BLD Financial Podcast

Bld Financial
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The BLD Financial Podcast brings you inside the conversations shaping Canada’s housing and development landscape. Hosted by Josh Findlay and Ehren Laycock, two of Canada’s top commercial mortgage brokers, the show features long-form interviews with investors, developers, policymakers, and industry leaders operating at the highest level. Each episode breaks down how deals are structured, how financing actually gets done, and how major projects move from concept to completion. From capital and lending to housing policy, urban economics, and entrepreneurship, this is where real estate meets the real world. Whether you’re an investor, builder, or simply trying to understand where the market is heading, this podcast gives you direct insight from the people making decisions at scale.DLC National Licence: 12360

  1. Sep 7

    More Capital. Tougher Lenders. Canadian Real Estate Financing in 2026 Ep. 34

    Capital is available. So why is real estate financing getting harder? In this episode of the BLD Financial Podcast, Josh & Ehren sit down without a guest to break down what they’re actually seeing across the Canadian real estate financing market in 2026. While there’s no shortage of capital available, getting a deal funded is becoming increasingly dependent on the strength of the borrower, the project and the numbers behind it. Josh & Ehren discuss how CMHC and lenders are responding to softening rents, rising vacancies and changing market conditions, why credit and liquidity requirements are becoming more important, and how volatility in the bond market can impact a deal before it even reaches the finish line. The conversation also explores where development is still working, which investors are finding opportunities in today’s market and what they’re watching heading into the remainder of 2026. Topics covered include: ✅ How CMHC underwriting is changing in 2026 ✅ Why lenders are pushing back on rents and expenses ✅ How bond market volatility impacts financing and rate locks ✅ Why liquidity and borrower strength matter more than ever ✅ Where capital is flowing in today’s market ✅ Why larger projects can access better financing options ✅ The opportunities Josh & Ehren are seeing in multifamily development ✅ Missing middle housing and government development incentives ✅ What investors and developers should be watching through the rest of 2026 Whether you’re acquiring, refinancing or developing real estate, this episode provides an inside look at what lenders and capital markets are actually seeing — and what it takes to get a deal funded in today’s environment. Subscribe to the BLD Financial Podcast for more insights into real estate financing, development and the Canadian capital markets. Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial Josh Findlay, Mortgage Broker, Lic. M18002188 Ehren Laycock, Mortgage Agent Level 2, Lic. M17002486 BLD Financial is a team operating under Dominion Lending Centres National Ltd., FSRA Brokerage Licence #12360

  2. Aug 12

    Real Estate Development in Canada: The Brutal Reality ft. Darren Voros Ep. 33

    “We’ve finally figured out the formula that works.”  What does it really take to become a successful real estate developer? In this episode of the BLD Financial Podcast, Josh Findlay and Ehren Laycock sit down with Darren Voros, a real estate investor and developer with more than 20 years of experience, to explore the realities of building missing middle housing in Toronto. Darren shares his evolution from buying his first rental property to developing multi-unit projects across Toronto, including some of the costly mistakes that nearly wiped him out along the way. The conversation explores an $800,000 contractor disaster, the hidden capital requirements behind CMHC financing, why developers need far more liquidity than they may expect, and how Darren eventually built his own construction team and refined a repeatable model for 6–10 unit developments. Whether you're looking to make the jump from real estate investor to developer or already working on development projects, this episode offers a practical look at what it actually takes to survive, scale and build profitable projects. What you'll learn: ✅ How Darren went from real estate investor to Toronto developer ✅ The $800,000 contractor mistake that nearly wiped out a project ✅ Why 95% loan-to-cost doesn't mean you only need 5% capital ✅ Why liquidity is critical during the construction process ✅ The costly lessons Darren learned on his first developments ✅ Why Darren built his own construction crew ✅ How simplifying and value-engineering projects reduced build costs ✅ Why Darren focuses on 6–10 unit developments instead of continually going bigger ✅ The development model he's now using to build and stabilize projects in Toronto About Darren Voros Darren Voros is a real estate investor, developer and builder with more than 20 years of experience in real estate. He built his development expertise from the ground up, starting with small-scale renovations before becoming a licensed home inspector, energy auditor and eventually a general contractor. After purchasing his first investment property in 2002 while performing professionally in musical theatre, Darren spent the next decade building a rental portfolio across Ontario and Alberta. His first ground-up build in 2017 — a triplex he largely built himself — marked his transition from contractor to developer. Today, Darren focuses on missing middle development in Toronto, primarily building 6–10 unit projects. After navigating significant challenges on his early developments, he built his own construction team and refined his approach around simplified design, vertical integration, strong trade relationships and repeatable project execution. His current model focuses on acquiring, building, stabilizing and holding projects while maintaining the liquidity necessary to navigate the realities of construction and development financing. Follow & Connect with Darren: YouTube - https://www.youtube.com/@DarrenVoros Instagram - https://www.instagram.com/darren.voros/ Facebook - https://www.facebook.com/vorosd LinkedIn - https://www.linkedin.com/in/darren-voros/ Website -  https://www.vorosgroup.com/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial Josh Findlay, Mortgage Broker, Lic. M18002188 Ehren Laycock, Mortgage Agent Level 2, Lic. M17002486 BLD Financial is a team operating under Dominion Lending Centres National Ltd., FSRA Brokerage Licence #12360

