Where Will The Real Estate Market Of Canada Be In 2020?

When weighing the productivity and profitability of real estate market, there is a variety of factors that need to be considered to arrive at an effective forecast. Every factor contributes a little to shaping the market, ergo when predicting the future of the market, it is imperative that each factor is given due consideration.

Pertinent to the future of Canadian real estate market in general and GTA commercial real estate in particular,numerous factors will directly affect the market and reshape investors’ response to the market by 2020.

“By 2050, the urban population will increase by 75% to 6.3 billion, from 3.6 billion in 2010.” Department of Economics, Population Division, United Nations.

The never-ending chain of cranes in Greater Toronto Area is an example of Canada experiencing increased urbanization. This trend of people moving to the urban regions and increasing the density of urban core will continue in the years to come, which will put the constructors to test. To accommodate the increasing influx, they will have to be innovative pertaining to space utilization and develop commercial as well as residential units that are smaller, yet utilize space with optimal effectiveness.

“By 2030, the fast-growing population will need 50% more energy, 40% more water and 35% more food.” – ULI’s Emerging Trends 2014 presentation

The figures imply that in the days to come, sustainability will be a major factor effecting the commercial real estate market of Canada. Major investors, including Pension funds have already started investing in sustainability in their real estate across Canada. Not only will sustainability save cost of energy for the real estate owners, rather, it will be a demand of tenants as well. Moreover, corporate sector will also require eco-friendly office space because it will add to their ‘green credentials’.

“By 2017, the global social network audience will be 2.55 billion, which will be 70% more compared to 2012.”Pwc Research

Technology will be another major player in shaping the commercial real estate market of Canada by 2020. With more and more people going online, businesses will also shift their focus to the online audience resulting in the space of retail space minimizing. Similarly, offices will have more employees working for them from home or on the go, decreasing the need for office space.However, on the other hand, the demand for distribution centers will increase. Hence, in the coming years, the industrial real estate is to witness an exponential increase in demand.

So, if the market is going to be effected by such factors, then how should an investor respond to it?

Firstly, an investor should develop partnership with financial institutions so that they share the risk and cost of the increasingly dynamic Canadian commercial real estate with the investor. Secondly, in the years to come the investors will need to be adaptable and flexible if they want to become successful players in the commercial real estate market of Canada. Flexibility in terms of considering a wider range of real estate investment options and adaptability in terms of complying with the changes in market, both of which will ensure success for the investors in Canadian real estate market of future.

Which Sector of Commercial Real Estate To Invest in the Greater Toronto market 2015

“We have never seen the capital markets so deep, with domestic and global capital pursuing commercial property across Canada.”Peter Senst, CBRE Canadian Capital Markets President

Senst’s statement is evident of the fact that Canadian economy is prospering and with every passing day, the national and international investment in Canada is increasing in 2015. The Canadian commercial real estate industry is as diverse as it can be, especially in the Greater Toronto Area; therefore, the investors have to carefully weigh all the sectors with regards to their profitability, before making an investment decision.

Research statistics show that over 5.8 million sq. feet of office space is being built as a part of 2013-2017 constructions, and the office space leasing activity will remain strong throughout the year 2015. Although the number of office space being constructed is slightly lower compared to 2014, yet the market offers great potential for the investors. The baby boomers have taken over the millennials as workforce, and their expectations from a workplace, especially in terms of sustainability have increased and this demand will shape the office space demand in 2015. The way the demands of baby boomers will change and the respond of constructors to it is a question that remains unanswered for office space investors in 2015.

“The industrial market is very prudent and is capable of quick adjustments since new constructions usually take less than 12 months to complete.”Andrew Wright, CBRE’s Industrial Practice Leader Canada

Contrary to the slight confusion in the future prospects of office real estate, the industrial market is reliable and has a brighter future in terms of return on investment. The foreign investment complemented with industries being established onshore will support the increasing demand of industrial space in GTA in 2015. Industrial market is more demand and less confusion compared to office space real estate market.

As far as the residential commercial real estate (multi-family apartments) is concerned, this sector of commercial real estate will hold its demand if not experience growth in it. “Rents haven’t decreased despite significant new construction, but we’re starting to see deal structures that are slightly more favorable for tenants.”John O’TooleExecutive Managing Director, CBRE, Toronto. This statement goes on to show that as far as the productivity of this sector in terms of investment is concerned, even if the rental rates become favorable for the tenants, it will result in an increase in the demand of the residential units, thus investment in this sector will be safe in 2015.

