Six weeks of letters. One vote. Everything we have written since August points at this afternoon. The Wellington file goes to City of London council today.
PV, Mit & Jeff
This is not another countdown letter. This is the pre-vote briefing. Short, tight, no restated case. That work is done. Today the file goes to council.
Today the Wellington land assembly file is called at City of London council. Everything we have written to you across the last six weeks has been pointing at this afternoon. Colliers Q1 in August. Southwestern Ontario tilting to multi-family. Altus at plus 244 percent. Benjamin Tal in mid September. Foreign capital taking 43.9 percent of Q2. Valent and BGO on the divergence. The mortgage shock over. Face to face with the Mayor. And yesterday's case in one letter.
All of it lands here.
Council opens with procedural business. Then the planning items get called in the order they appear on the agenda. When the Wellington file is called, the staff planner walks council through the recommendation on the record. Deputations are heard from anyone who registered in advance. Councillors ask their questions of staff and of the applicant. Motions are moved. The vote is recorded.
Three outcomes are possible from today's meeting. Approval. Deferral to a future meeting for further study or negotiation. Refusal, which opens the Ontario Land Tribunal appeal window. We have written to you about each of the three paths already. None of them changes the fundamentals of the file. What changes is the timeline to shovels in the ground.
Regardless of outcome, we already know what tomorrow morning looks like. If council approves, we move into finance close preparation, formal site plan filing, and CMHC MLI Select submission. If council defers, we open the settlement conversation with staff. If council refuses, the appeal is filed inside the 30 day window and the file goes to the Ontario Land Tribunal.
The Fund III cheque still comes back to the LP under any of the three paths. The workforce housing gap in London still exists. The Bus Rapid Transit corridor still gets built out. The reprice thesis every industry voice has been putting on the record for the last two months still stands. Today is a timeline event, not a fundamentals event.
950 Units · Wellington BRT Corridor · Workforce Rent
Targeted: 20% compounded annually (4 year hold)
The vote lands today. Tranche 1 remains open. $100K minimum. Accredited investors, existing FC investors, or FF&BA exemption.
Whichever way the vote goes, it will be reported publicly. Municipal planning files land in local news. That means the Wellington file becomes an anchor point in the Southwestern Ontario workforce housing conversation for the rest of the year. If council approves, the reporting is about scale purpose built rental getting greenlit on a BRT corridor. If council defers or refuses, the reporting is about the process that gets applied to a workforce housing file at the scale London actually needs.
Either version of that story is a story worth watching, regardless of whether you have a cheque in the file. It is one of the clearest live tests of whether the systems Canada set up to build the housing Canada needs actually work at the scale Canada needs. Today.
Council meetings are livestreamed by the City of London. If you want to watch live, the stream link is on the City of London website under the Council Meetings section. If you would rather wait for the summary, we will publish the outcome and the read out in tomorrow morning's letter. Same time. Same inbox. First light Wednesday.
If the file resonates and you are considering writing a cheque into Fund III Tranche 1, this is a good day to book the call. The room is going to be busy tomorrow either way.
$10K Minimum · RRSP / TFSA / RESP / LIRA Eligible · Also Cash
Targeted: 15% Annualized (7% cash monthly + 8% appreciation)
FCPRET already owns the workforce band Wellington is being built to add to. $10K entry. Fully income producing today.
Talk soon,
PV, Mit & Jeff
P.S. We are not going to lie to you. We are nervous, in the good way. Six weeks of writing, a decade of building the product, and this afternoon a council chamber decides which path Fund III takes next. We would rather be in this room than any other room in real estate today.