  3. Jul 30

    Why Your Real Estate Deal Gets Approved... or Rejected | Finance Friday Ep. 02

    This is the part of the real estate financing process most investors never see... Welcome to Finance Friday, a special series within the BLD Financial Podcast. In these shorter episodes, Josh and Ehren break down timely developments in commercial real estate finance, lending, underwriting, and investing, giving Canadian investors practical insights they can apply in today's market.  In this episode of Finance Friday, Josh Findlay and Ehren Laycock from BLD Financial break down how internal credit teams actually analyze commercial real estate, construction, and multifamily financing files in 2026. From LOIs and borrower profiles to liquidity, net worth, experience, reputational risk, and project viability, this episode walks through what really happens behind closed doors when lenders decide whether a deal gets approved, restructured, or declined. Understanding the internal credit review process has become more important than ever in today’s tighter lending environment, where strong deals can still fail due to borrower risk, weak structure, unrealistic assumptions, or insufficient capital. We cover: ✅ How internal credit teams assess commercial, construction & multifamily files ✅ What happens after you receive an LOI from a lender ✅ Why an LOI does NOT mean your deal is approved ✅ The key borrower metrics lenders analyze before funding ✅ How liquidity, net worth & cash flow impact approvals ✅ Why experience and track record matter more in 2026 ✅ How lenders stress test rent assumptions, vacancies & project risk ✅ What reputational risk means and why it matters to lenders ✅ Why some good real estate deals still get declined ✅ How lenders evaluate construction financing and execution risk ✅ The growing importance of conservative underwriting in today’s market ✅ What Canadian real estate investors need to know before submitting a file If you’re a Canadian real estate investor, developer, builder, or operator, this episode gives you a behind-the-scenes look at how lenders and internal credit teams actually make financing decisions in today’s market. Whether you’re applying for construction financing, CMHC financing, commercial lending, or multifamily financing, understanding how your file is reviewed could make the difference between getting approved… or getting declined. Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial Josh Findlay, Mortgage Broker, Lic. M18002188 Ehren Laycock, Mortgage Agent Level 2, Lic. M17002486 BLD Financial is a team operating under Dominion Lending Centres National Ltd., FSRA Brokerage Licence #12360

