Daniel Foch

speaker

1,195 appearances 3 recordings 1 series first heard May 2026 last heard 8 Jun

Daniel Foch’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in May 2026 with 2.

Appearances

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The Canadian Investor · Carney’s Big Pivot: Jobs, Energy, Housing & Major Projects · 9 May 2026 podcast

So we can use that maybe to pivot to the spring economic update and some of the changes that might be happening to those CMHC programs.

But also, so I'll just quickly cover sort of what this is.

Like I've said for a long time that using CMHC MLI is basically like a bond trade, right?

Like you're functionally a bond trader who's using real estate to go levered long on interest rates, not going massively up over the long period of time.

Yeah, so basically you get debt that's insured by CMHC.

You get it through like any of your typical lenders will do these types of deals, but you can get a 90 to 95% loan to value.

You're not seeing a lot of people doing that.

A lot of people are like 85, 90, but you can get up to 90, 95% loan to value.

So 5% down, right?

20X levered position.

You can get a 50-year amortization, so that buys down your debt service costs, which increases your cash flows.

And you can get approved with just a 1.1 debt service coverage ratio, which is very lean cash flow positivity.

You're only 10% cash flow positive above your debt service coverage after all the rest of your costs.

So very, very thin margins, super risky deals.

I've never indicated that these were safe plays, right?

But a lot of people are doing them because they believe that rents are going to go up, which isn't the case right now.

Vacancies are going to fall, which also isn't the case right now.

Or valuations are going to go up, which also isn't the case right now.

But people are buying them on a very long-term timeline.

So the question that they ask is, do I really believe in it?

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