September 29 Is The Next Catalyst For The Wellington Land Assembly. Here Is Exactly How Foundation Capital Wins Under Each Of Three Scenarios.
In 28 days a room of London city councillors decides the next chapter for Foundation Capital's largest development file....
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Multi-Family Investment Volume In The GTA Just Grew 244 Percent Year Over Year. Here Is What That Print Actually Means.
One asset class in Canadian real estate just grew 244 percent year over year. Every other sector grew half as fast, or s...
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Southwestern Ontario Is Quietly Tilting To Multi-Family. Here Is What The Industry Just Confirmed On Paper.
RENX ran a piece last week on how Southwestern Ontario is quietly moving from single family into multi-family. Kitchener...
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Fund III Tranche 1 Closes This Friday. Here Is Exactly What The Next Three Days Look Like For A Private LP.
Foundation Development Fund III Tranche 1 closes this Friday, August 21st. After that, the private LP window on the fund...
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Mit Just Walked Through The Entire FC Universe In 45 Minutes. Here Is The Full Replay Plus The Five Highlights That Matter.
Mit spent 45 minutes yesterday walking through the entire Foundation Capital universe. FCPRET, all three development fun...
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Blackstone, PSP, And GO REIT Just Paid $6.7 Billion For H&R REIT. Here Is What That Deal Actually Tells You.
GO REIT, Blackstone, PSP, and Crestpoint just agreed to carve up H&R REIT in the largest Canadian residential REIT trade...
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The Institutional Bid On Canadian Multi-Family Just Came Back In One Quarter. Here Is What The Print Actually Means.
GTA multi-family trade volume just posted its largest year over year jump since the 2021 peak. What that print means for...
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Every Reason We Have Heard For Not Backing Fund III. Answered Honestly.
Yesterday we answered the questions we hear on every Fund III call. Today is the harder companion: the six real objectio...
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What A 20 To 24 Percent Compounded Return Actually Looks Like In Dollars On Your Fund III Subscription.
Fund III Tranche 1 targets 20 to 24 percent compounded over a four year hold. Here is exactly what that looks like on a ...
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Every Fund III Question We Have Actually Heard From Investors This Week. Answered Straight.
Every real Fund III question we heard on investor calls this week, answered straight. No marketing polish. This is the l...
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Boardwalk And DGAM Just Wrote The Cheque That Says Canadian Rental Is The Institutional Trade. FCPRET Has Been On It For Years, At A Better Price.
That is the cheque Desjardins Global Asset Management just wrote into a $292M multifamily joint venture with Boardwalk R...
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Ontario Just Stopped Building Single Family Homes. Foundation Capital Is On The Receiving End Of Every Household That Was Going To Buy One.
Ontario single family housing completions in the most recent quarter. That is the lowest point on the CMHC chart going b...
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The Condo Market Did Not Fail. The Business Model Behind It Did. This Is Why FCPRET Never Had To Watch That Happen.
Sold across the entire Greater Toronto and Hamilton Area in Q1 2026. That is 94% below the ten year average, and zero ne...
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500 Doors On A Southern Ontario Transit Corridor. Workforce Rent. Real Impact. Real Returns. This Is What Fund III Actually Builds.
500 doors of workforce housing. On a Southern Ontario transit corridor. Priced for the working Ontarian, the senior on a...
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The Full Foundation Capital Team Locked In For A Two Day Strategy Session. Here Is What We Walked Out With.
Two days off the phone lines. The full Foundation Capital team in the same room for our biggest strategy session of the ...
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Toronto Developers Are Chasing Rent Per Square Foot. We Are Chasing Doors Per Square Foot.
RENX reported yesterday that Toronto developers are redesigning projects to squeeze more rent per square foot. Foundatio...
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BMO Just Called Canada A Nation Of Rentals. FCPRET Has Been Building For That Reality Since Day One.
BMO called Canada a nation of rentals this month. The Bank of Canada, in the same week, flagged a glut of tiny condos an...
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The Best Window To Buy Southern Ontario Apartments In A Decade Is Open Right Now. FCPRET Is Built To Take It.
Rates elevated. Prices soft. Amateur buyers gone. Insolvencies climbing. This is the exact acquisition window FCPRET has...
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London's Waitlist Has Grown To 7,500 Households. This Is Our Plan To Move As Many Of Them As Possible Into Affordable Homes.