  4. Jul 17

    From Investor to Operator: Scaling Beyond Small Multifamily ft. Alex Pal Ep. 32

    "The best deals in real estate are made. They're not found." What happens after you've bought your first duplex? In this episode of the BLD Financial Podcast, Josh Findlay and Ehren Laycock sit down with Alex Pal, founder of Pal Capital Group, to explore the evolution from small multifamily investing into capital raising, apartment syndications, property management, and building an integrated real estate investment business. From renovating his first Hamilton bungalow to acquiring apartment buildings across multiple provinces, Alex shares how his investment philosophy has evolved and why today's market may present some of the biggest opportunities for investors willing to think differently. The conversation explores the transition from investor to operator, why cash flow still matters more than appreciation, the power of vertical integration, raising capital at scale, and why solving bigger problems ultimately leads to building a stronger real estate business. Whether you're already investing in real estate or looking to scale beyond small multifamily, this episode offers practical insights into what it really takes to grow from buying properties to building a real estate company. What you'll learn: ✅ Why the best real estate deals are made—not found ✅ How Alex scaled from duplexes to apartment syndications ✅ Why cash flow should come before appreciation ✅ The advantages of vertically integrating your real estate business ✅ How capital raising changes as you move into larger acquisitions ✅ Why experienced investors are still finding opportunities in today's market ✅ The mindset shift from investor to operator ✅ How solving bigger problems leads to bigger opportunities About Alex Pal Alex Pal is the Founder & CEO of Pal Capital Group, a real estate investment company specializing in acquisitions, renovations, property management, and investment partnerships. After discovering real estate investing as a teenager, Alex began by renovating single-family homes and duplexes before expanding into larger multifamily acquisitions, apartment syndications, and investments across multiple provinces. Today, he partners with investors to acquire, improve, and manage value-add real estate while building long-term investment partnerships through Pal Capital Group. Passionate about both Canadian and U.S. real estate, Alex is committed to helping investors navigate the opportunities and challenges of scaling a modern real estate business. Follow & Connect with Alex Pal: LinkedIn - https://www.linkedin.com/in/alex-pal-59ab8911/ Instagram - https://www.instagram.com/alex_palcapitalgroup/ Facebook - https://www.facebook.com/PalCapitalGroup YouTube - https://www.youtube.com/@palcapitalgroup Website - https://www.palcapitalgroup.com/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial Josh Findlay, Mortgage Broker, Lic. M18002188 Ehren Laycock, Mortgage Agent Level 2, Lic. M17002486 BLD Financial is a team operating under Dominion Lending Centres National Ltd., FSRA Brokerage Licence #12360

  5. Jul 5

    CMHC Just Changed Everything for Multifamily Investors... | Finance Friday Ep. 01

    Rental housing financing is changing... and CMHC just made another round of updates that multifamily investors and developers need to understand. Welcome to Finance Friday, a special series within the BLD Financial Podcast. In these shorter episodes, Josh and Ehren break down timely developments in commercial real estate finance, lending, underwriting, and investing, giving Canadian investors practical insights they can apply in today's market.  In this episode we break down the latest CMHC policy changes and explain how they could impact your next multifamily acquisition or development project. From benchmark expense increases to new modular construction guidance, these changes could affect your underwriting, loan sizing, and overall project viability. They cover: ✅ New CMHC benchmark expense changes for wood frame and concrete buildings ✅ How the updated expense benchmarks impact loan sizing and debt service coverage ✅ Changes to Prairie Province benchmark expenses ✅ New guidance surrounding modular and prefab construction financing ✅ Property tax administration changes for CMHC-insured loans ✅ Updated financial review requirements for loans under $5M ✅ Why CMHC is increasing compliance enforcement on affordability and accessibility covenants ✅ How benchmark expenses impact appraisals and underwriting ✅ What multifamily investors and developers need to know moving forward If you're a Canadian real estate investor, developer, broker, or multifamily operator, understanding these latest CMHC changes is critical in today's market. Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial Josh Findlay, Mortgage Broker, Lic. M18002188 Ehren Laycock, Mortgage Agent Level 2, Lic. M17002486 BLD Financial is a team operating under Dominion Lending Centres National Ltd., FSRA Brokerage Licence #12360

  6. Jun 25

    The Urban Planner Behind Toronto's Missing Middle Movement ft. Blair Scorgie Ep. 31

