Outlook for Canadian Real Estate and REITs in a Post-COVID World
By André-Philippe Hardy, Pammi Bir & Jimmy Shan
Published October 7, 2022 | 16 min listen
The COVID-19 pandemic significantly altered daily routines, including the use of real estate. While a return to some form of normalcy is underway, the effects of the pandemic continue to be felt across property types to varying degrees.
In the latest episode of Industries in Motion, Pammi Bir and Jimmy Shan, Canadian Real Estate analysts, discuss with the Head of Canadian and APAC Research, Andre-Philippe Hardy, the outlook for the commercial and residential real estate sectors in Canada. Faced with a new set of challenges and opportunities, the discussion dives into the outlook across subsectors amid rising interest rates, heated inflation, and a potential recession in the not too distant future. As employers increasingly adopt hybrid work models, where are office fundamentals heading? What silver linings can we draw from the pandemic in retail real estate and how is the sector positioned to navigate another economic slowdown? How can the disconnect between the strength in industrial real estate fundamentals and lagging REIT unit prices be explained? What tailwinds underpin a constructive outlook for rental residential real estate?
Disclosures and Disclaimers
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André-Philippe Hardy
Head of Canadian & APAC Research
André-Philippe Hardy is Head of Canadian & APAC Research at RBC Capital Markets, a premier investment bank that provides a focused set of products and services to corporations, institutional investors and governments around the world. RBC Capital Markets’ Canadian equity research team is consistently top-ranked by institutional investors, as per the Brendan Wood International, Greenwich and Institutional Investor surveys. Prior to becoming Head of Canadian Research in November 2013 (he was appointed Head of APAC Research in November 2019), André led RBC Capital Markets’ Canadian financial services Equity Research team for six years, with direct coverage of banks and insurance companies. Throughout his career as an equity analyst, Andre was ranked consistently as a top analyst in his sectors in industry surveys, while his stock-picking success was validated by his StarMine rankings and his work was often quoted in the financial press. His primers on banking and insurance were unique products, which were widely read by investors as well as management teams. Andre joined RBC Capital Markets in 2007 after almost a decade in the equity research departments of Merrill Lynch Canada and TD Securities.
Pammi Bir
Canadian Real Estate and REIT Equity Research Analyst
Pammi joined RBC Capital Markets in 2019 as a member of the Canadian Real Estate and REIT coverage team. He has over 17 years of real estate and capital markets experience from similar previous roles at two Canadian bank-owned dealers. Institutional investor surveys have consistently recognized his research, including #1 team rankings on the Greenwich and Institutional Investor surveys, and #2 team ranking on the Brendan Wood International survey. StarMine has also recognized him for his stock picking and earnings accuracy. Pammi began his career at PricewaterhouseCoopers in 1998, and was a principal in a sportswear company before his time in equity research. Pammi is a CPA, CA, and CFA charterholder, and a graduate of the University of Waterloo.
Jimmy Shan
Canadian Real Estate and REIT Equity Research Analyst
Jimmy joined RBC Capital Markets in 2022 as a member of the Canadian Real Estate and REIT coverage team. Previously, he was a founding partner of a real estate securities platform at Slate Asset Management, a global asset manager. He also has over 15 years of real estate equity research experience at GMP Securities and National Bank Financial. Jimmy began his career at KPMG and is CPA, CA, and holds a BBA, MBA at the Schulich School of Business, York University. Jimmy is based in RBC’s Toronto office.
André-Philippe HardyCanadian REITs & REOCsIndustries in MotionInflationJimmy ShanPammi BirPandemicReal Estate