That is the number of households on London's community housing waitlist. CBC ran a piece this week on our plan to move a...
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Adaptive Reuse, Re Densification, And Why FCPRET Is Running The Same Play Seattle And Chicago Proved A Decade Ago.
Seattle proved small unit demand a decade ago. Chicago proved small unit preservation pays for itself. FCPRET has been q...
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What The Province Actually Bought For Half A Billion Dollars On The Wellington Corridor.
We keep saying the province spent half a billion dollars on the London BRT. Today, what they actually bought, and the pi...
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Two Ontario Purpose Built Rentals Moved Forward This Week. Only One Of Them Changes The Housing Market.
Two Ontario purpose built rental projects moved forward this week. One broke ground. One is heading to council. Same ass...
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How Wellington Towers Gets To 500 Permanently Affordable Homes.
Friday we told you the government was now sitting at the table on the affordable component of Wellington Towers. Today, ...
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Why We Refuse To Build Luxury Condos. And Why The Government Is Now At The Table.
Foundation Capital was in London this week for back to back meetings with councillors and ministry officials. Today, wha...
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How To Watch The Wellington Exit Playbook Being Run Live Right Now.
You can watch the Wellington Towers exit playbook being run live right now. Different city, different developer, same bu...
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Development Fund II Tranche 1 Is Sold Out. Here Is The Structure Behind It.
Foundation Development Fund II Tranche 1 is fully subscribed. The next capital raising window opens in 2028 at the 20% n...
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Who Actually Buys A Stabilized 432 Unit Apartment Tower?
Every letter about Wellington Towers references an "institutional buyer" at exit. Today, who those buyers actually are, ...
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The Recession Was Called Off. The Bonus Just Closed. Here Is What Compounds Now.
Recession called off. Canada Day bonus closed. Six weeks of noise behind us. Today, what actually compounds from here fo...
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BC Rents Fell 5%. Ontario Did Not. Read The Map Before The Headline.
BC rents fell 5% year over year. Alberta softened too. Ontario mid market did not move. Today, the map that explains why...
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Happy Canada Day. And The Last Day For The Bonus.
From the three of us at Foundation Capital to you. Today is a national holiday, a summer afternoon, and quietly the last...
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Public Storage Canada Just Sold For $1.67 Billion. Read The Receipt.
That is the price Public Storage Canada just sold for. Another receipt in a month full of them. The capital is rotating ...
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48 Hours. The Final Brief.
Until the FCPRET Canada Day 2% bonus closes at midnight July 1. This is the last Monday Briefing before the window shuts...
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The Five Day Window. What Changes At Midnight On Canada Day.
Until the Canada Day 2% bonus closes at midnight July 1. Today, the final thesis on what changes at the deadline and why...
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Five Questions We Have Been Getting About The Canada Day Bonus.
The five most common questions we are getting this week from prospective investors. Direct answers. No marketing gloss. ...
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Which Account Should You Use For Your FCPRET Subscription?
RRSP. TFSA. RESP. LIRA. Or cash. Today, the honest answer for each one, the tax mechanics, and why the wrong account can...
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The Affordable Housing Fund: The Income Trade Almost Nobody Is Making.
Backed by government and non profit master leases. The Foundation Affordable Housing Fund is the income trade almost nob...
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9 Days. Here Is What You Are Looking At.
Until the FCPRET Canada Day 2% bonus closes at midnight July 1. The countdown drops into single digits today. Here is th...
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The CMHC Window Just Closed. The Operators Already Inside Just Widened Their Moat.
CMHC raises multi unit mortgage premiums and tightens underwriting starting today. The structural moat for operators who...
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CPP Just Sold Its Own Toronto Headquarters. Read The Receipt.
That is what CPP Investments, Canada's largest pension capital pool, just sold its own Toronto headquarters for. The que...
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The 432 Unit Math: How Wellington Towers Actually Pencils.
A 25 storey purpose built rental tower in London, ON. Priced below the local market on purpose. Today, the math walked t...
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The Recession That Wasn't. And What That Actually Means For Apartments.
That is the recession call. RBC, KPMG, and most of street consensus walked it back this past week. Today, what changes f...
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The Quiet Compounder: Why Multi-Family Beat Every Other Real Estate Category For Twenty Years Straight.
Apartments have outperformed every other category of Canadian commercial real estate over two decades. Today, the data n...