    "I watched most of my generation get priced out of Toronto and I took it personally." What happens when an urban planner decides the housing system needs to change? In this episode of the BLD Financial Podcast, Josh Findlay and Ehren Laycock sit down with Blair Scorgie, Managing Principal of Scorgie Planning, instructor at Toronto Metropolitan University, and one of the leading voices behind Toronto's Missing Middle movement. From laneway suites and multiplexes to transition zones, sixplexes, and major street intensification, Blair shares how many of Toronto's housing reforms went from idea to reality and what still needs to happen to make housing more attainable.  The conversation explores the evolution of housing policy in Toronto, why so many neighbourhoods have remained locked in time, how the Missing Middle movement gained traction, and where the next opportunities for housing development may emerge. Whether you're a real estate investor, developer, planner, lender, or simply interested in the future of housing in Canada, this episode provides valuable insight into the policies, politics, and practical realities shaping our cities. What you'll learn: ✅ Why Toronto's neighborhoods remained resistant to density for decades ✅ How the Missing Middle movement helped reshape housing policy ✅ The real story behind laneway suites, garden suites, and multiplexes ✅ Why transition zones may be the next frontier for housing development ✅ How the condo market slowdown accelerated Missing Middle opportunities ✅ Why developers are shifting from for-sale projects to rental housing ✅ The biggest planning and approval bottlenecks facing builders today ✅ How legacy zoning regulations continue to impact development ✅ What reforms are still needed to increase housing supply ✅ Why planners should be involved before purchasing development land Note: This episode was recorded prior to certain municipal planning and zoning updates discussed in the conversation. Some timelines and policy processes may have evolved since recording. References to an April statutory public meeting are no longer current, as that meeting did not occur and is now expected to appear on a future agenda. About Blair Scorgie: Blair Scorgie is the Managing Principal of Scorgie Planning, a Toronto-based planning and urban design consultancy. He is a Registered Professional Planner (RPP), Urban Designer, and Sessional Lecturer at Toronto Metropolitan University's School of Urban and Regional Planning, with more than 15 years of consulting experience in land use planning, urban design, development approvals, and housing policy.  Blair holds a Master of Architecture (Urban Design) from McGill University and a Bachelor of Urban and Regional Planning from Toronto Metropolitan University. His work spans development planning, zoning and policy reform, urban design, and housing delivery across the Greater Toronto Area.  He is a contributing author of House Divided, an anthology focused on addressing Toronto's housing crisis, as well as a contributor to several housing and planning research initiatives focused on unlocking new housing opportunities and reducing barriers to development. His work has been featured in major publications including The Globe and Mail, Toronto Star, CBC News, Global News, CityNews, and Spacing Magazine. Follow & Connect with Blair Scorgie: Website: https://scorgieplanning.com LinkedIn: https://www.linkedin.com/in/blair-scorgie/ Instagram - https://www.instagram.com/brscorgie/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial Josh Findlay, Mortgage Broker, Lic. M18002188 Ehren Laycock, Mortgage Agent Level 2, Lic. M17002486 BLD Financial is a team operating under Dominion Lending Centres National Ltd., FSRA Brokerage Licence #12360

  7. Jun 7

    What a Private Lender Learned From Funding Hundreds of Deals ft. Matt Gonsalves Ep. 30

    What can a private lender who's funded hundreds of real estate deals tell us about the future of housing in Canada?  In this episode of the BLD Financial Podcast, we're joined by Matt Gonsalves, Vice President & Broker at Foremost Financial, one of Ontario's leading private construction lenders. Drawing from more than a decade of experience financing construction, land development, bridge loans, and Missing Middle housing projects, Matt shares what he's seeing in today's market and where he believes the biggest opportunities exist moving forward. From the collapse in new housing starts and the rise of small-scale multifamily development to the costly mistakes new developers make, this conversation provides a practical, lender's-eye view of where opportunities exist and what investors need to understand moving forward. We break down: ✅ Why small multifamily projects are becoming the sweet spot in Canadian real estate ✅ Why large development projects are struggling while smaller projects continue to work ✅ The future of Missing Middle housing and urban infill development ✅ Why many new developers underestimate capital requirements ✅ The biggest mistakes Matt sees investors and developers make ✅ How CMHC financing has changed the development landscape ✅ Why some projects get funded while others don't ✅ The impact of development charges, approvals, and rising construction costs ✅ Why Matt believes today's housing slowdown could create tomorrow's opportunities Whether you're a real estate investor, developer, mortgage professional, or someone interested in where housing is headed in Canada, this episode provides valuable insights from one of the industry's most active construction lenders. If you enjoyed this episode, make sure to subscribe to the BLD Financial Podcast and share it with someone who would find it valuable. About Matt Gonsalves: Matt Gonsalves is Vice President, Broker, and loan originator at Foremost Financial, specializing in construction and land development financing across Ontario. Since joining Foremost in 2013, Matt has become one of the industry's leading loan originators in the small-scale development and Missing Middle housing space. He has structured financing for land acquisitions, custom home construction, multiplex developments, walk-up apartments, bridge financing, condominium inventory financing, and commercial construction projects throughout Ontario. Matt is particularly known for his expertise in financing multiplex construction and small infill housing developments in Toronto and the Greater Toronto Area. Matt holds an Honours Bachelor of Business Administration from Wilfrid Laurier University. Follow & Connect with Matt Gonsalves: LinkedIn - https://www.linkedin.com/in/matthewgonsalves/ Instagram - https://www.instagram.com/mattgonsalvesto/ Learn more about Foremost Financial:  Website - https://foremost-financial.com/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial Josh Findlay, Mortgage Broker, Lic. M18002188 Ehren Laycock, Mortgage Agent Level 2, Lic. M17002486 BLD Financial is a team operating under Dominion Lending Centres National Ltd., FSRA Brokerage Licence #12360

