pests, keeping dumpsters and trash as far from the property as possible. Ask residents to regularly take out trash rather than leave it near the building where it can attract pests

Clean CheckRegularly check your property for food or water spills as they can quickly draw pests, which only need small amounts to survive. Specifically, correct water leakage from broken HVAC pipes, vending machines and other sources as soon as possible to eliminate water that can help sustain pests

Regularly inspect the exterior of your facility for cracks and crevices that could provide entry points for pests, as it only takes an opening of 1.5 millimeters for most insects to enter a building. If you do spot these entry points, seal them with weather-resistant sealant and reinforce them with copper mesh to prevent rodent access

Inspect

Bugs can be pests around a building at any time, but with the warmer weather, the creepy crawlers will inevitably return in full-force. Facility maintenance is crucial for a well-managed property. Here are some tips to squash these bugs.

Bug off!

Quick closings with competitive LTV.That’s our commitment to you.First National is committed to working together to provide the ideal customized mortgage solution to meet your needs. We offer a wide variety of mortgage products, competitive loan to value, and one of the quickest closings in the industry. You can often receive your commitment documents in as little as seven days. Trust us to fi nd the best fi nancing solution for your property.

First National is licensed under the Mortgage Brokers, Lenders and Administrators Act 2006 (Ontario) Licence No. 10514

www.fi rstnational.ca

Make First National your fi rst call. Contact us today.

VANCOUVER

604.681.5300 800.567.8711

CALGARY

403.509.0900 888.923.9194

TORONTO

416.593.1100 800.465.0039

MONTREAL

514.499.8900 888.499.1733

HALIFAX 902.452.0776

Untitled-1 1 12-01-05 5:30 PM

Check

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Providing sustainable solutions for multi-dwelling and commercial properties

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call: 1.877.755.5302 email: [email protected] visit www.coinamatic.com

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