Feelin underpaid compared to figures i see in the states so i thought we'd see where we're at north of the wall
Market: Toronto
Type of shop: Non-bank lender
Experience: 2.5 in real estate/2 in financial services
Role: Senior CRE Operations Analyst (Funding/Servicing)
Firm Size: $36B MUA (just on commercial side)
Salary: $57k
Bonus: 5%
Hours: 50-60
Designations/Post undergraduate programs: N/A (Please comment if you have CFA/AACI, have done the PGCV/DULE program, or anything else applicable)
| +52 | Leave brokerage to be GP | 12 | 1d | |
| +46 | New Comp Database - Google Form (Now with Data Validation) | 24 | 1d | |
| +24 | Seeking Career Guidance in Real Estate Development Post-Graduation | 3 | 2d | |
| +23 | Spreads over SOFR/UST | 5 | 1h | |
| +23 | Going out on your own | 4 | 1d | |
| +22 | REPE/Development GPA | 15 | 4d | |
| +21 | Real Estate = complicated + underpaid | 15 | 1d | |
| +17 | Fisher Brothers | 6 | 1d | |
| +17 | MSRE/MSRED with no RE experience; Naive to think I’ll land a job afterwards? | 4 | 5d | |
| +15 | Can you exit from Fund to Asset management or Investment in Real Estate ? | 21 | 5h |
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I'll bite.
Market: Toronto
Type of shop: Developer
Experience: 7 years
Role: Mid-Level
Firm Size: <$1B
Salary: $150,000
Bonus: 100-150% (Equity Participation)
Hours: 60-80
Centrecourt?
.
Delete
Do you mind commenting on what your role entails?
Delete
Role: Financial Analyst
Firm Size: N/A, top 3 brokerage
Salary: $70
Hours: 50-60
Our market is so small that there is a 99% chance I know who you are
Nah
What’s the first letter of my name
Interested
Market: Vancouver
Type of shop: Brokerage
Experience: 2 years buyside / 2 years brokerage
Role: Analyst / Sales Assistant
Firm Size: N/A; large, national brokerage.
Salary: $48,500
Bonus: 150-200% (paid based on overall team production).
Hours: 50-60
Ouch
Canadian comp. is brutal, with Vancouver even more so. Although all-in comp is pretty good for 4 years in the biz.
Is Canadian CoL significantly lower than say Tier 2 cities in the US? If not then you guys are significantly underpaid..
You are correct - we certainly are underpaid in Canada considering how high the cost of living is in both Toronto and Vancouver. The house/condo prices in both these cities has significantly increased over the years.
We're comparable to Tier 1 cities just on demand vs supply. See link below for comparables
https://storeys.com/toronto-least-affordable-cities-world-2020/
Market: Ottawa
Type of shop: Owner/Operator
Experience: 3 in real estate + 2 in RE back office role
Role: Acquisitions Analyst
Firm Size: $2B+
Salary: $57,000
Bonus: 10-20%
Hours: 50-60
i'm a little surprised for this submission. Was kind of expecting more in general for an acquisition analyst
Yes I definitely feel I am underpaid lol, would love to see some other acquisitions-related comps on here.
This may be a shot in the dark, but does anyone know a way to get access to the REALPAC Canadian Real Estate Compensation Survey without paying the $6k non-member price tag? Strong list of participants so would definitely provide some solid insight into Canadian comp.
Do Canadian bonuses come in form of Tim Horton gift certificates?
SB'd but for real i got some Roots gloves and a scarf as like a covid gift/a thank you gift. That's pretty Canadian.
Nah, it’s usually in the form of Ketchup Chips
Source: i’m literally from Alberta
good god. can we pin this to the top of the RE forum please
I’d take it over McD GC anyday
Market: Toronto
Type of shop: REPE
Experience: 2 in real estate/3 in financial services
Role: Acquisitions Analyst
Firm Size: $1B AUM
Salary: $75k
Bonus: 20%
Hours: 50
Do you have any professional designations?
Updated the thread to include if you've done any post grad programs/certifications
Bump
can anyone else please share ?
e
Unless you're talking REIB, we're talkin CRE comps lol
ohhh mb
Not from experience, but I do think this is in the range for RBC's REIB group analysts.
Stupid question: Is everyone here posting their comp in CAD or converted to USD?