  8. May 18

    Why Canada Makes Housing So Hard To Build ft. Chris Spoke Ep. 29

    “The harder it is to build housing, the less housing gets built… and then we have an affordability crisis.” Canada says it wants more housing… So why does the system make it so difficult to actually build it? In this episode of the BLD Financial Podcast, we sit down with developer, housing advocate, and Toronto Standard partner Chris Spoke to break down the real reasons Canada’s housing affordability crisis continues to get worse despite years of policy changes and government intervention. From zoning restrictions and building code requirements to CMHC financing policies and development economics, this conversation explores how many of the systems designed to improve affordability may actually be making housing harder and more expensive to build. Chris also shares his journey from software and housing policy advocacy into real estate development, and explains why he believes missing middle housing could play a major role in solving Canada’s supply crisis if governments stop getting in the way. This conversation goes deep into what’s actually preventing housing from being built in Canada today, why developers are struggling to make projects viable, and what needs to change if the country wants to improve affordability for future generations. We break down: ✅ Why Canada makes housing so difficult to build ✅ The real problems with CMHC financing programs ✅ Why overregulation is making affordability worse ✅ The challenges facing missing middle development in Toronto ✅ Why many small multifamily projects no longer work financially ✅ The hidden costs inside building code and zoning requirements ✅ Why developers are avoiding certain projects entirely ✅ The growing affordability crisis facing young Canadians ✅ How policy, financing, and construction costs are colliding ✅ What actually needs to change to increase housing supply As Canada continues to face rising housing costs, affordability challenges, and slowing development activity, this episode provides a real, unfiltered look at the policies, incentives, and structural issues shaping the future of housing. Whether you’re a real estate investor, developer, mortgage professional, policy enthusiast, or simply trying to understand why housing has become so expensive in Canada, this episode offers an insider perspective on the realities of building in today’s market. If you enjoyed this episode, make sure to follow or subscribe to the BLD Financial Podcast and share it with someone who would find it valuable. About Chris Spoke Chris Spoke is a Toronto-based real estate developer, housing advocate, and partner at Toronto Standard, a development firm focused on midrise rental housing and missing middle development in Toronto. Before entering real estate development, Chris spent years studying housing policy and advocating for zoning reform and increased housing supply in Canadian cities. He is widely known for his work and commentary around housing affordability, urban planning, development policy, and missing middle housing. Chris is also a founder of the Missing Middle Summit, an annual conference focused on housing policy, urban development, and the future of housing in Canada. Through Toronto Standard and his public commentary, Chris has become one of the leading voices in Canada discussing the intersection of housing policy, development economics, financing, and affordability. Follow & Connect with Chris Spoke: Website - https://chrisspoke.com/ LinkedIn - https://www.linkedin.com/in/chris-spoke/ X - https://x.com/chrisspoke Instagram - https://www.instagram.com/chrisspoke/ Toronto Standard - https://www.torontostandard.co/ Missing Middle Summit - https://missingmiddlesummit.com/ Follow & Connect with Josh & Ehren: Instagram - https://www.instagram.com/bldfinancial Facebook - https://www.facebook.com/BLDfinancial YouTube -  https://www.youtube.com/@bldfinancial Josh Findlay, Mortgage Broker, Lic. M18002188 Ehren Laycock, Mortgage Agent Level 2, Lic. M17002486 BLD Financial is a team operating under Dominion Lending Centres National Ltd., FSRA Brokerage Licence #12360

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About

The BLD Financial Podcast brings you inside the conversations shaping Canada’s housing and development landscape. Hosted by Josh Findlay and Ehren Laycock, two of Canada’s top commercial mortgage brokers, the show features long-form interviews with investors, developers, policymakers, and industry leaders operating at the highest level. Each episode breaks down how deals are structured, how financing actually gets done, and how major projects move from concept to completion. From capital and lending to housing policy, urban economics, and entrepreneurship, this is where real estate meets the real world. Whether you’re an investor, builder, or simply trying to understand where the market is heading, this podcast gives you direct insight from the people making decisions at scale.DLC National Licence: 12360

Information

  • Creator
    Bld Financial
  • Years Active
    2024 - 2026
  • Episodes
    36
  • Rating
    Clean
  • Copyright
    © 2026 BLD Financial Podcast
  • Show Website
    BLD Financial Podcast

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