Many people who discovered real estate investing via the Keyspire universe have investments with Greybrook Securities. If you have attended a Keyspire summit, you would have seen CEO Sasha Cucuz on stage discussing his company’s latest offering. Many new Keyspire members choose Greybrook for their first real estate investments.
 
Size is an advantage in real estate and Greybrook has that. A large player like Greybrook creates big real estate development projects in big cities and can secure favourable credit facilities from lenders. If you want to make life-changing money in real estate, partnering with big players and their experienced teams will generally boost your portfolio.
 
But when business cycles change, interest rates go up, and land valuations go down, the downdraft caused by big companies in stress is magnified. Investors need to place their full hope and trust in the management team to get you through tough times because a lot of liquidity is needed to stave off default when economic fundamentals swing against you.
 
That’s happening now.

Small players get washed out in bad economic times. Amateur developers who took an online course or two don’t have wherewithal or the financial strength to hold off creditors when they buy high and are suddenly called on to make mortgage payments they never prepared for. Austrian economist Josef Schumpeter coined the term creative destruction to explain this economically essential phenomenon. It’s business Darwinism.
 
Now the big boys in land development are feeling pain too. In Canada, ProFunds has been an ugly case in point with several projects collapsed or on the verge of it. The Stanley land development project in Niagara Falls and Port Dalhousie project in St. Catharines are two examples.
 
Greybrook issued a new investor report on its Denver land development project – Greybrook Society Denver LP - this week, and it makes for sober reading. I’m going to pick my way through the report and explain in plain English what it’s saying. 

Greybrook's partner on its Society Living projects is Property Management Group (PMG), a New York City -based company that claims 34 years of history, 180 development projects in markets right across the United States, with $11 billion of real estate reportedly already in the ground and another $6 billion under development.  https://propertymg.com/portfolio 

Greybrook’s has replicated its Society Living model in several different U.S. cities. It features the construction of large multistorey (think 40+ stories) rental apartment buildings with rich living facilities that will appeal to a predominantly young, white collar professional tenant who wants lots of in-house options for sport, leisure, entertainment, and general tenant-mingling. Greybrook’s goal is to create a vibrant, fully-serviced community – or ‘society’ – so that many of the tenants’ leisure needs can be fulfilled without ever leaving the building. Greybrook has built Society towers in Miami, Nashville, Atlanta, Brooklyn, Orlando, and Fort Lauderdale. The concept is bold, innovative, and personally, I love it. The potential for success is high. You can see why in the promotional video below.

Here is how Greybrook and PMGs marketing teams described the concept in their May 2025 press release celebrating the topping off of phase 2 of Society Las Olas, 42 storey apartment tower in the riverfront district of downtown Fort Lauderale. 

The mood in this statement is very different to what’s happening at Society Denver in Colorado. That project has been caught in the maw of high interest rates, rising construction costs, and economic decline. Here’s the opening paragraph of the August 2025 project update:

This is the red, octagonal, 'brutalist' building currently on the 2.3 acre site. It was the home of a local TV station  for 51 years. Some residents fought to save the structure from demolition by declaring it an architectural landmark, but it's difficult to understand why.
​
With the Society Living concept permanently on hold, Greybrook wanted to use the land as a surface level car park to generate some income, which is the equivalent of renting out your spare room on Air BnB to generate some income. It’s a desperate but logical idea because any income is better than none. There’s no respite on making mortgage payments. But that didn’t pan out because the demolition, permitting, and operational costs made the plan uneconomical.  The seller moved out of the current building in July 2024. Over the last year, the location has become a boarded-up eyesore. Security guards patrol outside – another expense – but empty buildings attract vandals, transients, drug users, and the homeless. So it is in Denver. The only solution is to demolish the existing building – ka-ching – then sit back and wait for happier times.​

Greybrook points out that the problems plaguing Society Denver are not unique and that multi-family building construction has declined in all markets across the United States. With construction down, this should eventually lead to a shortage of rental accommodation, a boost in rents, and the economic viability of building more multi-family rental accommodation. But this supply-and-demand rebalancing act will take years to play out and each year investment money isn’t working, it’s losing value.

That leaves just a couple of options to escape the death spiral, and neither is appealing. Greybrook could sell the land and make a giant loss based on the current valuation. Or it could invite in what it calls “a strategic partner”, which means another developer with a lot more cash on hand than Greybrook has. Another developer with a healthy balance sheet would have a lot of leverage in that scenario. They would take took the lion’s share of the equity at an enormous discount to Greybrook’s 2021 land purchase price, which means investors would again be the big losers.

