What really drives value in Vancouver real estate — land, timing, construction costs, or market cycles?

In this episode of The Real Estate of Things, we talk with Vancouver real estate developer Tony Kaleel, President and COO of Northland Living, about how property development actually works behind the scenes. From land acquisition and financing to construction costs, market risk, and long-term city growth, Tony shares a candid look at what it takes to build housing in one of Canada’s most competitive real estate markets.

Tony also reflects on immigrating to Canada, learning the construction business from his father, and how those early experiences shaped his approach to development, leadership, and navigating market volatility.

Whether you’re a real estate agent, investor, developer, homeowner, or just curious about the Vancouver housing market, this conversation offers practical insights into how projects really come together — and where the industry may be heading next.

Talk with Scott Dempster anytime about all things real estate.

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Email: scott@scottdempster.com
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Chapters:

• (00:00) - Where real estate value really comes from — the land buy
• (00:14) - Show intro: What’s really happening in Vancouver real estate
• (00:36) - Meet Tony Kaleel — developer and industry leader
• (01:07) - Getting started in real estate development
• (02:41) - Immigration to Vancouver and early lessons in the business
• (04:19) - Family construction roots and entrepreneurial beginnings
• (06:03) - Work ethic, resilience, and formative experiences
• (15:30) - How development projects actually come together
• (27:45) - The real costs of building in Vancouver today
• (40:10) - Market cycles, timing, and managing risk in development
• (52:30) - Advice for agents, investors, and aspiring developers
• (01:07:20) - Learning through failure, persistence, and growth
• (01:07:55) - Final thoughts and closing takeaways