Wednesday May 2, 2018 marked the date of the 7thAnnual Property Summit at One King West in Toronto’s Financial District.
RPS hosted a room full of 150 senior representatives from Canada’s residential real estate and mortgage industries including the major banks, mortgage lenders and insurers as well as other key industry stakeholders. Our goal of the day, as in years past, is to bring together our clients, partners and industry stakeholders for meaningful dialogue about the residential real estate industry – including market trends, issues and its future. The event agenda included a keynote address by the Chief Executive Officer of the Ontario Real Estate Association (OREA), Tim Hudak, and three panels comprised of distinguished industry leaders. A more comprehensive breakdown of the event follows.
James MacQueen, Executive Vice President of RPSand the master of ceremonies of the event, kicked off the morning with a warm welcome and thanked all for attending our 7th annual Summit, the first year of which we are branded as RPS. Mr. MacQueen was proud that RPS was able to broker such meaningful discussions, by bringing a diverse and “all star” group of panelists and moderators covering some of the most important topics affecting the future of our industry.
Tim Hudak, Chief Executive Officer of OREA delivered the event’s opening remarks. Mr. Hudak’s keynote address included OREA’s two main objectives, which are pro-home ownership and smart regulation. In addition, Mr. Hudak shared his perspective on OREA’s newly released and topical research on home ownership and millennials. Thanking Mr. Hudak for his opening remarks was Spencer Enright, President and Chief Executive Officer at RPS.
The Economic Panel was moderated by Mr. Enright. The session included three of Canada’s leading and most respected economists:
These panelists provided their insights and outlook for the housing market and the global economy as well as the Canadian economy with direct links to house prices.
This panel was moderated by Sam Carnovale, Director, National Accounts at Canada Mortgage and Housing Corporation. The Panelists consisted of:
There have been many significant changes in the residential real estate and mortgage industry over the past year and a half – from policies that affected both conventional and insured mortgages, to higher interest rates and much more. As a result, the options and alternatives available to consumers have changed meaningfully causing more consumers to turn to other mortgage options, including alternative lenders, mortgage investment companies,and private lenders. This panel provided insights on the impact they are seeing in these market segments – from volume, to funding and pricing, as well as credit quality, amongst other aspects.
The session was moderated by Yair Weisblum, Partner, Financial Services at PwCand included three panelists:
Various forces are conspiring to disrupt traditional financial services - from consumers who are demanding more digital experiences to new technologies, as well as FinTech startups with novel business models. Rather than just adapting, these leading financial institutions are driving the digital disruption with innovation. The panelists shared their success stories, including how they are leveraging intrapreneurships, investment in experts and emerging technologies like blockchain and AI as well as engaging employees in digital workshops, among other interesting initiatives. In addition, the panelists also provided their outlook on digital trends and the future of financial institutions.
Thank you to our speakers, panelists, and attendees for making our annual property summit a great success. Your presence and participation was greatly appreciated. For those of you who couldn’t make it, we hope to see you next year!
Yvonne von Jena
Head of Innovation & Marketing