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What 2% In Free Units Actually Does Over Twenty Years.
Subscribe to FCPRET by midnight July 1 and receive a 2% bonus in free units. Today, the math on what those free units ac...
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The Five Risks We Underwrite Against On Every Building We Buy.
Every FCPRET acquisition gets underwritten against the same five risks. Today, what each one actually is, the specific m...
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180,000 Rental Units Under Construction. Why The Shortage Stays Open For A Decade.
That is how many rental units are under construction across Canada right now. The biggest number on record. The headline...
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Your Hydro Bill Has An Inflation Hedge. Does Your Portfolio?
That is how fast Canadian energy prices grew year over year in April. Your hydro bill knows it. Your gas bill knows it. ...
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Welcome To June. The Clock Starts Now.
Five things shaping Canadian housing this June. The one number worth watching. And what changes at midnight on July 1 fo...
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Berkshire Just Bet $6.8 Billion On Housing
That is the size of the bet Berkshire Hathaway just made on housing. Berkshire does not move at this scale unless it see...
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Why We Built Three Funds, Not One
Most private real estate firms run one fund. We run three. Each one solves a different problem in your portfolio. Today,...
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Former London Mayor Ed Holder Joins Foundation Capital as Strategic Advisor
Foundation Capital announces that the Honourable Ed Holder, former Mayor of the City of London, has joined the firm as a...
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The Vacancy That Wasn't
Unit 3 at 57 Oliver was renting at $881 a month. Tenant moved out April 30. Renovated, re-leased at $1,675, occupied by ...
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Two Percent, Run The Numbers
Subscribe to FCPRET between now and Canada Day (July 1) and we add 2% bonus units to your position. On a $100K subscript...
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What Your Dollar Actually Builds
Layered with CMHC financing, municipal grants, and development charge exemptions, every $11,000 of LP equity inside FAHF...
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"When My Parents Are Gone, My Brother Has Nowhere Safe To Go."
That is the number of Ontarians on the developmental disability housing waitlist alone. Almost no one is building homes ...
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"Who Actually Buys A $100M Apartment Building?"
Most development funds tell you the exit will be fine. We are going to show you the three specific exits Wellington Towe...
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You Are Not Just Funding Three Trustees
Michael Nemanic spearheaded one of the largest mixed use redevelopments in Toronto. He is now on Wellington Towers. The ...
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The Trade Validated Itself
More calls than we could finish before Friday. Investors still completing subscription agreements. Rather than rush them...
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Last Day To Lock In 24%
Tranche 1 closes at midnight at a 24% net annualized targeted return. After tonight, the next tranche prices at 20%. On ...
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We Just Broke The Whole Thing Down On Camera
Investors who close before May 15 lock in a 24% net annualized targeted return. After tomorrow, the next tranche drops t...
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Three Broken Trades, One That Works
While pre construction condos sit flat, single family rental math goes upside down, and commercial office towers get mar...
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The Best Time To Develop Is When Nobody Else Can
Our targeted rent versus where comparable London purpose built rental lands by 2030 at even conservative growth. We are ...
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The Best Real Estate Equity Play On The Market
Compounded at the 20% to 24% targeted return on Development Fund II. The real estate equity play of this cycle, because ...
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What RioCan Just Told the Whole Market
Announced this week. A public REIT is selling stabilized rental at the same time we are building it. The reason matters....
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Why Renting Wins by $1,970 a Month
Per month cheaper to rent than to carry a $500K Ontario home. This is the math driving rental demand....
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Why The Government is Paying Us to Build
On purpose built rental construction. Federally backed. Below market fixed rates....
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The Spread Trade
Most retail investors think the return on a development project comes from real estate appreciating over time. It does n...
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The New FCPRET Unit Price Is $13.40
Today we are formally announcing the new FCPRET unit price. $13.40 per unit, up from $10 at inception in 2023....
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5 Questions Investors Asked Us in the Last 24 Hours
Today is the last day to subscribe at the current $13 unit price. The new price will be announced shortly, alongside the...
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The 24 Hour Window
Tomorrow is the last day to subscribe to FCPRET at the current $13 unit price....
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Three Days Out: What Actually Changes After Wednesday
Two events sit on the calendar this week. The Bank of Canada decides on rates Tuesday. The new FCPRET unit price takes e...