On contrary to those investors who analyze everything in detail, there is another kind of investors that can benefit from commercial real estate of GTA region. The GTA commercial real estate market has a sector that can work for the benefit of investors who have a vision and who plan on taking bold steps. “In an environment of change, the bold and the visionaries will benefit most. Many will pause and assess changes on the retail front in 2015, but those who seize opportunities will win big because Canada remains a relatively strong market and the long-term outlook for the retail sector is solid.”Tom BalkosDirector CBRE’s Retailer Service Group.

With Target and Sears investing heavily in GTA, the demand of retail sector will also increase in future; however, this investment is not for those who make decision upon analysis of previous data, rather, the retail commercial real estate investment in 2015 is for investors with vision and guts to take risk.

Among the different sectors of GTA commercial real estate, the industrial sector at this point of time seems the most reliable and shows great promise in terms of its increased profitability in 2015. For rest of the commercial real estate sectors, the future is steady in terms of profitability and growth.

Your burning question debated

Canadian Real Estate Wealth pitted two industry experts against each other to answer a burning question about real estate investing


Residential or commercial:

Which is the better type of property investment?

The answers

Neil Uttamsingh


An Oakville, Ont.-based investor and founder of FirstRentalProperty.com. He also works as a real estate agent, and was previously involved in the financial services industry.

There was a time, early in my real estate investing career, in which I thought that commercial real estate was a better investment than residential. I was young and naïve at the time and have come to realize that residential real estate is the far Superior investment.

Residential real estate is better because the possibility of owning a rental property is not out of the reach of the average income earner. All things being equal, you do not have to be making a six-figure income if you want to acquire a rental property in the residential world. If you are an average income earner, with the help of a quality investment focused mortgage broker, you can purchase a rental property with relative ease. Once you purchase this rental property, you can rent it out and have your tenant pay down your mortgage over the next 25 to 35 years, depending upon the length of the amortization period.

What this means to the average person is that once you have reached the age of retirement, you will have an asset that is free and clear of a mortgage. This strategy of investing in residential real estate is realistic and it is attainable. If you decide to purchase multiple rental properties, it is the best way to amass over a million dollars in equity over the course of your lifetime.

Neil Warshafsky


Is a broker with Royal LePage Real Commercial Advice in Toronto, Ont. Specializing in commercial property investments, Warshafsky has helped many buyers find the best commercial properties for their needs.

Commercial real estate investment is a different form of investment than residential. The two are as different as investing, in say, bonds or equities. Commercial investment differs in the following main points: may offer superior yields as the growth in value results from market gains, property changes of use (higher and best use concept), increase in rents, better calibre of tenants, renovations, and a myriad of other factors. There are many more ways in which the value of a commercial real estate investment can be increased. Commercial real estate investment requires the investor to possess a different level of expertise, a certain degree of risk tolerance, an understanding of differing laws, which affect their asset. The possibility of more capital outlay (may be accumulated by investors grouping together in many legal structures) should also be considered. The investor should also have a network of professionals, such as environmental consultants, appraisers, engineers, architects, lawyers and other commercial real estate specialists. Commercial management is more formal, which less hands on work to be done as the tenants treat their premises as a professional space and not their home.

Typically, tenants who occupy commercial property pay all the associated costs involved in operating the property. Accordingly, the owner can insulate their investment from the exposure of incrementally increasing utility expenses, realty taxes and other associated costs, which are typically not recoverable under residential leases. It is possible to amortize the costs of certain capital replacements, such as air conditioning and other similar upgrades depending on the circumstance. Commercial real estate typically affords the investor a unique combination of cash flow and a payout on the sale; therefore it can generate a fairly good yield and internal rate of return.

Investing in Commercial Properties – Part 3

In Part 3 of Canadian Real Estate Wealth’s commercial investing series, Mark David reports on how to conduct due diligence when investing in commercial properties.

The best kind of property investor is an informed one, and the more knowledge they have, the better their situation will be. Neil Warshafsky, a top commercial broker with Royal LePage Real Estate Services Ltd, echoes that statement.
“A serious due diligence exercise is integral to the success of investing in real estate,” says Warshafsky.”
Performing due diligence not only arms prospective buyers with the necessary knowledge about what they would like to
acquire but is also vital to helping them identify certain issues that may present them with difficulties later on.
Warshafsky explains: “It is highly recommended that all buyers complete a responsible research and analysis in advance of firming up of a purchase. Due diligence will serve to identify any concerns that may affect the viability of the investment.
Such concerns may be financial constraints, which could reduce the value, legal issues, environmental and a host of other issues, which may reduce the interest in the property, hence value.”


