Can we talk Canadian Comp?

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)

Region

Real Estate Modeling Course

  • Real-life RE Modeling Tests from actual Interviews
  • Various asset classes including multi-family, commercial and more
  • Huge discount - until more tests and cases added

Comments (69)

  • Analyst 2 in RE - Comm
Aug 9, 2021 - 12:55pm

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

Aug 9, 2021 - 1:07pm

Market: Toronto

Type of shop: Big 4 (Advisory - Real Estate)

Experience: 3.5 years (including audit/accounting exp)

Role: Senior Consultant (Advisory - Real Estate)

Firm Size: N/A, Big 4

Salary: $82,000

Bonus: 5% 

Hours: 50-60 on average (up to 80-90 during peak "busy" season)

IB - Coverage
  • 1
Aug 10, 2021 - 10:53am

Yea sure. We're often tasked to provide our opinions and assess the assumptions used by Management in their real estate val models (i.e. cap rates, NOI calcs, FV of IPs, etc.) or help management build valuation models for their IP or developments. This can be for several different reasons: financial reporting, transaction due diligence, internal valuations, etc. Clients will often ask us to help them determine appropriate cap rates (OCRs, IRRs, and TCRs) for their models/properties, which entails doing lots of research based on asset class, geo, and comparable transactions and building out a model that is sensitized for high, low, median. We maintain a large database of real estate research that helps us determine the reasonableness of inputs and property values. Given we are a Big 4, we also provide valuation services to any of our real estate audit teams internally. Given IFRS requires IP to be fair valued at each reporting period, we are often reviewing the IP fair values for our audit clients (which are mostly large publicly traded REITs in Canada and the US).

IB - Coverage
  • 2
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Aug 9, 2021 - 9:13pm

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

  • Analyst 2 in AM - Equities
Aug 10, 2021 - 3:19am

Is Canadian CoL significantly lower than say Tier 2 cities in the US? If not then you guys are significantly underpaid..

Aug 10, 2021 - 6:14am

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.

IB - Coverage
  • Analyst 3+ in RE - Comm
Aug 10, 2021 - 10:00am

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

Aug 11, 2021 - 11:43pm

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...

Aug 19, 2021 - 5:54pm

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

  • Intern in RE - Comm
Oct 5, 2021 - 10:28pm

I think the only institutional developer with an office in Vancouver is Quadreal?

Sep 28, 2021 - 10:36pm

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.

Sep 28, 2021 - 10:59pm

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. 

  • Prospect in PE - LBOs
Sep 30, 2021 - 1:17am

Are you saying $200k for all of those places or just Slate and Brookfield? Also at what position, Associate?

Sep 30, 2021 - 3:51pm

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.

Sep 30, 2021 - 5:31pm

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Oct 3, 2021 - 10:00pm

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  • Associate 1 in RE - Comm
Oct 4, 2021 - 6:15pm

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Total Avg Compensation

October 2021 Investment Banking

  • Director/MD (10) $853
  • Vice President (39) $363
  • Associates (228) $232
  • 2nd Year Analyst (137) $154
  • 3rd+ Year Analyst (30) $147
  • Intern/Summer Associate (103) $143
  • 1st Year Analyst (499) $135
  • Intern/Summer Analyst (384) $83