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The Three Forces Keeping Multi Family Rents Rising in Ontario Through 2030
Most commentary about Canadian real estate focuses on three things. Interest rates. Housing policy. Who is in office. Al...
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Q: How Do You Actually Pick Which Buildings to Buy?
An investor asked us this on a call last week. It is one of the most important questions any unitholder should ask, beca...
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What It Actually Takes to Manage 350+ Units Across 18 Properties
Your distribution lands on the 15th. Every month. No exceptions. But between the 15th of last month and the 15th of this...
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Canada Just Broke Up with America. Housing Is the Rebound.
Sunday night, PM Carney addressed the nation and said something no sitting Prime Minister has ever said: our economic re...
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Developers Are Retreating. We Are Building. Here Is Why.
28 condo projects cancelled in 2025. Over 7,000 units erased from the pipeline. GTA condo prices down 29.6% from their p...
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The Supply Gap Nobody Is Closing
Yesterday we announced Development Fund II: Wellington Towers. A 25 storey, 432 unit, $100M purpose built rental tower. ...
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Announcing Development Fund II: Wellington Towers
This is a separate project from Development Fund I. Different site. Different capital stack. Fund I is closed. Wellingto...
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What $50,000 Actually Buys You Inside Foundation Capital
We get asked this question more than almost any other: "What does $50,000 actually get me?"...
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One Million Mortgages Are Renewing This Year. Here Is Why That Is the Biggest Tailwind in Canadian Real Estate.
Every Tuesday we take one topic and go deep. No headlines, no five story roundup. Just one story, all the way to the bot...
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TD Just Wiped Out Its 2026 Housing Forecast. Five Stories You Need to See.
We pulled the five most important stories shaping Canadian real estate this week and broke down what they mean for your ...
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Why Apartments. Why Now. Why This Is the Decade That Matters.
Every Saturday we step back from the numbers and look at the bigger picture. Not what happened this week, but why we do ...
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How the 15% Return Works. Plus Liquidity, TFSAs, and What Makes This Different.
Welcome back to Investor Q&A. Last week we covered how the unit price works, tenant screening, Development Fund 1, and t...
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Two New Units at Oliver St. Here's How We're Creating Value Without Buying a Single Property.
We talk a lot about turnovers and renovations. Today we want to show you something different: how we create brand new un...
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The $180 That Moves Everything.
Most investors we meet understand the idea of an apartment building. You buy it, you collect rent, you pay the mortgage,...
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Five Things We'd Tell You If You Were Sitting Across the Table.
If you're reading this, there's a good chance you found us through a Facebook ad. Maybe it was a video of one of our par...
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The 4 Questions We Hear on Every Single Call.
Welcome to the first edition of Investor Q&A. Every Thursday, we're going to answer the questions that matter most to yo...
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What April 2nd Looks Like Inside Our Buildings.
Today marks one year since Trump's "Liberation Day" tariffs. Oil is at $105. The S&P is down 4% this month. Tariff polic...
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Inside Our Buildings: What Actually Happens When We Renovate a Unit.
Yesterday we covered the five stories shaping Canadian real estate. Today we're going inside our own buildings. This is ...
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Rentals Are Eating the Housing Market. Five Stories You Need to See.
We pulled the five most important stories shaping Canadian real estate right now and broke down what they mean for your ...
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Ontario Just Dropped a $210 Billion Budget. Here's What It Means for Rental Investors.
Yesterday Ontario released its 2026 Budget, titled "A Plan to Protect Ontario." 258 pages of policy, spending, and tax c...
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What Happens to Rent When the Market Crashes? We Checked Three Times.
Every time the stock market drops, people ask the same question: "Is this the one that takes everything down with it?" A...
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The S&P 500 Just Fell for Four Straight Weeks. Your Rent Cheques Didn't Notice.
The S&P 500 is down 6% from its record high. Four consecutive weeks of losses. The tech sector has dropped 12% from its ...
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The Federal Budget Just Dropped. Here's What It Means for Real Estate Investors.
Ottawa just tabled the 2026 federal budget. $25 billion earmarked for housing. A 100% GST rebate on new rental construct...
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$48 Billion Moved Into Canadian Real Estate Last Year. The Smart Money Already Decided.
Every headline this month has screamed uncertainty. Trade wars. Oil shocks. Job losses. Recession odds climbing to 60%. ...
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This Week in 5 Headlines. Your Distribution in 1 Number.