STEP 1 – Initial Review

“Typically, an initial review of the property and all background material that is available from the seller for review by the buyer is performed by the buyer and any advisors that they feel would be in a position to confer the best feedback,” says Warshafsky.
First-time commercial investors should focus their attention on the following criteria before engaging in the purchase process.

  • Location

This includes any background information about the area the property is located in. Examples include property values, vacancy rates, and key demographics (especially applicable if the chosen property will be used as a retail outlet).

  • Type of property

What type of commercial property is best and offers the greatest chance of good returns (retail, industrial, office space, etc.).

  • Ownership history

This includes when the property was built, who previously rented it, and whether or not any extensive renovations were made by the previous owner(s).

  • Background information on the seller

This includes whether or not they have a proven track record.

  • Long-term cash flow potential


STEP 2 – Legal and Financial Matters


Legal matters are an important part of any real estate acquisition, however large or small. First-time buyers may encounter difficulties in this area, so it is best for them to have all the information they need before pursuing a deal. “The buyer would likely engage its lawyer to complete a review of the leases, along with the balance of the legal matters, which may affect the real property,” Warshafsky explains. “[The buyer’s] accountant may review the income statement and the financial issues.”

Both residential and commercial real estate deals are bound by legal issues, and there are many differences between the two. “Commercial real estate is much more complex than residential, as it has its own nuances and mode of doing business,” says

Warshafsky. “Each type of commercial real estate investment has its complexities.

Simply put, office buildings have different measurement standards from industrial o retail properties. Issues like ownership, lease histories, and zoning may also prove to be a thorn in a prospective owner’s side if they are not properly reviewed prior to closing the deal. “You must complete a careful review of all leases, offers to lease and any other contracts which can serve to bind the property and affect the bundle of rights that the owner may enjoy,” says Warshafsky. “Issues such as rights of way, easements and other legal rights which may affect the real property should be reviewed. Municipal concerns should be looked into as the zoning and by-laws are constantly changing and may affect the value and use of the property.”

Also important are the legal ramifications of commercial tenancies. “There are different legal issues in the lease form for each type of tenancy,” Warshafsky says. “HST is applied against rent and all expenses including realty taxes. In essence,it is more complicated for real estate ownership. Concerns over encumbrances and other financial debt should be reviewed and addressed.”

Warshafsky adds that “one must be experienced in the understanding of leases, legal ownership, environmental concerns, and

a myriad of other factors.”

STEP 3 – Structural Analysis

“Typically, a soil test is conducted to determine the stability, compaction and nature of the soil,” says Warshafsky. “A review is completed of the foundation and walls to determine the structural soundness of the building. Normally, these tests will yield a result as to the structural integrity.” Following these three steps will allow buyers to learn as much as they can about the property before the deal goes through and the final signature is scrawled on the contract.

“This process affords the buyer with the time to identify any concerns that may affect his buying decision and whether the contract that was negotiated properly reflects the value of the asset being acquired,” Warshafsky says of the steps of the due diligence process.

How much due diligence is enough?

“The simple answer is that one can continually search for answers and keep on asking questions, and the due diligence process could conceivably continue for an infinite period,” says Warshafsky. Commercial investors tend to focus their due diligence on four specific areas of concern when on the lookout for new property acquisition opportunities. “These pillars of concern would be broadly classified as follows: legal, financial, environmental and physical,” Warshafsky clarifies. “If these areas of concern are found to be satisfactory, many buyers would typically move forward with the contemplated acquisition.”

Informed investors will generally perform the correct amount of due diligence, usually paying attention to these four factors. However, some investors, especially first-timers, might overanalyze these and other factors, a habit that has resulted in the death of many a deal. “Many investors, especially first-time buyers, can become paralyzed due to overanalyzing what should be simple concerns and overemphasizing these issues,” says Warshafsky. “Accordingly, they may focus too much on one particular [aspect] and ultimately convince themselves to not proceed with the contemplated purchases.” Warshafsky adds that it is fairly typical

with less experienced buyers and those who have very little risk tolerance. “They are unable to quantify the concern and address

it through many possible solutions, and the matter may get in the way of their intended purchase, he says.”

