> Do you have another theory I do (becuase I've heard it from a buddy of mine who's an MD at a Bulge Bank) - there is no capital to invest in consumer real est

> Do you have another theory I do (becuase I've heard it from a buddy of mine who's an MD at a Bulge Bank) - there is no capital to invest in consumer real estate anymore. Large portions of that industry died out in 2008-12, and capital for large real estate projects like a housing community tend to be allocated 2-3 years before ground breaking, and then an additional 1-2 years to build. So to build a brand new community by 2020, you should have done all the leg work in 2014-16. And to build a new one today, it should have been done in 2019-20. Any pipeline that even existed is now dead, because manufacturing construction was the asset class of choice in the 2022-24 period along with high interest rates (making projects much more expensive) and tariffs on Canadian lumber, so the housing shortage is about to get even worse.