Real Estate Development: The Curtis Way

The RMS Group
  • 5.0 (3)
  • Investing

Ever looked at a vacant piece of land and wondered how it becomes an apartment building, shopping centre, or thriving commercial property? Join the team at RMS Group as they pull back the curtain on the world of real estate development. Through conversations with developers, investors, lenders, brokers, lawyers, property managers, and construction professionals, we'll explore the wins, the mistakes, the risks, and the opportunities behind every project. From proformas and financing to market cycles, approvals, construction and property management, this podcast is designed for aspiring developers, experienced investors, and anyone interested in how great real estate projects get built. Real stories. Real deals. Real lessons from the people doing the work every day.

  1. 4d ago

    Canadian Apartment Update: Fall 2026 w/guest Paul Chaput

    Apartment markets across Canada are changing. With rising vacancies, shifting rental rates and billions of dollars in new construction underway, are developers facing an oversupply problem today and a housing shortage tomorrow? In this episode of the RMS Real Estate Development Podcast, Curtis Way welcomes Paul Chaput, an experienced apartment investment professional, for an in-depth look at the state of Canada's multifamily real estate market, with a particular focus on Western Canada. Paul shares what he's seeing in apartment investment activity across Edmonton, Calgary, Winnipeg, Regina, Saskatoon and Vancouver, including why Edmonton has emerged as one of the country's strongest markets for apartment transactions. With approximately $1.3 billion in Edmonton apartment sales over the past 12 months compared to $585 million in Calgary, the differences between these two Alberta markets are becoming increasingly significant. Curtis and Paul explore the factors driving those differences, from rental rates and vacancy levels to capitalization rates, construction costs and CMHC financing. They discuss why some investors are finding better opportunities in Edmonton, why Calgary's rental market has softened and how financing programs continue to shape the economics of apartment development and investment. The conversation also turns to Vancouver and Toronto, where struggling condominium markets are forcing developers to reconsider their projects and explore purpose-built rental housing. Paul shares insights from the Canadian Apartment Conference, including how investor sentiment is changing and why some Eastern Canadian investors are beginning to look west for opportunities. Curtis and Paul also examine the challenges facing condominium investors, the growing trend of converting older condominium buildings back into rental properties and the difficult financial situations some owners are experiencing. Looking ahead, they discuss one of the biggest questions facing Canada's housing industry: Could today's apartment oversupply lead to a significant rental housing shortage in just a few years? With thousands of units currently under construction but fewer new developments getting underway, both Curtis and Paul see potential opportunities for well-capitalized developers willing to take a longer-term view. In This Episode: Why Edmonton is outperforming Calgary in apartment investment transactionsWhat's driving changes in apartment rents and vacancy ratesHow capitalization rates compare across Western Canadian marketsWhy CMHC financing is so important to apartment development and investmentThe impact of high-leverage financing on apartment purchasesOpportunities and challenges in Winnipeg, Regina and SaskatoonWhy Calgary's apartment market is experiencing increased pressureThe challenges facing Vancouver's condominium and rental marketsWhy developers in Toronto and Vancouver are shifting from condos to purpose-built rentalsWhat investors are saying about Western Canada at national real estate conferencesHow investor confidence is changing across Canadian marketsThe challenges facing owners of older condominium investmentsWhy some condominium buildings are being converted back to rental propertiesThe potential impact of thousands of new apartments entering the marketWhy declining construction starts could create future housing shortagesThe importance of strong balance sheets and financial flexibilityHow experienced developers position themselves for the next market cycleThe key takeaway: Real estate development is about looking beyond today's market conditions. While rising vacancies and slowing rents are creating challenges in some Canadian cities, fewer new projects today could mean significant opportunities for developers who are prepared for the next cycle. For developers, investors and anyone involved in multifamily real estate, this episode offers a practical look at where Canada's apartment markets stand today and where they may be headed next. To learn more about the RMS Group, please visit: https://rms-group.ca/ This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