There is nothing positive about these options – sit and wait, sell, or invite in a rich benefactor – because they will all result in large investor losses. It’s ugly out there in the real estate investment world right now. Despite promoters claiming double digit returns, there are no guarantees. So, choose your investment partners wisely. At a minimum, you need to like trust and respect them. And you don’t want them to be amateurs whose only credentials are that they’ve taken the same online real estate courses you have.

I don't want to suggest Greybrook and PMG are bad companies. Their portfolios show many large and successful projects over a long period of time. But every developer has deals that go wrong. My personal rule is that investors may not see a profit because the economy and the real estate market can gyrate in ways developers can't even imagine when assembling their business plans. But investors should always get their principal back. In other words, the goal is for investors to make money, hopefully good money. But they shouldn't lose money.

If you have been impacted by a bad deal, give your developer time. Real estate development is an obscenely high capital-expenditure activity. If a strong management team is in  place, a project that's not meeting its profit projections may not actually be a write-off. The developer might just need time to wait out macro-economic decline or the local council's infighting to start moving forward again. Real estate is a long term investment. Money needs time to work. If you want super high returns with regular dividends and a full payout within 1-2 years, you're in the wrong asset class. I can think of no real estate project I've been involved in that could meet these kinds of speculative demands. If a promoter tells you this is possible, be very, very careful because investor ignorance in the hands of a high energy marketer/promoter whose promises are full of unicorns and infinite returns will be dangerous to your financial health.

Located right in the middle of Western Canada’s most important wine growing region and outdoor recreation capital, its potential was unmistakable.

The land had quite a history to it, including multiple lawsuits and business partners who stole from one another, hated each other, only communicated with one another through lawyers, which is an expensive and unproductive conversation. The land was locked in legal limbo for a decade-and-a-half until my business partners and I found a solution that broke the deadlock. It was better to sell to us than die from old age without a resolution

More frustration was soon to come. Having raised the necessary funds, just as we were about to launch construction in early 2020, the COVID 19 pandemic hit. Businesses shut down, construction halted, and investors panicked. Those who withdrew missed a generational opportunity, because just 12 months later we broke ground and the and was suddenly worth a whole lot more because of all the real estate speculation that took place during lockdown. 
 
Those who thought rationally knew the world wasn’t ending and reaped the rewards by doing nothing. Those who responded with raw emotion, withdrew their investment cash, and were left on the sidelines. 
 
The best time to invest is when the world is panicked and running for the hills. When the inexperienced head for the exits en masse, serious investors move in with their flatbed trucks and load up on assets at irrationally low prices. It’s hard to convince most people of this.  If they feel pessimistic about life and the world, they don’t invest. But when prices are high and they feel more optimistic in outlook, they are ready to join the herd, forgetting that the most important way to make money is through the price you pay for an asset. Buy low, sell high. Put your emotions on a leash and lock them away in a dark cupboard.

Right now, it’s a buyer’s market. But, of course, it’s also the hardest market to raise cash in because investors are downcast and reluctant.
 
Irrational!

The Most Common Investor Questions 
The most common questions I’m asked by investors about development projects are, when will I get my money (when everything we’ve built has sold or when construction financing comes in if it’s a rental building); how much ROIs are an educated guess because no-one can accurately foretell the future), and what could go wrong? (Anything you or AI can think of.)
 
In my experience, the most risky real estate developments are those that promise short timelines (one year) and dividend payments to investors along the way. Add to that the role of inexperienced/novice developers who have caught the hubris bug (“you can do anything you put your mind to”) from social media and investors can entrust their money to promoters who have self-promotion skills and not much else.
 
It takes 5-7 years to develop land on big project. 
I don’t make cash payments along the way because that money has to come from somewhere. I need every penny to hire architects, engineers, concrete formers, framers, drywallers, etc., and deal with the unwieldy mechanism that is local government.
 
Planning departments are frustrating beasts to work with because they interpret rules in ways that make builders go crazy. Elected councilors like to make a name for themselves too and often interfere in development projects for populist reasons, rejecting designs that have already been approved by planning departments. 
 
For example, a BC project know of had water rights to build a jetty as part of their lakefront development. Zoning rules explicitly permitted a jetty. But councilors objected for personal reasons – boats were considered environmentally unsound – and so the application to build one was rejected and the bylaw retroactively changed to prevent anyone building a jetty again without explicit council approval. You can’t plan for this stuff. Land development is a lottery.