Looks like CAD to me
Damn bro, this shit's brutal.
Might come to the US after graduating.
I work in a pretty small shop and 2/6 of our dev team is Canadian haha.
Looking to make the jump too, how tf did they do it? H1B or TN?
Canadian CRE comps can be fucking brutal, especially when comparing analyst - associate comps to US counterparts. High COL in TO/Van as well is just salt in the wound...
On the plus side, they scale pretty well, but entry level is atrocious comparatively.
Market: Toronto
Type of shop: REPE
Experience: 2 in real estate (investment analyst for a mm developer)
Role: Senior Private Equity Analyst
Firm Size: ~$700M AUM
Salary: $95k
Bonus: 20 - 40%
Hours: 50
Do you have a professional designation?
Nah, not necessary for this industry/geography imo. I only have anecdotes but I've never seen a CFA etc...move up in the line.
Did you do anything before Real Estate or go into it straight from school?
Curious to know if you happened to come from a target school or had coop. trajectory was investment analyst for 2 years at a mm developer and then sr PE analyst?
Market: toronto
Salary:110K
Bonus - 50-60%
Role: mid level, investments/acquisition
Market: Vancouver
Type of shop: Institutional Developer
Experience: 0.5 YOE (Recent Grad)
Role: Analyst
Firm Size: $40B AUM
Salary: $70k
Bonus: 20%
Hours: 50-60
Designations/Post undergraduate programs: Passed CFA Level 1 Exam, pursuing remaining levels
Would you be able to specify the analyst role if possible?
I think the only institutional developer with an office in Vancouver is Quadreal?
Market: Toronto
Experience: 4 years
Role: Investment Associate
Salary: $105K
Bonus: 10%
Hours: 50-60
Firm aum?
Mid-sized developer
Job market in Toronto for investment/asset management roles is the hottest it has ever been (at least in my career and many others I've spoken with). Have friends/acquaintances with2 to 3 years exp interviewing for associate roles getting quoted $110 to $150K base plus min 20+ bonus. These aren't even what might be considered top shops. It's unreal.
Do you know which shops pay that much? I recruited/moved companies late last year and market rate for associates was $110K-$130K all-in from my experience. You could PM me if you don't want to post it here.
There are definitely some shops that pay associates that much, but they typically recruit at the analyst level and promote from within.
Interested
Which shops are we talking here? Can you PM?
I've been seeing Associate roles go for $100K - $130K but nothing going upwards to $150K with 20% bonus.
Thanks.
Interested in the shops you were talking about, $110-150 with 20%+ sounds insane. Please PM if you don't feel like posting here.
i dint know it was post mine thought it was a form that crappy how to earse it
Would love to know comp at Brookfield (with associated position) if anyone has any info
Sure, I'll give some names: Fengate, Harbour, Osmington, Woodbridge, Avison, CPP, Greybrook, Tricon. Slate/Brookfield will definitely be more $200K all in min.
Are you saying $200k for all of those places or just Slate and Brookfield? Also at what position, Associate?
Harbor Equity?
yeah that's their repe platform. I imagine this is all in at an associate level but even for harbour that seems alot
I am real estate investor looking to raise capital in the form of equity in a growing portfolio. We are offering finders fee on $1.5 million capital raising on deal close. Let me know if you can help.
Market: Vancouver
Type of shop: Lender
Experience: 6 in real estate
Role: Senior Underwriter
Firm Size: Non Big 5 Bank (National Bank, EQ Bank etc)
Salary: $95k
Bonus: 10%
Hours: <40 (especially with WFH and that well-known work/life balance in commercial banking)
Designations/Post undergraduate programs: CFA, and a few others
I'm thinking about moving to Toronto, what would be an appropriate increase in pay for someone like me to move?
Can someone comment on what's market salary for a new commercial underwriter at a non-bank lender? i last heard CMLS was offering 65k base in 2020 right before we got into COVID. Not sure if that's changed with inflation.
Just some other data points:
I recently received offers for development manager/associate level positions at kingsett/capreit/starlight/boardwalk-esque firms.
General range for these offers came in at 100k-125k base + 10-25% bonus. Will most likely turn down as there is no step-up in comp, title, or responsibilities from my current role.
Where are you based out of? It would be nice to connect! PM me if that works for you.
