Why growth
Development value, then recurring income.
The Trust typically invests once projects are entitled, which reduces entitlement risk. Investors take part in the development value from construction through stabilization, followed by recurring income. Because the Trust both develops and holds, it controls the design decisions that set a building’s operating performance and resilience over its whole life.
“Would we want our families living here? That’s the test. Quality doesn’t mean expensive. It means making the right design decisions, the ones that keep a building from becoming obsolete, valuable for decades and earning returns for generations.”
Why now
A rare development window.
Housing affordability, population growth and immigration are driving long-term demand for purpose-built rental, and renter households are growing faster than households overall.
New housing supply is being switched off. Condo projects are being cancelled and starts have fallen sharply, just as the Trust’s pipeline is positioned to deliver.
Governments at every level are backing new rental supply through low-cost financing and relief on development fees and taxes, which improves project economics.
Accelerated depreciation on new purpose-built rental can reduce the taxable income allocated to unitholders and defer tax.
Sources: CMHC, Statistics Canada, CoStar, Urbanation. Program availability and eligibility vary by project.
What we build
Modern rental communities, built to own.
Well-located, supply-constrained Canadian markets near transit and amenities.
Institutional-quality, community-centred rental homes with mixed-income housing and active ground-level community space.
All-electric buildings designed for the 2050 climate, with heat pumps, prefabricated mass timber and rooftop solar.
Standardized design and prefabrication from a 25+ person in-house team.
Where we build
Purpose-built rental communities in growing, supply-constrained Canadian markets. Each site is selected for transit access, depth of rental demand and a clear path to approvals.
Sustainability
Beyond sustainability, the financial imperative.
Low-energy, resilient buildings are a risk-mitigation and value-creation strategy, not a premium sustainability play. Heartwood builds them as institutional assets that hedge against energy costs, regulation and climate risk.
Buildings designed to use at least 65% less energy than a comparable code-minimum building, lowering operating costs from day one.
Smart, connected controls let us monitor and adjust heating, cooling, security and mechanical systems remotely, cutting costs and responding faster.
Natural materials, abundant light, fresh air and shared spaces such as gyms, outdoor areas and community lounges retain residents year over year.
All-electric buildings that burn no fossil fuels on site, built to our environmental standard from the start.
What it delivers
Development value today. Stabilized income tomorrow.
Team and governance
Experienced leadership, independent oversight.
Founding partners Tim Blair and David Constable lead a 25+ person team. Five independent trustees provide oversight.
Tim Blair and David Constable
Sam Sivarajan, Miriam Gurza, Sarah Saso, Ray Williams and Mike Evan
Invest with us
Build the next generation of real estate with us.
Dylan KentDirector, Capital Markets
Dustin BuenaventuraDirector, Business Development