If the “gig economy” is actually a thing, then the “portfolio career” might just be the pinnacle position, and Jeanhy Shim an exemplary CEO. The condominium industry veteran not only has a enjoyed a number of varied entrepreneurial posts over her 30-year career, but has also helped start an impressive array of community initiatives.

“Community,” in fact, is central to everything she does. We sat down with Shim to explore her focus on business, family, helping people and living a healthy, grounded lifestyle – complete with Netflix and the occasional cry.

You have a lot of experience in the industry for some time and have enjoyed some wide-ranging posts. How do you assess the housing industry right now? The past two years have been strong in terms of performance, but there are challenges with supply, pricing and, of course, COVID…

I started working in this industry back in 1992, in the middle of a bad recession and amidst the rubble of the real estate market crash, so it’s been fascinating to watch our city grow both up and out, as our housing market has come back to life over the past 30 years. And it’s been interesting to see the condominium industry, in particular. It has changed over this time – essentially, from one that sold primarily to end-user buyers (typically younger first-time homebuyers and older downsizing empty-nesters) looking for a home to live in, to one that now designs and sells primarily to investor buyers banking on value appreciation, even before construction completion. This is not to imply that this is a bad thing; in fact, many of these investor-purchased condominiums are providing much-needed, new and more energy-efficient rental apartment supply. Instead, this structural shift points to how a combination of usual market cost pressures, increasingly opportunistic government policies and growing bureaucracy, has created a situation whereby selling to investors has become the only way to make projects work.

So, while the condominium (and overall housing) market has remained remarkably resilient in terms of sales and pricing, despite COVID, there is a growing imbalance in the condominium supply we’re building, in favour of a certain type of product for a certain type of buyer (smaller-sized units for investors). This is both a challenge and an opportunity for the industry and all levels of government looking forward.

If the various levels of government reached out to you for insight or advice on how to address the housing affordability issue, what would you suggest?

It all depends on whose affordability we are talking about. But regardless of whether we are talking about affordable homeownership or affordable rental housing, there is a severe shortage of housing supply across the board, in our big urban centres and smaller rural communities.

My one piece of advice is that governments at all levels should look at more “positive-outcome” policies that will incentivize desired outcomes. What we currently have tend to be “negative-outcome” policies that try to stop certain outcomes. Instead, governments should be acting as partners/collaborators/catalyzers to support, promote and enable certain desired outcomes.

There are already many examples, locally and worldwide, that have proven to work – such as tax incentives or abatements, density bonuses or policy exemptions. For example, in Toronto back in the mid 1990s, the Two Kings Regeneration policy enabled the redevelopment of derelict and abandoned warehouses and commercial spaces into what we know today as King West and King East. If it wasn’t for this pro-active role of government at the time, it is highly doubtful that these neighbourhoods would have become what they are today, or as quickly as they have.

Housing affordability is really becoming a serious issue, isn’t it… even to the point of it being a major federal election issue? What’s the solution… or solutions?

There is no magic bullet to solve this complex issue, as there are challenges facing Canadians of all income levels, except the highest income earners. But at its core, the problem here is we have an imbalance of supply and demand in this country. Prices are not rising because of foreign buyers or developers taking more profit. It’s Economics 101: if there is more demand than supply of an essential good, then prices for that limited supply will rise and continue to rise, as long as there are still enough buyers willing and able to pay the higher prices.

So, the solution is not to somehow stop or stifle demand, which seems to be the focus of our governments. Instead, as mentioned earlier, the solution is for governments to work with the housing industry to figure out how to enable more supply of the type of housing that hard-working Canadians need and want. We could also benefit from a shift in mindset, remembering that we live in a free-market economy where home builders are, in essence, providing a product in response to consumer needs. So, unless governments plan to get into the business of homebuilding, then everyone needs to remember that the purpose of providing more supply is for people first, but that making profits is also not a four-letter word.

What does your new partnership with PMA Brethour, PMA360, entail, and how did this come about?

PMA360 is a new division within the PMA Brethour Realty Group, and a testament to Andy Brethour’s entrepreneurial spirit. I’ve known Andy and his new CEO, Chris Markovic, for as long as I’ve been in the industry, but this is the first time we are finally working together. It was through our mutual involvement at ULI Toronto that Chris and I reconnected last year. In learning more about PMA and the things it was up to, I was impressed by how forward-thinking and pioneering the company is in all operations – sales training and corporate culture, but also in a humble way without shouting it from the treetops.