​Back to dividends. I don’t pay them because that would require me to borrow more than I need and to hold on to a cash pile (dead money) so that investors can have a feel-good moment when a trickle of cash comes back to them monthly or quarterly. 100% of borrowed cash should go into the project. If an investor needs regular cash payments to live on, they should not invest in long-term real estate developments. They need a GIC.
 
 Investment cash is money you don’t expect to need for the duration of the project. If you do, you are overinvested.
 
Thanks to all those who invested in Lakehouse. We got through the pandemic on time and on-schedule. What we couldn’t foresee was the current down real estate market, which is a reaction to the go-go years of COVID 19. Remember Isaac Newton’s three laws of motion. It’s the third one we should focus on in this case – for every action, there is an equal and opposite reaction – although all of them are applicable to markets in one form or another.

NEWTON'S SECOND LAW: FORCE
The acceleration of an object depends on the mass of the object and the amount of force applied.
His second law defines a force to be equal to change in momentum (mass times velocity) per change in time. Momentum is defined to be the mass m of an object times its velocity V.

The unit whose finishes are shown below is a half-duplex at 3180 Landry Crescent, Summerland,  British Columbia with 3 bedrooms, 3 bathrooms and a total of ​2,306 sq. ft. of floor space.

Kitchen

This is my backyard at my summer home in Penticton B.C. I don’t have many human neighbours because the house is perched on the side of a mountain overlooking Okanagan Lake. But I do have quite a few animal neighbours, and let’s just say they make their presence known. Each spring, Buddy the Black Bear emerges from hibernation with a hunger for chaos—and garbage. He’s fond of rummaging through my bins and playing soccer with my solar-powered driveway lights. A real menace with paws.

​Going for a Night Walk
​On a post-prandial night walk, a visitor from Vancouver didn’t believe me that rattlesnakes emerge at night to 'sunbathe'. They lounge on the warm tarmac of rural roads, soaking up the summer heat that spools up from the ground after dark. My friend chose to walk barefoot on our night walk. Sure enough, while we were out, I spotted a moving shadow in the gloom. 

 They will stay frozen in a group, staring sullenly as you walk by. Get too close though and they flee like startled cats. But nothing compares to the bighorn sheep Bad Boy Gang (below) that took over the road at the bottom of my driveway. They hung out. They lounged. They intimidated. Because knew who was in charge.

BANG, BANG, BANG.
My Airbnb guests, whose bedroom is right beside that door, were now very much awake.
BANG, BANG, BANG.
CRAAAAAASSSHH!
I jumped out of bed, assuming a drink guest must have lost his key and was drunkenly opening the back door with his skull. Having run down a flight of stairs, I arrived just in time to see my glass door shatter beneath the delinquent sheep’s horns. 

For those unfamiliar with repairs and construction, it might appear from this image that a whole new door were required. But the glass lights in these kinds of doors are screw-in and thus repairable. A visit to the local Windsor Plywood store saw me $230 lighter in the wallet, but I was also given an unexpected upgrade on the new door light. The company’s inventory system said they had new lights just like mine in stock. But after some rooting around in the storage area, they could locate only more expensive models with internal venetian blinds inside. Lucky me, I got the venetian model for the price of one without.
​
So, if you ever find yourself living in the South Okanagan, remember: be careful who you let into the neighbourhood. There’s something to be said for not riling up the locals.

My daughter played her first season of professional soccer in Spain’s 3rd division last season (2024/25) and had an excellent time. She didn’t speak a lick of Spanish when she arrived, so the first six months were hard. Plus, she did not get along with the coach. He was a shouter and socially awkward, two things a group of driven young women don’t deal with well. 
 
The team had players from Paraguay, Columbia, Brazil, Argentina, Holland, and Spain. Only the Dutch girl spoke some English. She would help explain things to my daughter, who would also hang back at training when drills were held because she needed to watch a few repetitions first to figure out what was required.
 
Nonetheless, the team bonded well in an us-versus-the-coach scenario and they set all kinds of records by winning the league championship with a record number of points and goals scored.

