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CEO Sasha Cucuz a Featured Panelist on Rock Star’s Debut Real Estate Panel

Date:
April 30, 2024
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Greybrook Securities Inc. CEO, Sasha Cucuz, joined an esteemed group of Canadian real estate experts for Rock Star’s debut real estate panel discussion earlier this month. Moderated by Nick Karadza from Rock Star Real Estate, the dynamic panel covered various pertinent topics, including the real estate industry’s role in the Canadian economy, the implications of the nation’s rapid population growth, and the outlook for real estate investing across The Greater Golden Horseshoe.

Speaking to a live audience of over 1,000 people, Cucuz opened the discussion by highlighting the importance of Canada’s economic concentration on real estate and housing given the substantial population growth and changing demographics the country is experiencing.

“We are experiencing one of the most explosive population growth globally. Regardless of economic conditions, we require dwellings to match, whether for renting or buying,” he emphasized. Continuing, he highlighted the overlooked need for population growth, noting a demographic shift with more retirees than new entrants to the working-age population. Additionally, household formation rates are lower compared to other countries, affecting organic population growth.

Watch the full panel discussion below:

“It’s not just about population growth at the headline level; it’s about where people congregate. A quarter or a third end up in Southern Ontario because that’s where the jobs are, and that’s where the population density is. So we’re undersupplied, grossly undersupplied.” He further emphasized that even if population growth is curtailed, our economy would be far from reaching equilibrium due to overdemand relative to supply.

Amid debates about the Canadian economy’s focus on real estate, Cucuz stressed the need to recognize the sector as a dynamic, interconnected ecosystem, extending beyond the final product itself.

“When people consider the 11% of GDP representing real estate, they often view it solely from an investment standpoint, it’s rather an entire supply chain, from architects to construction teams, that generates income for the country and households,” said Cucuz.

As the discussion evolved, Karadza raised a pertinent question about the state of single-family and ground-related housing in Canada, probing whether the construction pipeline would find a balance. Cucuz responded with a definitive “yes”. He noted that there is an insatiable demand for housing, a demand that is fundamentally driven and supported by population migration patterns and growth that typically remains stable and constant, underpinned by Canada’s limited number of large metros exceeding 2 million residents.

Unlike the United States, which has 40 metros surpassing 2 million residents, Canada’s three large metros experience less fluctuation in inbound migration, even during economic instability, as residents have fewer alternative options in terms of urban context.

Concluding the panel, Cucuz imparted a final point regarding the opportunities available for investors in the current Canadian real estate market. “The good news is that, notwithstanding this transient moment, dependant upon investors’ specific strategies, there is a market for it all. Whether it’s small or large-scale real estate investing – it works for every aspect because the fundamental drivers remain intact and there is consistent demand for various housing types.”

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