So, I took the opportunity to share an idea for creating a consulting firm that specialized in midrise neighbourhood developments focused on designing and selling to empty nesters and young families. With my experience at Streetcar Developments – the pioneers in midrise development – and my subsequent experience working with several other midrise developers, such as Rockport and Vandyk, I know how difficult it is to make these smaller buildings financially feasible. But I also learned how to make them work... and having the right sales team and sales strategy is a key part of the equation. When I shared this idea with Andy and Chris, they got it immediately – that there is a growing demand for midrise condominium buildings across the GTA, as the aging Baby-Boomers’ housing needs and lifestyle aspirations are changing, but they want to stay in the neighbourhoods where they currently live.

What’s your primary goal there?

Our goal is to enable the successful development of more smaller scale, boutique and midrise infill condominiums in neighbourhoods across the GTA and beyond, because the demand is already there and will only grow in future as our population continues to age. It is important that our housing industry be able to respond to all housing needs, and PMA360 will help ensure we can fill this growing need with our particular expertise in midrise condo and strategic infill neighbourhood development, construction, design, sales and marketing.

How will this be good for prospective homebuyers?

As our Baby Boomers become empty nesters as their now adult children move out of the family home, many are looking to downsize into smaller, more manageable homes that better suit their new lifestyles. But many don’t want to leave the neighbourhoods where they currently live, shop and socialize, and many don’t want to live in 50-storey towers with 500 neighbours. So, midrise infill condo buildings would be an ideal solution for this demographic, and in providing the type of housing for their changing needs, this would actually free up their family-sized single-family homes for the next generation of young families.

By ensuring we can create the wide range and variety of new housing supply that is needed, this can also help with our supply challenges by ensuring that existing supply is also recirculated into the market.

We understand you also recently founded and established two start-up companies – a not-for-profit affordable housing development company (Crosswalk Communities) and a housing innovation design firm (TashDesignCo)... How do you do it all?

Yes, I have a lot on the go – I believe it actually has a name – a “portfolio career” – but I’ve always been active in many things ever since my school days of being involved in student government and extracurriculars, while also working part-time and volunteering in my community. This has continued into my working life, as I juggle being a single parent and taking care of aging parents, with my various work initiatives and start-up companies and volunteer commitments. But I only do things that I love to do, and I only work with people who I love working with, and I surround myself with positive energy people. All of this actually gives me energy. (Plus, I eat a lot of kale, drink a lot of green tea and make six to eight hours sleep every night a priority.)

What can you tell us about Crosswalk Communities… and how much of a model for future projects is it?

Crosswalk Communities is a not-for-profit affordable rental housing development company that is exploring a new business model to enable us to provide geared-to-income rents to individuals and families earning less than $20 per hour, as well as access to general life support services, such as daycare, English as a second language, financial literacy and skills training. Our goal is to help our residents eventually move into market rental housing through their own hard work. Really, this is about helping hard-working, low-income Canadians break out of the cycle of poverty by providing the stability of a home and services that will reduce stress and enable their energies to be refocused on activities that will improve their lives and the lives of their children. My daughter came up with the name, thinking that we are helping people cross a busy street by providing a safe crosswalk.

And regarding TashDesignCo, what are they most notable housing innovation designs on the horizon?

Part of exploring a new business model to deliver more affordable housing is to look at all inputs in housing development, and that includes the physical buildings. TashDesignCo is a multi-disciplinary, hybrid “R&D plus execution” company essentially set up to look at ways we can physically design and build better buildings. Currently, we are exploring a concept design for a modular, wood construction multi-family apartment that achieves both net-zero embodied carbon and net-zero carbon energy operations. It’s a lofty goal, but we believe that addressing the climate crisis should be integrated into addressing the affordable rental housing crisis.

AND ON A PERSONAL NOTE

How have you managed during the pandemic? Taken on any new hobbies or acquired new skills?

Lots of wine and Netflix… just kidding! But seriously, staying connected with friends and family through phone, email, Zoom and outdoor distanced visits; keeping positive energy and people around me (and getting rid of negative energy and people); sticking to a routine, including proper sleep and fresh air/exercise; and letting myself have a good cry whenever I felt the need (which was quite often during the hardest times of the pandemic).

What, or who, is your greatest inspiration for what you do?

My mom and dad, and my daughter, Maya. My mom and dad modelled how to be resourceful, persistent, diligent, optimistic, generous and empathetic. And my daughter reminds me daily about the important things in life – to appreciate the little things, to be present and live in the moment, and to share at least one big, long hug every day.

What’s on your reading lists these days?

I currently have three books on the go – two non-fiction and one fiction: Value(s): Building a Better World for All by Mark Carney; The Great Indoors: The Surprising Science of How Buildings Shape our Behaviour, Healthy and Happiness by Emily Anthes; and Fugitive Pieces by Anne Michaels – an absolutely beautiful novel by this Toronto author and poet.