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In this episode of the Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk once again welcome back Julian Schonfeldt, CFA, CPA, CBV, Chief Investment Officer at CAPREIT. Together, they explore how municipal incentives are helping unlock much-needed rental housing in Mississauga. Julian explains how development charge waivers and tax reductions have made larger three and four-bedroom units financially viable, thereby filling a critical “missing middle” gap in Canada’s housing market. From achieving stronger development yields to transforming CAPREIT’s portfolio strategy, the discussion highlights the power of public-private collaboration to create sustainable rental housing while still ensuring healthy returns for investors and developers.

What you will learn:

• How Mississauga’s DC waiver makes three-bedroom rental apartments financially viable 
• Why development yields need to be 150-200 basis points higher than acquisition cap 
• The economics behind converting excess land into missing middle housing 
• How CAPREIT transformed from acquiring vintage assets to focusing on high-quality assets
• Why three-bedroom units renting at $3,000/month fill a critical market gap 
• The unexpected challenges of DC deferrals in construction financing 

Julian Schonfeldt is the Chief Investment Officer at CAPREIT, a role he assumed in 2022 after serving as a trusted advisor to the company during his tenure as Managing Director in the Real Estate Group at RBC Capital Markets. With extensive capital markets expertise, he has raised over $15 billion in equity and debt and advised on $10 billion in M&A transactions. Julian holds a Bachelor of Commerce from Carleton University and multiple professional designations, including CPA, CFA, CBV, and US CPA.

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