Guiding Growth in Canada’s Secondary Markets 

When most people think of real estate, their attention often turns to the headline-grabbing, high-value deals done in Canada’s largest cities. Yet, some of the most meaningful growth is happening in smaller, less saturated markets—where local developers are not only building new homes and businesses, they’re shaping the future of their communities, finding innovative ways to overcome challenges, and unlocking opportunities that might otherwise go unnoticed. 

Navigating Opportunity and Challenges 

Across Canada’s secondary markets, developers are searching for ways to build thriving communities while navigating the complexities of real estate financing. Many come from homebuilding backgrounds, eager to take the next step—whether it’s moving from duplexes to townhomes, or tackling their first multi-family project. 

With growth comes new opportunities and unique considerations.  As builders scale, they encounter new requirements around financing, documentation, and project management, which often involves learning new processes and building new relationships. 

At the same time, lenders—often based in major urban centers like Toronto or Vancouver—may not always have firsthand knowledge of the nuances and strengths of these local markets.  

The result? Potential roadblocks in financing, risk aversion, and missed opportunities for both sides.  

The good news? When builders and lenders work together to understand each other’s perspectives, they can overcome challenges, reduce risk, and create a successful project that both sides feel good about. 

Involving the Guide with the Path to Success 

Enter Andrew Howard, Director of Origination at Canada ICI. With a unique background working at CMHC, Andrew brings a fresh perspective to secondary market financing. He’s not just facilitating transactions—he’s guiding borrowers and developers through every stage of growth, helping them structure their businesses, prepare for scaling, and building the relationships needed for success. For lenders, Andrew provides boots-on-the-ground insight, revealing the truth of what’s happening in local markets and making the case for investment. 

Shaping Communities using Strong Insights 

Andrew’s approach is holistic. He leverages Canada ICI’s national data and team expertise, drawing on insights from deals across the country to inform local strategy. He helps clients understand market specifics: what should work, what might not, and how to structure their projects for approval and financing. From prepping financials to building relationships with appraisers and city officials, Andrew provides a clear roadmap—what to build, when to build, and how to build it. 

“Helping these groups scale up and understand what’s coming at the next step is what’s satisfying. It’s early prep, guiding them through corporate structuring, budget preparations and introductions to third-party providers. Ultimately, structuring their business for growth.” says Andrew Howard.   

As an expert at ICI, Andrew’s work goes beyond transactions. He is deeply involved in the communities where he operates, helping clients shape neighborhoods and build lasting relationships. Whether it’s expediting permits by connecting with city hall, or advising on sustainable growth near new hospitals, Andrew’s community-based approach ensures projects benefit both the developer and the wider community. 

The Outcome in Secondary Markets 

The results speak for themselves. Developers who once built single-family homes are now tackling multi-family projects with confidence. Lenders are gaining a deeper understanding of local markets, leading to more flexible financing, more diversity in their loan portfolio, and successful deals. Communities are growing sustainably, with new housing, jobs, and infrastructure. 

Even a straightforward term deal can open better financing, allowing a developer to reinvest in new projects and keep the momentum going. This ongoing cycle benefits the local market, creating jobs and opportunities for people to spend and invest within their communities. 

Prince George, BC, stands out as a prime example of how collaboration in smaller markets leads to success. Developers benefit from a close-knit environment where relationships matter. It’s not uncommon for a client to visit City Hall and speak directly with the staff to help move a project forward. Local officials, city councilors, and community members often share a common goal of getting projects approved efficiently, which helps streamline permitting and rezoning. This spirit of cooperation fosters confidence, allowing developers to plan budgets and allocate resources with greater certainty. 

Looking Ahead & Keeping Up Momentum 

One thing is clear – there is optimism about the future of secondary markets. While major cities face challenges like high costs and slower absorption rates, secondary markets offer advantages such as cheaper land, faster approvals, and lower construction costs. Population trends and shifting investment strategies are driving more developers and residents to these regions. This not only aids in creating new housing stock but also adds critical warehousing capacity to support local industry.  

“I’m definitely bullish overall, especially with the potential growth in the resource sector. We’re seeing it already—developers are investing in secondary markets for rentals, as the proformas look drastically different compared to major urban centers.” notes Andrew Howard. 

As Canada’s secondary markets continue to evolve, the value of local expertise, collaboration, and community-driven development becomes ever more apparent. Leaders like Andrew Howard are proving that with the right guidance and relationships, smaller markets can thrive. Because at the heart of every vibrant community is a builder or developer whose vision and determination transform possibility into reality, creating vibrant communities, resilient economies, and new opportunities for everyone involved.