Market: Toronto
Type of shop: Developer
Experience: 5 years in real estate
Role: Senior Associate
Firm Size: $5B+
Salary: $210K
Bonus: Carried interest
Hours: 65+
Designations/Post undergraduate programs: MBA
Is this Centrecourt ?
Market: Toronto
Type of shop: Institutional Investor
Experience: New Grad
Role: Investment Analyst
Firm Size: $10B+
Salary: $100k
Bonus: 10-20%
Hours: 55-65
Guessing this is Slate, Tricon, or Hines at that firm size, unless you're at a pension (maybe CPP with that base?). Another large AUM shop would be Starlight, but they severely underpay.
Could be Kingsett. Certainly not Slate with how low the hours are.
I believe Canada and virtually all European countries are underpaid compared to the USA. I assume this is due to the nature of their high tax, high welfare economies. That comes at a cost for high finance when the companies can’t afford to pay higher salaries. That’s why finance como is higher in the usa, Hong Kong, Singapore etc because they have lower taxes.
Taxes are shit and comp is too compared to the US. Look at MF funds pay compared to the pensions or some "large cap" REPE funds here. Even more when you do the usd/cad conversion. COL is high in TOR/VAN too, not just NYC.
Market: Toronto
Type of shop: Bank
Experience: New graduate
Role: SS ER
Salary: $95,000
Bonus: 15-30%
Hours: 50-60 outside earnings season
Market: Toronto
Firm: non big 5 bank
YOE: 1
Role: commercial banking analyst
Salary: 85K
Bonus: 10%
Hours: 50
Any possibility for a profile like this to transition to any buyside role in the future? Or are there even any exits?
I think networking is going to be key if you're looking to break into buy-side. Join industry organizations like NAIOP and start chatting with investors and express your interest. Just don't be annoying and always asking for a job but moreso become a likable presence that they might bat for come recruitment time.
..
appreciate the contribution but this was meant more towards real estate as it's in the section
Anyone know what the comp is like at Sandpiper group in Vancouver?
Any comps for Hazelview?
Anyone knows comps at JLL? (i.e RE advisory associate role?)
much appreciated thank you
Anyone got salaries for entry level commercial mortgage underwriters for this year? Bank or non bank lender? I feel like starting for banks is 75 and non bank is 70 now with a 10-20% bonus
New data point. Equitable Bank Senior Underwriter 90k.
Hoping to reheat this thread. Interviewing for an Associate role in REPE (think Fengate, Harbour, Osmington, Avison, Greybrook, Tricon). Have been told the all in comp ranges from $100k-130k CAD. Hours presumably averaging 50-60 / week, with minimal travel (5-10%). How does this stack up to the industry as a whole in Toronto? Have legitimately no baseline outside of the other entries on this post. Any insight appreciated.
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How many YoE do you have? $100-$130k seems on the low end.
2.5 years in Corp Dev + Investment Banking, none in RE however
That is low. One of the firms you mentioned pays $150K base + $50K bonus + small % of project equity at the Senior Associate level, so I assume first year Associate would be closer to $150K-$165K.
Damn even big 4 makes more than some of yall with same YOE
I know! Even the big 5 banks make more than some buy-side folks.
Both are higher than you
Market: Toronto
Type of shop: REPE
Experience: 7 YOE
Role: Associate Director
Salary: $185K base
Bonus: 40% + 1.0% carry
Hours: 50-60
Would you mind sharing ball park range on what you expect that $ carry to look like annually?
Thought I'd share some important info with everyone here - look up the HighView Partners 2024 compensation guide for current benchmarks on Toronto and Vancouver compensation.
For the lazy, I'll summarize Investments compensation below for the Toronto area. These figures do not capture carry or co-invest, and I can attest that the bonus figures are pretty representative of average but there are outliers even at the analyst level that can scale to 40-50%, but these are the exceptions.
- Analyst: $75-95k base, 5-10% bonus
- Senior Analyst: $95-125k base, 10-15% bonus
- Associate/Manager: $140-170k base, 10-25% bonus
- Director: $175-220k, 20-35% bonus
- VP: $220-280k, 30-50% bonus
At Director/VP level carry definitely becomes more prominent.
From what you’ve seen is the $75k-$95k analyst representative of straight out of undergrad comp? Or is it more like $75k for new grad and $95k for analyst with 1-2 years experience?
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