Spanish players are well-versed in the theatrical side of the game. Flopping, rolling, and screaming on contact is practically a skill set, and unfortunately, with inconsistent officiating, it often worked.
My daughter, being Canadian, has a different threshold—she’ll only go down if her leg has been reduced to a stump hanging by a thread. By the end of the season, she’d learned to flop as well, but never got a free kick for it. She was simply too bad of an actor. Opponents however knew they could drape themselves all over her and kick her shins to pieces without consequences.

My daughter is a striker and racked up goals (18 for the season) so the local media noticed her. She appeared in news reports and the club made her and a Brazilian teammate the models on the club’s merchandise web page.

I took a sabbatical from my university to join my daughter in Spain for the last five games of the season. That also meant joining in the post-season civic celebrations, where sponsors, politicians, and community leaders honoured the team’s accomplishments—which included a special church mass where we received commemorative programs and images of the Virgin Mary.

Well, not exactly $15M million. The precise list price was $14,855,000, and if you add up all the digits  - 1+4+8+5+5 - they equal 23, which was Jordan’s number when he was a Chicago Bull. Number #23 wanted 23-price and nothing would budge him for a decade.

The sale finally closed in December 2024 with news media reporting the rice to be $9.5 million. That’s a 67% price reduction from Jordan's list price 13 years ago, but also represents a much greater cash loss when you factor in the original $29 million price was in 2012 dollars.

Jordan designed the house to fit his lifestyle and to accommodate his every personal whim. It has a full-sized basketball court, a cigar room, and some pretty impressive finishing in the living areas.

Jordan owns numerous other houses across the United States. He didn't grow up in Chicago or even Illinois. Jordan was born in North Carolina and even owned the Charlotte Hornets NBA franchise from 2010 until 2023. He is said to own two luxury residences in his Tar Heel home state, a house 30 minutes from the Hornets' practice facility and a condo in Charlotte itself. Add to that a winter getaway in Park City, Utah and a summer retreat in Jupiter, Florida. The gated community in Jupiter has an entire golf course which was designed by another sports legend, golfer Jack Nicklaus.

Local real estate investor John Cooper is the buyer. He's spotted an opportunity to leverage Michael Jordan's fame by converting it into a timeshare vacation resort. To own your own piece of NBA sports history, you'll need to fork out $1 million to own a share in the cooperative. That will get you a single one-week stay per year, although you'll also be able to bid on other weeks if they are free. Owners will be on the hook for 2% of the annual maintenance costs, which it's estimated will be about $25,000 per owner.

Here is the announcement John Cooper's Champion Point company made in January 2025 announcing the timeshare deal.

                    The photos below were made available to timeshare investors in January 2025 by
                                                                 ​ www.championspoint.com 

The Chicago Bulls have been pretty ordinary since the Michael Jordan-Scottie Pippin-Dennis Rodman dynasty ended in the late 1990s. But in March 2025, Bulls fans saw one of the most exciting endings to an NBA game ever, and it came against none other than the Los Angeles Lakers featuring basketball icons LeBron James and Luka Doncic. It's 12 seconds of pure sports magic! And a fellow Australian Josh Giddey rammed in the final dagger from 50 feet away to break Lakers' hearts.

 Some people dream. Others do. This house, it’s American owner, and its Dutch designer are doers.

There’s also room for a second bed up top in an 80 square feet loft. The cabin’s design is simple, elegant, and sparse. The surrounding landscape is meant to be the star of the show, not the building. ​

The Cabin  ANNA’s base cost is 437,000 Euros ($661,000 CAD / $476,000 USD), so not cheap. The one you see below cost an additional $300,000 USD once you factor in the shipping costs, building a slab, installation, and running utilities to the site. It came to the United States courtesy of lawyer Yvette Lanneaux ​because of COVID. 

Yvette Lanneaux was a lawyer before the pandemic, but then she decided to buy a Babydoll Southdown sheep as a pet while stuck at home in Princeton, New Jersey, despite never having worked with farm animals before.

Ms. Lanneaux took some online courses from the Cornell Small farms Program, the University of Vermont and Michigan State University. The content was so engaging, Ms. Lanneaux stopped practicing law, bought 60 wooded acres in Vermont, sight unseen, and launched a hobby farm. She cleared five acres, drilled a well, and slept on the flatbed of her truck. Sleeping in the truck got old, so she reached out to Caspar Schols after reading about his nature-embedded cabin, and what you see here is the end-result.

The Real Estate Division has its office on the 2nd floor, directly below mine, at the Sauder School of Business. I often see students attending classes in the evening, although I think much of the curriculum is now taught via Zoom.
 