  2. Oct 13

    Will politics scare off investors? w/guest Darin Rayburn

    With political uncertainty, changing interest rates, tariffs and economic pressures dominating the headlines, is Alberta still a smart place to invest in real estate? In this episode of the RMS Real Estate Development Podcast, Curtis Way welcomes back Darin Rayburn of KV Capital for a wide-ranging conversation about the future of real estate investment in Alberta and across Canada. Curtis and Darin explore how political uncertainty, including discussions surrounding Alberta separation and developments in Quebec, is influencing investor confidence and decisions about where to deploy capital. Darin shares what he's hearing from investors and lenders across the country, including why some are taking a wait-and-see approach to new opportunities in Alberta. The conversation also examines the impact of tariffs on construction costs and supply chains, the outlook for interest rates, and why developers need to build realistic contingencies into their financial projections. Drawing on decades of experience, Curtis and Darin discuss lessons learned during previous economic downturns and how periods of uncertainty can create opportunities for investors who are prepared. They also look at Canada's housing needs, the importance of job creation, skilled labour shortages and why major infrastructure investments could help shape the future of Western Canada's real estate market. Despite the challenges, both remain optimistic about Alberta's long-term potential, emphasizing the importance of strong partnerships, financial discipline and looking beyond the headlines when making investment decisions. In This Episode: How political uncertainty is affecting real estate investment in AlbertaWhat lenders and investors are saying about Alberta's futureThe potential impact of Alberta and Quebec separatist movementsWhy some investors are delaying decisionsHow tariffs are affecting construction costs and material sourcingThe importance of contingency budgets in development projectsWhat developers should expect from changing interest ratesWhy strong financial projections need to account for higher borrowing costsLessons learned from the 2008 financial crisisFinding investment opportunities during economic uncertaintyWhy maintaining access to capital is criticalThe relationship between job creation, population growth and housing demandSkilled labour shortages and their impact on future developmentWhy Alberta and Western Canada remain attractive investment marketsHow developers can separate market noise from meaningful economic risksThe key takeaway: Successful real estate investing isn't about predicting every political or economic change. It's about understanding the risks, maintaining financial flexibility and recognizing opportunities when others are hesitant to act. Whether you're an experienced developer, investor or simply interested in the future of Canada's real estate market, this episode offers practical perspectives on navigating uncertainty and positioning yourself for long-term success. To learn more about the RMS Group, please visit: https://rms-group.ca/ This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

  3. Sep 8

    Municipal Approval Process – Edmonton & Calgary with guest Shaun Visser

    Before you buy the land or start designing the building, you need to understand what you can actually build. In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Shaun Visser, Partner at BR2 Architecture, for a practical conversation about planning, zoning, rezoning and the municipal approval process that developers must navigate before construction can begin. With nearly three decades at BR2 Architecture, Shaun has worked across a wide range of projects including commercial, industrial, institutional, recreational, seniors housing and multifamily developments. He shares an architect's perspective on how successful projects move from an initial concept through zoning, development permits and ultimately building permits. Curtis and Shaun discuss what happens when a developer's vision doesn't fit the existing zoning, the difference between seeking a variance and pursuing a full rezoning, and why community consultation can become an important part of the process. They also explore why approvals can take months or even more than a year, particularly on more complicated developments. The conversation also looks at the importance of assembling the right consultant team, dealing with different municipal departments, navigating overlay plans and understanding how requirements can vary between communities and provinces. Most importantly, Shaun explains why developers should engage with municipalities early. Pre-application meetings and early conversations with planners can uncover potential problems while a project is still being designed, rather than discovering them months later during the approval process. In this episode: What developers should investigate before designing a projectUnderstanding zoning requirementsVariances versus rezoningHow the rezoning process worksWhy community consultation mattersWorking with municipal administration and councilChoosing the right architects, engineers and consultantsWhy the individual matters as much as the consulting firmDifferences between municipalities and provincesWhy rezonings can take a year or longerDevelopment permits versus building permitsWhy municipal approvals sometimes get delayedOverlay plans and direct control zoningIncreasing municipal requirements during development approvalsThe growing role of fire departments in project approvalsWhy pre-application meetings can save developers time and moneyThe value of building relationships with municipal plannersFor developers, the message is straightforward: do your homework early. Understanding the zoning, identifying potential approval issues and getting the right people around the table before you've invested heavily in a project can prevent expensive surprises later. To learn more about the RMS Group, please visit: https://rms-group.ca/ This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

