The Real Estate Espresso Podcast

Michael Matthew is a CPA based in Toronto Canada specializing in international tax for real estate investors. He has both Canadian and US clients. On today's show we are talking about some of the distinct differences between the Canadian and US Tax code. To connect with Michael, email michael@askmichael.ca.--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today’s show we are talking about what I consider to be the number one risk in any construction project. This is one of those activities that forms part of the substrate of the project, but in a customer visible sense adds zero value to the project. It’s necessary, but unwelcome. Furthermore, it’s the number one area where subcontractors notoriously overcharge their clients. I’m talking about excavation, site preparation, backfill and grading. All of this falls into the category of dirt work.At the core of this work is a high quality geotechnical survey. The geotech tells you the condition of the soils beneath the surface. Some conditions might be suitable for construction, and others not. --------------*Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

When people talk about investing, they often speak as if there is a single correct approach. In reality, there are multiple styles of investing, each rooted in a different view of markets, human behavior, and risk. Confusion arises when investors mix these approaches without realizing they are playing different games. Three of the most common styles are value investing, momentum investing, and arbitrage. All three can work. All three can fail. And most importantly, all three require very different skills, temperaments, and operating environments. Understanding the differences is not academic. It determines whether you are acting intentionally or gambling unknowingly.----------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

When investors look at silver’s performance over the past two years, it’s tempting to focus on the headline numbers. Silver is up significantly. In percentage terms, it has outperformed gold, platinum, copper, equities, and bonds over much of that period. That fact alone has drawn attention. It’s up 180% over the past 24 months. But as with any asset, the more important question is not what went up, but why, and whether those forces are durable.------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On August 7, 2025, the Supreme Court of British Columbia delivered a decision that has captured international attention across Canada and indeed any country that has its legal system based on British Common Law.The Supreme Court ruled that 750 acres which now form part of the urban center of a Vancouver suburb have aboriginal land rights which precede the current system of land registration. They ruled that the title must be shared, but didn't say how. ----------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today's show we are looking at ways to optimize revenue for parking assets. Parking lots are often dismissed as low-yield, interim uses of land. In reality, a well-positioned parking asset is not a commodity, it is an operating business with multiple revenue levers. Most underperforming parking lots suffer from one problem, they are treated as passive dirt rather than an actively managed service.------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Spencer Patton is based in Atlanta where he is part of Calgary headquartered ICM Asset Management. On today's show we are talking about managing uncertainty. Spencer's company is actively invested in office, residential and industrial in both the US and Canada. To connect with Spencer, visit https://www.icmassetmanagement.com/------------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Jim Whitesides is based in St. Louis Missouri. On today's show we are talking about the use of a captive insurance company to save a bundle on insurance and to lower your tax exposure. This is an extremely informative conversation. To connect with Jim, visit sound-tract.com or call him directly at 314-363-9659 .--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today’s show we are talking about the design of an ideal one bedroom apartment. Architects can lead a project down a dead end path. If left to their own devices, architects can design what they think the market wants, but it’s only from a perspective. The design process needs to be constrained to fit the needs of the market from a product definition point of view. It usually starts with design thinking about what the market demands with a knowledge of the competition and what the competition is building. At the same time the project needs to meet the cost, lifestyle, function, zoning, building code, and affordability in the market. Finally, the product has to meet the constructibility criteria for the local trades in the market. You might have an idea to build apartments that have plenty of space. In a competitive market, you don’t want to build the exact same thing as everyone else. --------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [podcast@victorjm.com](mailto:podcast@victorjm.com)  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

We are accustomed to the idea of growth. We love it when the wind is at our back and progress is effortless. We have experienced a lifetime of growth. If a growing market is an underlying assumption, then most people are unaware that they are operating with the assumption of growth. Growth becomes a law of nature, a little like gravity. What would change in your strategy if you needed to win in a shrinking market? Canada experienced the first major drop in population this past quarter. Outside of a slight drop during the height of the pandemic, this quarter is the first time that Canada’s population has declined in at least the past eight decades. The trend is not limited to Canada. The US administration has set much more stringent immigration policies over the past year. The policies continue to evolve with citizens from a total of 39 countries now barred from entering the US, even as visitors. This is largely a reaction to the near open-doors policy of the previous administration. The US and Canada are not a strangers to shrinking population. Internal migration has caused population to shrink. The gains in the sunbelt have been at the expense of loss in the rust belt. Detroit has lost more than 50% of its population since the 1970’s. Cleveland has lost 60% of its population since the 1950’s. Immigration is the pathway to maintaining population and to maintaining economic growth. I’m hopeful that these reductions are a short term reaction to periods of excessive growth and that both countries the US and Canada return to a more normalized immigration policy that recognizes the significant necessity and long term benefit that comes from a functioning immigration policy. -----------Real Estate Espresso Podcast:  Spotify: The Real Estate Espresso Podcast Website: www.victorjm.com LinkedIn: Victor Menasce YouTube: The Real Estate Espresso Podcast Facebook: www.facebook.com/realestateespresso Email: podcast@victorjm.comY Street Capital:  Website: www.ystreetcapital.com Facebook: www.facebook.com/YStreetCapital Instagram: @ystreetcapital