The capital is there. The question is where to deploy it.

The challenge facing CRE leaders in 2026 isn't simply finding opportunities, it's determining whether the numbers still work.

Shifting interest rates, elevated construction costs, changing demand, and a more selective financing environment are making investment and development decisions harder to underwrite. Across CRE, investors, developers and lenders are reassessing pricing, risk and the conditions needed to get deals done. At Montréal Real Estate Forum 2026, we spoke with industry experts across the investment, development and lending sectors to understand how these pressures are playing out in practice, and what they mean for the decisions shaping the market.

Understanding today’s investment landscape

Aik Aliferas, Executive Managing Director, Institutional Property Advisor (IPA), offers a clear perspective on how investor behaviour has shifted over the past 24–36 months. His insights explore how private capital has stepped forward as REITs pull back, how softer rents and increased incentives are affecting operating assumptions, and how changes to immigration policy are influencing demand in Montréal. For investors navigating pricing adjustments, interest rate sensitivity and underwriting uncertainty, Aik provides a grounded view of how changing fundamentals are influencing acquisition strategies across multifamily and commercial assets:

The investment equation has changed: with capital becoming more selective, understanding the fundamentals behind an opportunity is proving just as important as the opportunity itself.

Rethinking the economics of development

Michel Grennan, President & Founder, Cosoltec, brings a developer’s perspective on the forces reshaping project feasibility. His insights explore how post-COVID land speculation created unrealistic pricing expectations, while rising construction and financing costs have fundamentally changed the economics of new development. He also highlights the growing importance of working alongside municipalities and aligning projects with community needs. For developers assessing whether a project can move from concept to completion, Michel offers a practical perspective on why land values, construction costs, financing and approvals can no longer be considered in isolation:

The development equation is being rewritten: projects that succeed will increasingly be those where land, costs, financing and community needs are aligned from the outset.

Navigating a more selective financing market

Charles Andre Roy, Vice President & Managing Director, Quebec, CMLS, provides a lender’s perspective on how financing decisions are evolving in the current market. His insights explore the importance of predictable cash flow, the cyclical nature of lender appetite and the growing role of alternative lenders offering more flexible financing structures, including longer interest-only periods. For borrowers navigating liquidity constraints and rate volatility, Charles Andre offers a real-world view of how stronger information, greater financing optionality and strategic lender engagement can improve execution certainty:

The message from the lending market is clear: in an uncertain financing environment, certainty, transparency and preparation can give borrowers a meaningful advantage.

The next chapter of CRE is being shaped by capital discipline

The pressures facing commercial real estate are making investment, development and financing decisions more complex, but they are also creating new opportunities for those able to navigate them with discipline. The perspectives shared at the Montréal Real Estate Forum 2026 demonstrate how investors, developers and lenders are recalibrating around changing fundamentals. From shifting sources of capital and tougher underwriting to rising development costs and evolving lender appetite, the market is demanding greater clarity around where value can be created.

The opportunity now is to move beyond reacting to market conditions and identify where disciplined capital, realistic assumptions, and strategic financing can create measurable value.

Want to continue the conversation? Join 800+ senior real estate leaders at the Ottawa Real Estate Forum this October, where industry experts will dive into how shifting capital flows, financing conditions, and market fundamentals are influencing the way real estate leaders invest and develop.