  4. Aug 25

    Commercial Construction Overview

    Successful real estate developments are built long before construction begins. In this special combined interview episode of the RMS Real Estate Development Podcast, Curtis Way is joined by three experienced construction professionals to discuss the realities of delivering successful projects in today's market. The first conversation features David Powick and Mike Fraser from RMS Group, focusing on multifamily construction. The second features Chris Fillmore, President of Fillmore Construction, sharing insights from more than three decades in commercial construction. Together, they explore the challenges developers face throughout the construction process, from assembling the right consultant team and selecting qualified contractors to navigating permits, inspections, supply chain disruptions and labour shortages. The discussion also examines the differences between construction management and fixed-price contracts, how experienced contractors help reduce project risk, and why communication, planning and strong relationships are critical to keeping projects on schedule and on budget. Whether you're building apartments, commercial developments or considering your first real estate project, this episode provides practical advice that can help you avoid costly mistakes and better understand the construction process from start to finish. In this episode: Building the right consultant and construction teamChoosing contractors and evaluating experienceCommon construction challenges and how to solve themRenovation versus new constructionManaging change orders and project delaysBuilding permits, inspections and occupancy approvalsSupply chain challenges and material availabilityLabour shortages and managing today's workforceConstruction management versus fixed-price contractsManaging project risk before construction beginsWhy scheduling is one of the most valuable assets on any projectHow owners should evaluate and qualify general contractorsLegal considerations, liens and contractor relationshipsLessons learned from decades of commercial and multifamily constructionOne of the biggest themes throughout the episode is that successful construction projects are built on preparation, communication and experience. The right consultants, contractors and project team can often prevent expensive problems long before they appear on the job site. Whether you're an experienced developer or just beginning your real estate journey, this episode offers valuable insights into how successful projects are planned, managed and delivered. To learn more about the RMS Group, please visit: https://rms-group.ca/ This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

  5. Aug 11

    Property Management: The Good, The Bad, and The Ugly.

    Owning an apartment building is one thing. Managing it successfully is another. In this episode of the RMS Real Estate Development Podcast, Curtis Way sits down with Laura Way-Olenek, President of RMS Group, to discuss the fundamentals of exceptional property management. Drawing on more than two decades of experience, Laura shares practical strategies that help owners protect their assets, improve tenant retention and maximize long-term property performance. The conversation explores why today's renters are staying longer than ever before, how creating a sense of community has become a competitive advantage, and why successful property management is built on disciplined systems rather than flashy ideas. Laura also discusses the importance of documentation, preventative maintenance, vendor management, staffing, operating expenses and understanding Alberta's residential tenancy legislation. Throughout the episode, she explains how strong operational practices not only improve the tenant experience but also protect the long-term value of the asset. Whether you're an apartment owner, developer, investor or property manager, this episode offers practical advice that can help improve operations, reduce costs and build stronger rental communities. In this episode: Why consistency is the foundation of great property managementHow tenant expectations have changedCreating communities that improve tenant retentionSmart home technology and today's rental experienceWhy documentation protects owners and property managersManaging maintenance, repairs and capital expensesStaying competitive without racing to the bottom on rentsChoosing and managing service vendorsStaffing challenges in property managementProactive versus reactive maintenanceUnderstanding Alberta's Residential Tenancies legislationCollections, evictions and tenant insuranceBuilding systems that protect long-term asset valueOne of the biggest takeaways from the conversation is that successful property management isn't about reacting to problems. It's about building consistent processes, maintaining strong relationships and making disciplined decisions every day. Great property managers don't just operate buildings. They protect investments and create communities where people want to live. To learn more about the RMS Group, please visit: https://rms-group.ca/ This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

  6. Aug 4

    Joint Venture, Financial Partners, & Limited Partners (with guest Darin Rayburn)

    Every real estate development needs capital, but choosing the right investment partner can be just as important as choosing the right project. In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by Darin Rayburn, President of the Real Estate Equity Division at KB Capital. With more than 35 years of experience leading major real estate organizations, including Cambridge Shopping Centres, Oxford Properties, Melcor Developments and now KB Capital, Darin shares practical insights into how developers and investors structure successful real estate partnerships. The conversation explores the differences between joint ventures, limited partnerships, equity investments and REITs, while providing a behind the scenes look at how professional investors evaluate development opportunities before committing capital. Darin explains why experience and track record matter, how lenders and equity partners assess risk differently, and why understanding the downside of every deal is just as important as believing in the upside. Whether you're an experienced developer looking to structure your next project or a first time investor considering real estate partnerships, this episode offers practical guidance on raising capital, managing risk and choosing the right partners. In this episode: Darin's journey through more than 35 years in commercial real estateHow KB Capital evaluates investment opportunitiesWhy developer experience and track record matterThe difference between debt financing and equity investingHow professional investors underwrite riskWhy liquidity and cash calls matterJoint Ventures vs. Limited PartnershipsThe pros and cons of investing through REITsUnderstanding investor control, liability and liquidityQuestions every investor should ask before committing capitalHow to protect yourself when investing in development projectsWhy partnership agreements are critical to every dealOne of the key messages throughout the discussion is that successful real estate investing is not just about finding a good project. It is about partnering with the right people, understanding the risks and structuring the deal properly before construction ever begins. As Darin explains, the work that happens before the shovel hits the ground often determines whether a project succeeds or struggles. Whether you're developing apartments, industrial buildings, retail or commercial real estate, understanding how sophisticated investors think can help you become a better developer and make smarter investment decisions. To learn more about the RMS Group, please visit: https://rms-group.ca/ This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

