Elite Projects Update

Dear Esteemed Partners,

As we reflect on the second quarter of 2025, our priority remains navigating today’s market environment with clarity and purpose. With over 40 active projects in motion, our team continues to operate with agility, focus, and a steadfast commitment to long-term value creation. The reality is that the 2.75% interest rate remains in place, and we will not sugarcoat the challenges this presents. Even so, we are pressing forward: strategically evaluating each project, identifying the best-case scenario for every opportunity, and positioning ourselves to benefit when market conditions inevitably turn in our favor.

The Canadian real estate sector continues to shift, with evolving municipal housing policies and the ongoing impacts of supply chain volatility. These forces are reshaping how and where we build. At Elite Developments, we see this period not as a setback but as a moment to recalibrate and adapt with intention. In response to these broader market conditions, we are actively pivoting several strategies across our portfolio. Our internal teams are working collaboratively and creatively to move around existing barriers, from restructured budgets to refined designs in order to ensure we remain well positioned both now and into the future.

One of the key advantages for us today comes from the disciplined, conservative approach we applied at the inception of many projects. This foresight was intentional when we first structured our deals, ensuring we factored in flexibility to navigate exactly the kinds of scenarios we are experiencing now. As market realities shift, this foundation enables us to adjust timelines, adapt to changing inputs, and protect both long-term value and quality. These are not hypothetical situations - they are real, they are happening, and our partners can take confidence in knowing we anticipated and prepared for them.

Most notably, we are very proud to share that our project, Ambrose Condos, is now officially complete and fully occupied. This is a significant milestone for our organization, as it is our first mid-rise condominium project. It is a moment of pride and proof of what we can achieve together after years of hard work and dedication. While most units have successfully closed, a small number became available due to purchasers being unable to complete their transactions as a result of market conditions and changes in lending requirements. This presents a unique opportunity: in certain cases, purchasers’ forfeited deposits can be applied as credits toward the purchase price for those stepping in to acquire these units. Rather than releasing them to the open market, we are offering our partners the first opportunity to benefit from this advantage. Please contact partnerrelations@elitedevelopments.com if you would like more information.

Looking ahead, our pipeline remains strong, and our commitment to building vibrant and sustainable communities is unwavering. We are particularly encouraged by the increasing openness of municipalities to purpose-built rentals, and we are actively evaluating where such repositioning will create long term benefit for both our partners and the communities we serve.

Above all, we are deeply grateful for your partnership, your trust, and the shared vision that continues to guide our work. Your support allows us to meet challenges head on and to continue building with confidence, creativity, and care.

We look forward to sharing more updates as we head into the second half of the year.
Thank you for your partnership.

Most importantly, collaboration with our partners, whether institutional, municipal, or community-based, remains at the heart of our success. Your support, patience, and shared belief in our vision are what allow us to continue building the kinds of projects that make a lasting impact.

Thank you for your continued trust and partnership. While we are navigating a shifting landscape, we do so with clarity, conviction, and a strong sense of direction.


Sincere regards,
Hamid Hakimi

Chief Executive Officer
Elite Developments