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Following strong listener interest, we’re back with another State of Lending special.

Canada’s lending landscape is entering a full-scale reset. In this new episode of Commercial Real Estate Podcast, hosts Aaron Cameron and Adam Powadiuk report from the Global Property Market Forum in Toronto, breaking down CMHC’s latest changes, new energy-efficiency requirements, and tightening five-year mortgage pool capacity, all of which are changing how deals are financed across apartments, industrial, office, and retail.

From the unexpected rebound in office to retail’s growing appeal and industrial’s emerging challenges, Adam and Aaron unpack the dynamics reshaping risk. They also look at the collapse of condo construction financing and how lenders are redirecting billions into alternative sectors.

For developers, investors, and CRE operators, this episode offers a clear view of what lenders are prioritizing today.

What you will learn:

• How to assess office assets as a viable alternative to industrial
• Why retail financing is the hottest asset class for both lenders and equity investors
• The rental achievement holdback restructuring that changes equity requirements by 10-15 percentage points: 
• Why the $20 billion CMB expansion likely won’t solve the five-year mortgage pool crisis
• The energy efficiency compliance trap that widens regional disparities
• How the condo financing collapse is creating a $20+ billion capital redeployment scramble

In 2008, Aaron began in the Canadian commercial real estate industry at First National Financial. In his journey to becoming Vice President of Commercial Operations, he worked in every department in First National’s commercial division. As a lender, Aaron believes that his exposure to all asset classes, deal types, products, and precedents gives him a unique perspective. For Aaron, commercial real estate is an evolving interdependence between economics and relationships. As the co-creator and host of The Commercial Real Estate Podcast, he is excited to offer a platform where real estate leaders can share their stories about how those two fundamentals intersect for them.

As the Assistant Vice President of Commercial Financing at First National, Adam helps the investment community access CMHC-insured and conventional mortgage financing for various asset classes, including apartment, industrial, and retail. With over 15 years of experience in the commercial real estate industry, he has a proven track record of delivering optimal financing solutions for his clients across the country, especially in Toronto and Vancouver.

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