  7. Jul 28

    Who Will Solve the Housing Crisis? (with Guest Derek Lobo)

    Who should be leading Canada's response to the housing crisis? In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by Derek Lobo, Founder of Rock Advisors and Founder of the National Apartment Council of Canada (NAC). Together, they discuss why Canada's private apartment developers are essential to solving the country's growing housing shortage and why the industry needs a stronger voice in shaping public policy. Drawing on decades of experience advising apartment developers across Canada, Derek shares why he created the National Apartment Council and how the organization is working to advocate for practical solutions that encourage rental housing development. The conversation explores the disconnect between government policy and the realities of apartment development, while highlighting how thoughtful legislation can unlock private investment and accelerate the construction of much-needed rental housing. Topics include: Why private developers build approximately 90% of Canada's rental housingThe creation and mission of the National Apartment Council (NAC)Why Canada's apartment industry needs stronger representationLessons from the U.S. National Multifamily Housing CouncilThe role of private capital in addressing Canada's housing shortageHow tax policy can encourage new apartment constructionThe proposed return of the MURB (Multiple Unit Residential Building) programWhy long-term apartment ownership differs from condominium developmentThe importance of CMHC financing and collaboration with governmentRegional differences in housing markets across CanadaWhy developers need a seat at the table when housing policy is createdIntergenerational succession planning for family-owned development companiesLong-term solutions for increasing Canada's rental housing supplyDerek also explains why Canada's housing challenges cannot be solved through a single policy or government program alone. Instead, he argues that sustainable solutions require collaboration between governments, developers, lenders, investors, and industry organizations that understand the complexities of apartment development. One of the most compelling takeaways from the conversation is that Canada's private apartment developers have quietly provided the vast majority of the country's rental housing for decades. By creating policies that encourage investment, reduce unnecessary barriers, and support long-term development, Canada has an opportunity to dramatically increase housing supply while strengthening communities across the country. Whether you're a developer, investor, policymaker, lender, or simply interested in the future of housing in Canada, this episode offers valuable insight into one of the country's most important economic and social challenges. To learn more about the RMS Group, please visit: https://rms-group.ca/ This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

  8. Jul 21

    Construction – A Legal Perspective

    What are the biggest legal mistakes developers make—and how can you avoid them before they cost hundreds of thousands of dollars? In this episode of the RMS Real Estate Development Podcast, Curtis Way is joined by construction lawyer Bryan Kwan, Partner at MacLennan Ross LLP, to explore the legal side of commercial real estate development. From construction contracts and change orders to builders' liens, litigation, arbitration and project documentation, Bryan explains how legal decisions made before construction begins can determine whether a project runs smoothly—or ends up tied up in years of costly disputes. The conversation provides a practical look at how developers, contractors and owners can better allocate risk, manage contracts and avoid common pitfalls throughout the construction process. In this episode you'll learn: The difference between fixed-price and construction management contractsHow CCDC contracts allocate risk between owners and contractorsWhy supplementary conditions can dramatically strengthen a construction contractThe most common causes of construction litigationHow poorly managed change orders lead to expensive disputesWhy documentation can make or break a legal caseWhat construction liens are and why they stop financing immediatelyHow lien claims are removed from titleWhat every developer should know about Alberta's Prompt Payment and Construction Lien ActWhy construction lawsuits often take years to resolveThe advantages of mediation and arbitration over traditional litigationWhy investing in legal advice early can save enormous costs laterBryan also walks through Alberta's construction litigation process—from statements of claim and document discovery to examinations, mediation and trial—giving listeners a realistic understanding of what happens when projects end up in court. One of the key themes throughout the discussion is that the best legal strategy is prevention. Well-drafted contracts, clearly defined scopes of work, disciplined documentation and experienced advisors dramatically reduce the likelihood of disputes and improve outcomes when disagreements do arise. To learn more about the RMS Group, please visit: https://rms-group.ca/ This series was produced by Road 55 in Edmonton, Alberta – Learn more at: road55.ca

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Ever looked at a vacant piece of land and wondered how it becomes an apartment building, shopping centre, or thriving commercial property? Join the team at RMS Group as they pull back the curtain on the world of real estate development. Through conversations with developers, investors, lenders, brokers, lawyers, property managers, and construction professionals, we'll explore the wins, the mistakes, the risks, and the opportunities behind every project. From proformas and financing to market cycles, approvals, construction and property management, this podcast is designed for aspiring developers, experienced investors, and anyone interested in how great real estate projects get built. Real stories. Real deals. Real lessons from the people doing the work every day.

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