Commercial Investment Primer

Commercial Investment Primer

With real estate markets in major centers on the rise, commercial properties are quickly becoming hot commodities. In Part 1 of this series, Mark David reports on why the time to buy commercial properties is now

When a prospective real estate investor looks for properties to purchase, there are a number of options available to them. The majority of first-time investors will choose to go the residential route, and will begin to build up a portfolio of residential properties over time. Some investors will tend to stick to the residential market, as it others good chances for a decent ROI and cash flow. Plus, hot residential markets will allow for them to purchase more properties and earn even more positive capital. However, as good as that may seem, these investors often overlook the fact that great opportunities also lie in commercial properties.

The  Ontario commercial real estate market has enjoyed a protracted period of positive sustained growth,” explains Neil Warshafsky, Broker of Record with RCA Toronto, Inc. “ is has been fueled primarily through a combination of low interest rates, higher rents greater occupancies low unemployment and a host of other positive factors.

There are a number of key factors, Warshafsky adds, that influence the demand for commercial properties. “Demand has spurred as a result of many influences such as higher immigration, the consolidation of real estate ownership into fewer hands through syndication, securitization and other forms of corporate ownership, and concerns over alternative investments such as bonds and equities,” says Warshafsky. “Accordingly, with fewer properties trading coupled with greater demand, property values should continue to escalate. We are still on the up- slope of the current commercial real estate cycle,” Warshafsky continues. “A generous supply of fresh capital into the market mixed with a growing economy has served to foster an ideal time for investors to step into the commercial real estate market.”

Variety is the spice of commercial properties

Just as is the case with residential investing, there are various types of different commercial properties available to buyers who are eager to make the jump to commercial real estate. there is something for everyone in the world of commercial investing, and each type of property has its own merits.

There are many types of commercial properties available to invest in. they include office, industrial, retail and multi-family buildings as the industry cornerstones,” Warshafsky says. “Also included would be hotels, nursing/ retirement homes, and other special purpose properties.”


Regarding the types of buyers these kinds of properties would attract, it all really depends on the investors and what they are looking for. Indeed, the investors themselves are often just as varied as the types of properties available on the market. “Investor profiles would include a diverse range of individual investors, insurance and other investment companies, trusts and other institutional ownership structures,” says Warshafsky. the type of real estate investment and investor may be determined by the equity requirement, location, risk tolerance and a myriad of other factors.”

The majority of buyers like to start small when purchasing commercial properties. A “first-time commercial buyer might choose to purchase one or more smaller properties in the beginning, such as storefronts, for example. As they continue their commercial investment journey and gain more valuable experience, they might cast their nets out further and move up to offices, mid-sized industrial buildings, and other such properties.

Seasoned commercial investors might go after significantly larger purchases, which include factories, strip malls, larger shopping malls, high-rise apartment complexes, or entire office towers. e more experience the investor has with commercial investing, the more likely he or she would be to chase after the big game on the market.

The Financial Details

Commercial and residential real estate may differ from one another in many ways, but there is one unifying thread between the two – the fact that there may be risks involved when making purchases. One major issue that prospective buyers might encounter is cap rates, which are a measure of risk.

Commercial investing requires buyers to be more knowledgeable about aspects Of the purchase and ownership processes

“Capitalization rates differ depending on the type of property, the age, location, “financial covenants, size, environmental and other concerns,” Warshafsky clarifies. “Typically, the lower the cap rate, the safer the property is as an investment. Naturally, if a property is 100% leased to a national bank on a net basis, the cap rate or yield would be much lower than if it is leased to an independent ‘Mom and Pop-type’ independent restaurant.”

By examining cap rates on different types of commercial properties and the risks and rewards involved, investors can determine which types of properties are right for them. Says Warshafsky, “there is a direct correlation between the risk and reward when it comes to commercial real estate investments. As an example, cap rates for multi-family [buildings] or apartments are generally lower than those found for industrial properties.”

One important thing that “first-time investors should know before entering the commercial scene is that these types of properties tend to carry higher price tags. According to Warshafsky, “the main difference lies in the complexity, understanding and management skills required between the two. Commercial properties typically cost more on average than residential properties, so the barrier to entry is “financially greater.”

