Ugo Bizzarri, executive chair of Hazelview Investments, has spent three decades in Canadian real estate. Recently honored with the Rental Housing Canada Lifetime Achievement award, he believes the country still needs more rental housing.
A Career in Real Estate
Bizzarri started at the Ontario Teachers' Pension Plan after graduating from the University of Western Ontario. He moved into real estate and stayed. In 1999, he co-founded Timbercreek Asset Management, later rebranded as Hazelview Investments, with family and friends. The company now manages $11.2 billion in assets and 34,000 rental units across six provinces and 21 cities.
Why Rental Housing Matters
Bizzarri says rental housing is a critical component of Canada's housing needs, but it has been ignored for years. He notes that other countries have stronger rental markets, and Canada is underdeveloped in this area. He sees a trend where homeownership is declining and rental demand is rising, making rental a sustainable housing solution.
The Shift from Homeownership
Historically, Canada favored homeownership due to an immigrant mentality of building homes. However, Bizzarri observes a new trend: people selling their homes in upscale neighborhoods like Rosedale and Forest Hill to rent. Renters today seek flexibility, travel, and longer-term rental options, breaking the old stereotype.
Is There Too Much Supply?
Despite a recent boom in rental construction, Bizzarri does not believe supply is excessive. Relative to past near-zero construction, the current volume seems high, but considering the broader housing market including condos, Canada remains undersupplied. Condo construction has slowed, shifting focus to rentals.
Bizzarri remains committed to addressing Canada's housing challenges through continued investment in rental properties.