We also offer realtor accreditation and licencing  courses for Alberta and Saskatchewan.
 
Sauder received some good news this month when it was ranked the top university business program in Canada by Macleans’ Magazine. We share top spot for program reputation and research with the University of Toronto. Of the 10 years Macleans has been publishing its rankings, UBC Sauder has held top position for the last eight years straight. https://macleans.ca/education/best-programs-by-reputation/

I am also a social impact entrepreneur. I enter communities that need development, meet with city officials to learn what their town wants, and, if the right fit can be found, build rental housing.

For instance, my Summerland-Magic Apartment Homes project (in BC’s South Okanagan region) began in 2023 as a land assembly on which 100+ purpose-built rental apartments would be built. I began sourcing the land 10 months ago and the project already met my social impact standard just be creating new rental homes. 

Tombstone Towns – Where the Elderly Stay Forever
Summerland is one of many Canadian municipalities in danger of becoming a Tombstone Town, a place where lack of population renewal sees young people move away and not come back. This demographic time bomb is a man-made disaster in slow motion.
 
The town has little rental accommodation - the rental vacancy rate is just 1.5%. Consequently, downsizers and empty nesters have nowhere to move to, so they stay in their large homes. This prevents new families from moving in because there are few rentable houses large enough for them. As this cycle continues over decades, Tombstone towns get hollowed out, lose their dynamism, and eventually begin to implode. 

Heavy backing will be placed in walls, which will allow the installation of bed and bath lifts, if tenants need them.

Four six storey buildings will fit onto the one-acre site, which is on the edge of downtown Summerland. All services are within walking distance, which is great for seniors and families.
 
The much larger city of Kelowna (30 minutes away) attracts most of the Okanagan’s regional development dollars. Which is why I’m motivated to build in Summerland, because who else will? Profits made in a small town are the same as those in a large one. Money is green, no matter where you earned it.

A New Idea is Born
For months, I thought building new rental homes was the end of the social impact mandate for this project.
 
But then I learned in a recent pre-application conversation with Summerland’s planning department  that the city is trying to open a hospital, but is $3M short of government funding. The old hospital was built in 1967, expanded in 1981, but then closed its doors in 2002. Summerland residents often have to leave town for basic medical care. 
 
The town’s GP’s are ageing too and would to close their practices. But there are no new doctors to hand over their patients to.
 
Problem Meets Solution: Building a Medical Care Facility
Entrepreneurs solve problems. This medical problem sparked my entrepreneurial curiosity and, as the conversation continued, a whole new aspect of the Summerland-Magic development was born. 
 
Plans are now being made to add a primary care facility on the ground floor of one of the four buildings. My developer partners and I will recruit general practitioners and other medical professionals to set up practices in this new centre. These professionals, who will come from across Western Canada, will also have the option of renting accommodation in one of the project’s other three buildings, creating a home-work separation, which also allows them to walk to work. That is a quality of life few urban areas can offer.
 
Designing Unique Housing for Dementia Sufferers
Additionally, the project will include rental apartments that are specially designed for dementia-sufferers. 
 
Dementia usually affects one partner in a relationship, while the other takes on a carer role. The Summerland-Magic project will allow the dementia-affected partner to live semi-autonomously in their own living space. The spouse will have the option to spend as much time as they wish with their partner, knowing they can always rent a separate unit in the building – or in one of the Project’s other buildings – for rest and self-care, because caring for an ill loved one can burn people out.
 
Summerland Magic Apartment Homes is scheduled to begin construction in the spring of 2025. The land is under contract and the purchase will close in December. If you would like to make an impact with your real estate investing while also making a difference, please reach out.
 
Investors are accepted on a first come, first served basis. The projected return for this deal is 18% for a three-year duration. Both registered funds and cash can be accommodated. This project has been structured so that both Canadian and U.S. investors can take part.
 
Cameron
 
The Educated Investor®
Redgum Real Estate 
Founder | Owner 
 
Lead Instructor
Law & Business Communications Group
Sauder School of Business
University of British Columbia
 
Helping busy people achieve market-beating returns by investing in large, lucrative real estate projects they would otherwise not have access to

The rental vacancy rate in Summerland is pretty much zero because there is little rental housing stock available. When empty nesters want to downsize, they are forced to stay put or leave their community. When seniors stay forever in their full-sized homes, young families have nowhere to move to, and the town’s population becomes top-heavy with older citizens. If this trend continues, you are left with hollowed-out Tombstone Towns.

