Episode 104 - Toronto Under Construction with Ian Pinchin of Crestpoint, Kalliopi Karkas of RioCan, and Lee Piccoli of Fusion Homes

In Episode 104 of *Toronto Under Construction*, host Ben Myers convenes a high-caliber panel featuring Ian Pinchin of Crestpoint, Kalliopi Karkas of RioCan, and Lee Piccoli of Fusion Homes to dissect the current state of Toronto’s real estate market amid a downturn. The discussion centers on recent policy shifts, including Ontario’s elimination of HST on new homes up to $1.85 million and the $1.3 billion fund to convert unsold condos into rental units. Guests debate whether these measures will spur demand or merely help developers avoid deeper price cuts, with mixed views on their long-term impact. The panel also explores the challenges of mixed-use redevelopment, especially balancing retail viability during construction, as illustrated by the Dixie Outlet Mall insolvency. Key themes include the growing importance of design creativity, the shift toward purpose-built rental, and the strategic use of affordable housing to improve lease-up velocity. The conversation highlights a broader industry pivot toward differentiation, tenant experience, and long-term value creation over short-term speculation. The episode concludes with a rapid-fire segment revealing candid insights on industry practices—from developer ethics and AI adoption to the future of sales materials and the role of social media. Guests emphasize the need for policy neutrality, tenant-centric design, and disciplined capital management. Despite market headwinds, there is optimism that the current downturn will foster innovation, better project quality, and more sustainable development. The episode underscores a maturing market where experience, transparency, and community integration are becoming as critical as financial metrics.