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Kate Rhatigan, with her brother and sister, runs Winterbrook, a home builder based in Dublin.

In our chat, Kate describes the contribution small builders like Winterbrook make to the supply of housing, describes what it is like working in a male dominated industry and tells a quite incredible story about why her face was on posters around south Dublin (hint: it was to do with planning).

More than anything, the discussion highlights the importance of small, family run construction businesses. They make up more than 60% of the housing market and are therefore a vital part of the solution to the housing supply problem.

Some items from the episode:

• Winterbrook Homes https://www.winterbrook.ie/
• Poor by Dr. Katriona O'Sullivan: https://www.easons.com/poor-katriona-osullivan-9780241996768
• Report of Housing Commission https://www.gov.ie/en/publication/f3551-report-of-the-housing-commission/

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We talk about our domestic problems a lot, but do we have any worse than other places? This month on The Build I speak with Mathieu Fleury of Leader Lane Developments who tells me all about how difficult it is to get building in Toronto, Canada. Some of their problems will sound very familiar, others are very surprising. Did you know the Canadian government will give developers 95% LTC financing at 50bps? I sure didn't.

The episode ventures deep into the evolution of Toronto's real estate scene over the last two decades. Discover how regulatory changes, such as the introduction of a green belt, steered developers towards high-rise condominium projects. Get an insider’s view on the meticulous process of developing a condominium, from zoning hurdles to securing pre-sales for financing. Mathieu and I explore the distinctive zoning dynamics of Toronto, including the challenges posed by the "yellow belt" and the scarcity of mid-density housing options. Mathieu also gives us some insight into mass timber construction, which he is now deploying at a mid rise development in suburban Toronto.

Some links from the episode:

• Leader Lane https://leaderlane.ca/
• Toronto's tallest building https://condos.ca/toronto/one-bloor-1-bloor-st-e
• Canada Mortgage & Housing Corp https://www.cmhc-schl.gc.ca/
• MLI Select https://www.cmhc-schl.gc.ca/professionals/project-funding-and-mortgage-financing/mortgage-loan-insurance/multi-unit-insurance/mliselect
• Book recommendation: https://www.amazon.co.uk/Nuclear-War-Scenario-compulsive-non-fiction/dp/1911709593

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Kate English from Deloitte succinctly explains the overwhelming amount of data that exist on the need for housing, along with some upcoming demographic trends that really matter. This episode is a must listen if you care about the future of the housing sector. And of course we talk about Taylor Swift.

Some details from the episode:

• Taylor Swift post link: https://www.linkedin.com/posts/kate-english-2a19a9a3_swiftonomics-consumerspending-hospitality-activity-7212476534991765504-LVjR?utm_source=combined_share_message&utm_medium=member_desktop
• https://www.esri.ie/housing
• Deloitte Crane survey: https://www.deloitte.com/ie/en/Industries/financial-services/research/crane-survey.html
• Book recommendation:
  • Easons: https://www.easons.com/the-accomplice-steve-cavanagh-9781409198758?gad_source=1&gclid=CjwKCAjw74e1BhBnEiwAbqOAjNmqRZy9nlQIZxuM92l8jnJXSM2X0BCvLX-M-QvDUXsJp6IVqrsRAhoCYMQQAvD_BwE
  • Author’s website: https://www.stevecavanaghauthor.com/

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Chris Wilson, the chief executive of Fairfield Real Estate Finance, takes us on a remarkable journey through his influential career in our latest episode. From his pivotal role at RBS during the financial crisis to navigating the complexities of the NAMA Project Eagle debacle at Jefferies, Chris brings a wealth of experience that is both insightful and eye-opening. You'll gain a deeper understanding of real estate debt finance and learn how alternative lenders like Fairfield are stepping up where traditional banks have retreated, particularly in the European property finance landscape.

Join us as we unravel some of the more controversial aspects of property finance. Chris shares firsthand accounts of notable transactions, such as the acquisition of Malmaison Hotels from RBS and his intricate work with Jefferies Loan Corps Europe post-Project Eagle. The conversation turns riveting as he details his collaboration with Pat Kearney on a significant resolution in Northern Ireland, shedding light on the intricate and often contentious world of finance, including the political fee funneling allegations that surfaced later.

We also confront the pressing challenges within Ireland's property development scene. From stringent planning regulations to the debilitating delays caused by Irish Water, these systemic issues are contributing to the housing shortage, impacting developers and young professionals alike.

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I'm back, and I'm here just to say thanks.

Disclosure of conflicts from Season 1:

• Episode 3 with John Downey, John did a little bit of work for a JV entity we were involved with a number of years ago but we have no current business relationship with his firm.
• Episode 4 with Fidelma McManus, no current or past business relationship with her firm.
• Episode 5 with John Dobbin, no current relationship with his firm, he did do some work for us in the past.
• Episode 6 with Colm McCarthy, Colm is retired now but he did some economic studies for us about 20 years ago which is how I met him.
• Episode 7 with Paul Mitchell, no current or past business relationship.
• Episode 8 with Ken MacDonald, we have an ongoing business relationship with Hooke & MacDonald.
• Episode 9, there were several guests, none of which we have any business relationship with.

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Join me in search of the elusive and fascinating cuckoo.

I am joined by a great group of guests including Sean Keyes from the Currency who discusses the media's influence on policy. Pat Farrell for IIP defends his supposed winged members and David Tilson from Cantor Fitzgerald explains why Leo doesn't need to fear the Lettuce just yet.

And you thought this was a boring housing policy podcast.

Links to items mentioned in this episode:

Housing is breaking brains: https://www.theatlantic.com/ideas/archive/2022/11/us-housing-supply-shortage-crisis-2022/672240/

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Ken MacDonald's illustrious career has shaped the Irish real estate landscape across five decades. Starting with a humble leaflet campaign back in 1967, Ken's journey has seen him play a pivotal role in the emergence of apartment living. Brace yourself for an anecdotal tour through time as Ken unravels the evolution of Irish property and its tryst with the new wave economy.

The conversation gets juicier as we dig into the culture of objections to development. We critically examine the political and legal systems and their role in nurturing an 'industry of objection' that has made securing planning consents an uphill battle.

Don't believe everything you hear about institutional investors! Our discussion seeks to debunk common misconceptions and emphasizes the importance of a balanced mix of small and large landlords in the rental sector.

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Paul Mitchell, Director and Co-founder of Mitchell McDermott talks about costs, viability, what is happening in other countries along with MMC and Sprawl.

Note: There is now an AI-generated transcript with each new episode. Please excuse any errors. I for one am grateful to our new robot overlords and any errors they make in transcription are obviously my fault as a human.

00:00 - Explaining quantity surveying to a 5 year old
00:07 - Apartment viability and why it doesn't exist
00:17 - Planning regulations and the effect on cost
27:30 - Removing kitchens and the travelling box
39:30 - Viability checking new regulations
48:00 - The Germans are also suffering
54:56 - Modern Methods of Construction (MMC)
1:03:48 - The Cost of sprawl

Reports and data mentioned in this episode:

Residential Construction Cost Study Report:
https://www.gov.ie/en/publication/2bf87-residential-construction-cost-study-report/

CORINE Map:
https://data.gov.ie/dataset/corine-landcover-2018

World Economic Forum report on the future of Construction:
https://www3.weforum.org/docs/Future_Scenarios_Implications_Industry_report_2018.pdf

The Cost of Sprawl in Canada:
https://institute.smartprosperity.ca/sites/default/files/sp_suburbansprawl_oct2013_opt.pdf

Are we repeating the mistakes of the past?:
https://mitchellmcdermott.com/apartments-construction-repeating-mistakes/