Warshafsky adds that commercial investing requires buyers to be more knowledgeable about various aspects of the purchase and ownership processes, in addition to being mindful of the “financial characteristics. “It [commercial investing] requires a better, more comprehensive understanding of leases, physical repair matters, zoning, legislative concerns, taxation issues, “financing and in general, a greater knowledge of the issues which affect real estate,” he says. “Residential ownership is a much simpler form of ownership. It is much more accessible due to the ease of buying a house or condominium.”


Smaller Investor and Commercial Real Estate

Accessibility is another important part of the decision to buy commercial properties. Both veteran and smaller-time investors will “find that the commercial real estate market is readily accessible to them, something that may influence them to start diversifying their portfolios. Also important are the various means by which smaller investors can get into the market.

CREW14_74-79-3“Smaller investors may invest in and have access to commercial properties either directly using their own capital (such acquisitions will have disproportionately

large expenses upfront), or indirectly through REITs, buying stock in public real estate companies, through real estate syndication’s and other forms of group ownership,” Warshafsky says of smaller investors’ access to the world of commercial real estate.

However, as Warshafsky indicates, there are some “financial barriers that may make commercial investing a challenge for smaller investors. Caution should be exercised by smaller investors when dealing with these factors.

“There are significant “financial barriers to entry that will increase the cost of admission,” Warshafsky says. “Legal fees, environmental reports, physical assessments,

Appraisal costs, accounting fees, mortgage fees, management costs and other associated due diligence expenses will prevent the buyer from receiving benefits from any economies of scale.”

The fact that the majority of these costs are not scalable could potentially drive up the costs of acquiring a commercial property, which, in turn, could have an effect on profits in the future.

“Many of these costs are not scalable and as such, may disproportionately increase the acquisition costs for a commercial property,” says Warshafsky. “These expenses will affect the acquisition cost base and likely carry forward a burden which may unduly affect the returns and ultimate profit on sale.”

Although smaller investors with the capital for it are free to invest in commercial real estate, many of them expect it to be relatively simple, like buying residential properties. But in reality, it’s anything but. Certain rules and regulations for commercial properties differ greatly from residential, as do the kinds of occupants and various legal aspects.


There are various types of commercial properties available to investors.
They include:

  • Office space
  • Office complexes
  • Strip malls
  • Shopping malls
  • Factories
  • Warehouses
  • Storefronts
  • Hotels
  • Motels
  • Restaurants
  • Multi-family housing complexes
  • Medical centres
  • Hospitals
  • Nursing homes
  • Garages
  • Distribution centres
  • Sports facilities


“Residential properties are somewhat easier to manage and understand. The tenants are residential occupants, so the laws, management issues and other related matters are fairly uniform,” Warshafsky explains. “Commercial leases, tenant issues are more complicated and challenging. Issues such as complicated amortizations, chargeback’s, exclusivity concerns and many other legal and managements concerns are the norm in commercial ownership.”

Proper knowledge of the commercial market is another requirement, as those who lack it are potentially liable to make costly mistakes. It is better for investors to arm themselves with as much knowledge as possible before closing a deal, for if something goes wrong, they may find themselves in a heap of trouble.

“A commercial investor must have a much broader knowledge of real estate issues,” Warshafsky advises. “Commercial properties are not as liquid as residential properties, so in the event of a disposition, the process may not be as smooth.”

Hot residential markets vs. commercial markets

Both residential and commercial markets in most major metropolitan areas can be incredibly volatile. Either market could alternate between periods of heavy activity and drought periods where fewer properties are sold. !e choice to invest in either type of property is always available, but those who invest in commercial real estate often choose to stick with their guns for as long as possible.


“If the residential market gets hotter, it is likely that new, less sophisticated investors will enter that market,” says Warshafsky. “Certainly, investors will have a choice and some will remain and continue to  invest in the residential marketplace. Commercial investors remain dedicated to their choice of investments. !is [type of] investor is somewhat more sophisticated and knowledgeable. Many have experience through several real estate cycles and do not normally flip-flop between [the two types of properties].”


Both residential and commercial real estate offer worthwhile investment opportunities

for potential buyers, but the two have many differences, especially in terms of pros and cons. Here, Neil Warshafsky breaks down the pros and cons of each.


Residential properties are much more accessible to an investor, and are much easier

to locate and acquire. They normally require less capital, and usually have less risk associated with them. Financing for residential properties is more readily available. Selling and disposing of residential properties is also much easier. There are many reasons why a typical investor may look at residential investments as an option. There may be renovation costs involved, but typically these costs can be quantified and controlled.


