Jake Silverman

And I literally had a guy stand up during the question period and use his time to tell me to F off.

But now they're calling me asking me, hey, how do I revisit this as a rental project?

They're all thinking about their pipeline.

The condo model is dead indefinitely.

in Canada probably, right?

The way that we used to fundraise and use investor capital to become part of the capital stack.

You can insure the deposits, use it as part of your capital stack and use it to get to construction financing.

It's gone.

Probably not coming back for at least a decade.

So they're all going, okay, well, I have a land pipeline of 30,000 units that I still need to keep moving, keep turning it over.

Otherwise, I'm just going to bleed out on my land debt.

So what's the only way for them to do that?

Okay, well, I'm going to deliver it as a rental.

I'm going to have to leave a lot more equity in the deal than I intended, probably 20% rather than 5% that I originally planned.

But I'm going to get it done and I'm not going to have to lay off all of my people and I'm going to do it as rental.

So Toronto probably will start seeing a lot more purpose built rental growth, whereas you'll see it getting pulled away from markets that probably have overdone it.

Like Kelowna is like 30% of their housing stock under construction right now.

Rental housing stock.

Alberta obviously has been building an insane amount of rental.

The East Coast, Halifax, I think it's 14% of their existing rental stock.