Last month, Greystar named John Wilbeck as its new head of business in Canada, to be based in Vancouver.
The Charleston, S.C.-based company, which operates about US$320bn ($439bn) worth of real estate around the world, intends to grow its presence in Canada.
Wilbeck joined Greystar in 2021 and has been overseeing the company’s expansion. He previously was a managing director at Hines, working on development projects in Western Canada.
Wilbeck spoke to Green Street News about Greystar’s plans for a greater presence in the Canadian market.
What is the vision for Greystar’s growth in Canada?
Growth for Greystar in Canada is multifaceted and strategic. As managing director of Canada, I lead all our Canadian operations, ensuring we capitalize on opportunities across the country. We are headquartered in Vancouver and have established teams in Vancouver, Toronto and Victoria.
“Our development pipeline is robust, showcasing our commitment to expanding our footprint and delivering high-quality rental housing across Canada”
Our development pipeline is robust, showcasing our commitment to expanding our footprint and delivering high-quality rental housing across Canada. Additionally, we’re focused on expanding our third-party property management business, leveraging our expertise to provide top-tier management services in this growing market.
What is the focus in terms of rental properties for Greystar?
We acquired the University Heights Shopping Centre in Saanich, B.C., in March 2022, and are well underway on constructing a 593-unit multifamily rental project with over 110,000 sq ft of grocery-anchored retail.
The first phase, comprising 134 units at retail grade, is set to deliver this fall, with the remaining units delivered on a phased basis through 2026. This project will provide much-needed rental housing to the Saanich market and is expected to attract a mix of conventional and student renters due to its proximity to the University of Victoria.
Does Greystar see student rentals as a priority, or is this one just a good opportunity?
Both conventional and student housing are the top priorities in the country. Beyond our development in Saanich, which will attract students, we recently submitted two rezoning applications in Vancouver for conventional renter.
The first is at 1527 Main Street. We proposed a 371-unit multifamily rental property across two concrete high-rise towers with a retail component upgrade. The second at 1770 West 12th Avenue, our application is for a 244-unit multifamily rental property, also including a retail unit upgrade.
“We are actively expanding in the east, with our first site acquisition in the region expected to close in the fall”
Lastly, our growth is not limited to the west. We are actively expanding in the east, with our first site acquisition in the region expected to close in the fall. This will mark a significant step in our national expenditure strategy.
If you could summarize what you see as Greystar’s priority to make your expansion to realize your expansion goals, what would that be?
Development in both conventional and purpose-built student housing, as well as expansion in third-party property management.
What are some of the opportunities in the Canadian market right now?
The Canadian market presents several compelling opportunities, particularly in addressing the severe housing shortage. As a global leader in rental housing, Greystar is committed to providing much-needed rental housing for both conventional and student renters.
“We see substantial room for improvement in property management within the Canadian purpose-built rental market”
Additionally, we see substantial room for improvement in property management within the Canadian purpose-built rental market. By expanding our third-party property management business, we aim to enhance the quality and efficiency of rental housing management, benefiting both property owners and residents.
Our focus is on developing a range of product types from attainable wood-frame housing to concrete, high-rise buildings providing diverse housing options in Canada.
How do you differentiate between the Vancouver, Edmonton and Calgary markets, and does that change your approach in each market?
Each of the markets we’re seeing just a severe housing shortage relative to population. No one’s projecting a decline in population. Each of those markets I think really present an opportunity for us at this time.
So at the moment, where do you think the Vancouver market will be a year from now?
Well, looking at it, I anticipate that continued cuts to interest rates will spur more development activity next year. Lower interest rates typically reduce the cost of borrowing, making it more attractive for developers to invest in new projects.
In turn, this should lead to an increase in the supply of rental housing, helping to alleviate some of the current market pressures. Additionally, with Greystar’s growing presence and active development pipeline, we are looking to capitalize on these opportunities, expanding our footprint and addressing the housing needs in various Canadian markets, in particular Vancouver.