This was one of the most volatile weeks in recent memory for the Canadian economy....
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Oil Just Hit $110. Last Time That Happened, Rent Went Up.
Brent crude spiked to nearly $110 a barrel yesterday. That's up 80% since the Iran conflict started three weeks ago. Gas...
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Every Canadian Is Watching the BoC Today. Our Investors Aren't.
At 9:45am today, the Bank of Canada announces its rate decision. Tiff Macklem holds a press conference at 10:30am. Marke...
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Home Prices Fell 4.8%. Construction Is Stalling Through 2028. One of Those Is a Problem.
CREA released its latest numbers this morning. Canada's national benchmark home price dropped to $661,100, down 4.8% yea...
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Canada's Vacancy Rate Just Hit 3.1%. Ours Didn't.
CMHC's latest data is in. Canada's national purpose-built rental vacancy rate climbed to 3.1%, the highest in years. Cal...
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The Bank of Canada Is About to Make a Decision. Your Distribution Doesn't Depend on It.
Next Wednesday, the Bank of Canada will announce its latest rate decision. Markets are pricing a 93% probability of a ho...
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Canada Just Lost $18.5B in Trade. Your Rent Cheques Don't Care.
The trade war just cost Canada $18.5 billion in lost exports to the U.S. Steel and aluminum producers alone lost $8.8 bi...
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Recession Talk Is Back. Your Rent Cheques Still Don't Care.
CMHC just released its 2026 outlook: GDP growth of 0.7%, housing starts falling to 247,000 units, and a formal flag for ...
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The G7 Held Off on Reserves. Here's What Happens Next.
Yesterday we wrote you about oil hitting $120. Today, WTI is sitting around $89 after G7 finance ministers announced the...
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Oil Prices Are Spiking. Your Rent Cheques Don't Care.
Oil surged 25% in a single day last week. The S&P 500 dropped. The G7 called an emergency meeting for today. Meanwhile, ...
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One Building. 48 Tenants. 48 Paycheques.
If you own a rental house and your tenant leaves, your income drops to zero overnight. Your mortgage doesn't pause. Your...
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Your Financial Advisor Can't Access This.
Canada's largest pension funds and institutional investors allocate 15% to 25% of their portfolios to private real estat...
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The Mortgage Paydown Nobody Talks About
When we say FCPRET targets ~15% total return, most people focus on the 7% distribution. That's the part you can see: mon...
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Your Savings Account Is Losing You Money. Here's the Math.
Canada's best 1-year GIC pays 3.65%. Inflation is running at 2.3%. That leaves you with a real return of 1.35%, or $135 ...
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Morguard Just Put $1 Billion Into Canadian Apartments. Here's Why That Matters to You.
Two days ago, Morguard Corporation announced it's investing $1 billion into a $5 billion Canadian apartment portfolio ma...
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The 3 Questions Every Investor Should Ask Before Buying Real Estate
We talk to a lot of people who want to invest in real estate but aren't sure where to start. Some are thinking about buy...
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Houses Are Priced on Comps. Apartments Are Priced on Income. That Changes Everything.
Today we're going to walk you through the single most important concept in apartment investing. It's the reason our buil...
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Immigration Is Slowing. Here's Why Rental Demand Isn't Going Away.
You've probably seen the headlines. Immigration is down 18% year over year. Canada lost a net 290,000 non-permanent resi...
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Why Apartment Buildings Are the Safest Bet in Canadian Real Estate Right Now
Housing prices are falling. The condo market is frozen. Tariffs are squeezing builders. The Bank of Canada is holding ra...
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The Trade War Makes This Thesis Stronger
Steel tariffs are running at 50%. Lumber duties have climbed to 45%. Trump just threatened 100% tariffs on all Canadian ...
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The Numbers Are In. They're Not Pretty.
CREA released January's housing data yesterday. Home sales are down 16.2% year over year. The GTA benchmark price has fa...
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Not All Real Estate Is Created Equal
Toronto condos lost $43,000 in value this year. Our investors earned $37,500, with $17,500 being cash distributions. Sam...
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Rent Cheques Don't Care About the Market
Friday was a good reminder of how quickly things can shift. A single stock, Nvidia, slid 2.2% and dragged the entire S&P...
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The Relationship Your Portfolio Is Missing
Happy Valentine's Day. While everyone's focused on dinner reservations, let's talk about the one relationship that actua...
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