Commercial properties typically have more “moving parts,” and require more expertise. Generally, they require more capital and more upfront expenses, and may not be as liquid on exit. When being acquired, there is a much more comprehensive and complicated due diligence process which would likely include the involvement of a lawyer, accountant, environmental expert, physical inspectors, mortgage brokers and possibly other consultants. In addition, there may be costs upfront to renovate, for leasehold improvements, incentives to tenants, commissions, etc. Commercial properties are not as easily financed and the loan-to-value ratios are normally lower than that for residential properties and as such are much more capital intensive. Commercial properties are not for the faint of heart and require a lot more attention.


Both can generate very attractive returns, but investors should be knowledgeable about the nature of each of the investments. The returns for either investment may be good; and commercial properties have the potential to generate high returns as they are influenced by many factors. These may include: increased rents, hence cash flow and value; change of use through zoning; and the possibility of increased density and many other potential factors which may produce greater yields.

Observing market trends for commercial properties

As there are various types of commercial properties available in most major markets, the outlook for each one is different. According to a recently-published report from PwC, rents and values for office spaces are on the rise. !is has allowed for the construction of many new office complexes across the country.

Demand for office space is also steadily increasing due to falling unemployment rates in some markets, and commercial developers will be looking to capitalize on this as much as possible. Environmentally-friendly developments will likely be a big hit with investors, as they seek to house more employees within smaller capacities.

For retail spaces, PwC indicates that the markets are tight and will continue to tighten, thanks to northward expansion by many major U.S. retail chains. A perfect example of this is American retail powerhouse Target’s displacement of nearly all of Canada’s Zellers department stores. !is, says the report, could signal “a dynamic moving around of tenants,” and could possibly “sound the death knell for some weaker domestic brands in the most Darwinian of property sectors.”

Property owners, however, are interested in this activity, as some U.S. brands have experienced difficulties in entering the Canadian market. Key factors like zoning issues and vigilant lenders have ensured that new developments will be kept in check for the foreseeable future.

Industrial properties are also part of the commercial sector, but unlike retail and office spaces, they have been on the decline. the PwC report specifically points to warehouses as having very limited vacancies across the country. Potential investors should take note of the fact that growth in the industrial sector has been relatively slow, and this can be attributed to high currency exchange rates and the state of the economy in the U.S.,

Demand for office space is steadily increasing due to falling unemployment rates in some markets

Which in turn, has had a significant impact on both imports and exports? Supply is not  the issue here, the report explains, as weaker leasing markets have forced developers to shift their focus away from new industrial starts, despite average rents that are lower than property replacement costs.

Looking ahead

Increases in population often have a profound effect on major markets. For residential properties, spikes in population result in the construction of numerous new starts in order to keep apace with the growing demand. !is is just as applicable to commercial properties as it is to residential properties. As Warshafsky explains, if interest rates remain low and demand increases, the outlook for commercial investing will be very favorable for potential buyers.

“In the NationalPost, it was stated that the population within the GTA is expected to increase by 2.6 million people by the year 2031,” Warshafsky says. “Assuming interest rates remain low over the next few years, and demand remains high, along with the fact that commercial real estate is falling into fewer hands, the picture for the commercial real estate market remains very positive.

“there are fewer transactions, as investors are concerned over where they can re-invest, and many of the institutions and REITs do not re-sell their assets on a regular basis,” he continues. “It appears at least for the next several years that the demand will continue to outstrip the supply.”


20-12-2012 – ANNOUNCEMENT

We are extremely pleased to announce that we have joined Royal LePage Commercial within the Brookfield Asset Management owned Royal LePage Real Estate Services Ltd.   We both met at 33 Yonge Street in the 1980’s at Royal LePage Commercial and enjoyed some of the best years of our commercial real estate careers there. We are excited to be part of the team in the re-launching of this long-standing Canadian commercial brand in the company’s 100th anniversary.  Our group of seasoned commercial agents will join us at the new company. Our location and contact information will remain unchanged.


We remain committed to providing our clients Real Commercial Advice® at all times!


Neil Warshafsky, Broker Fraser J. MacDonald, Sales Representative
T: 416-907-8001 T. 416-848-1992
nhw@royallepagecommercial.com fmacdonald@royallepagecommercial.com
nwarshafsky@gmail.com macdonald.fraser@gmail.com
www.neilwarshafsky.com www.fraserjmacdonald.com

302 Bridgeland Avenue, Suite 100

Toronto, ON M6A 1Z4