As we age, we need more medical care. Medical facilities in Summerland are stretched The doctors and nurses who serve Summerland’s residents are ageing too. They want to retire, but there are no new doctors to hand their patients on to.
 
The city has tried to get financing from the BC government to build a healthcare facility for years. Approvals and partial funding are in place, but a $3M shortfall has stopped this project in its tracks. $3M is a massive amount of infrastructure money for a small town to raise.
 
I’m a socially conscious entrepreneur. When I hear about issues like this, I see a challenge worth accepting. It is a chance to do well by doing good.
 
I have four lots under contract beside Summerland’s downtown core. Every service a person could need is within a short walking distance. The initial plan when putting the land assembly together was to build up to 120 rental apartments in four six storey buildings. 
 
Most units would be designed with the special needs of the elderly in mind. Think wider doorways for wheelchairs, no carpet so that wheelchairs don’t get stuck, larger turning radiuses in hallways, especially when entering and exiting the elevator, and solid backing in walls and ceilings for when bed lifts and grab bars need to be installed.

Successful negotiation is all about finding common ground with your counter-party and making trade-offs. You get something you want, I get something I want. 
 
I want fewer parking spaces so I can build more homes. The town wants a medical facility. It needs young, entrepreneurial medical professionals to set up shop in town. But most new doctors today don’t want the drudgery of managing their practices. They want to practice medicine, not run a small business.
 
These are problems I can solve. I’m a real estate entrepreneur. I'm also a professor who teaches business management to executives, MBA students, and undergraduates at UBC in Vancouver. I know how to create and build companies. I know how to invest venture capital. I also know how to recruit medical professionals and run the business side of their practices.
 
This is doable.
 
By helping solve the problem of missing healthcare in Summerland, my development team and I can request compromise from the city on parking and setback requirements. Building fewer parking places will translate into more homes. 
 
A further option is to expand the medical facility to one entire building. Several floors could be designated as a full multi-use residential/medical centre. Level 1 and 2 ambulatory care could be offered on the first three floors floors, and rental apartments on the three floors above. 
 
We are even investigating whether one of the floors could be specially designed as a residence for dementia patients.

Dementia rarely affects both people in a marriage simultaneously.  One partner usually remains able-bodied and the other afflicted. 
 
Summerland-Magic Apartment Homes could offer the dementia-affected person a chance to live in their own private rental apartment on a specially-designed home-care floor of our medical building.
 
The unaffected wife or husband could live upstairs in their own, separate rental unit, close enough to spend quality time with their loved one, while having a separate living space they can call their own for physical and emotional down time.

As if this weren’t enough, there is one more big win to report on this medical.residential mixed-use concept.
 
Employees at the dementia care residence and the building’s medical staff can live in one of the other three Summerland Magic buildings.
 
With four buildings side by side, linked by connecting garden space, outside sitting areas, and walkways, doctors and their support staff will be far enough away from work that they can mentally separate, but close enough that they can stroll from home to the office in just a few minutes.

We all know that Canada needs more housing. When demand outstrips supply, the market's invisible hand should encourage developers to fill the gap. But housing projects are failing left right and centre.

Lenders are sending me and other liquid developers their portfolios of bust housing projects to pick over. They're often not worth buying though, because of bad pricing. Lenders and the projects' struggling  owners don't comprehend how overvalued their 'assets' still are.

This underlines a key premise of successful investing. You make a lot of your money on the way in by not overpaying. Buy low, sell high. Overpay and your chances of getting out whole are low when the business cycle shifts.

Buying real estate was easy before and during the early part of the COVID pandemic when interest rates were at historical lows and money was effectively  free. This was a dangerous time for amateur real estate investors and wanna be developers because they were led to believe their talent was responsible for their success, when it was really a cauldron of danger that was waiting to envelop them.

The flames were interest rates. Once those rose we realized who was wearing Speedos and who was swimming naked. We learned who knows how to run a successful business, and who was building a zombie empire ready to fold when the slightest breeze blew, taking all the GP's trusting, innocent LP's down with them

Why are so many large condo projects folding when demand is so high?

I was going to answer this myself but then I found a video  by the CBCs Andrew Cheng who did it more eloquently. Hats off to Andrew and About That, his daily CBC News Explainer videos  that unpack complicated topics in a simple, strikingly visual manner.

​All credit for the video below belongs to the CBC. Please visit them at  https://www.cbc.ca/ ​