Elite Projects Update

Dear Esteemed Partners,

As we step into the second quarter of 2025, I want to take a moment to reflect on the evolving landscape we find ourselves navigating and share with you how Elite Developments is rising to meet the moment with resilience, clarity, and optimism.

These past few months have brought with it a new set of complexities, most notably the economic consequences of the recently imposed tariff increases under the new U.S. administration. As many of you are already aware, the growing trade tensions, particularly the tariffs on key construction materials, are beginning to influence project timelines, procurement strategies, and cost structures across our industry.

At Elite, we are proactively addressing these challenges. Our development and accounting teams are conducting a thorough reassessment of all active and upcoming project budgets and proformas. We are using this as an opportunity to reevaluate and refine our approach across all phases of development.

For projects in pre-construction or planning stages, including projects slated for launch later this year, our marketing team is carefully studying market conditions and buyer sentiment to ensure we time our launches strategically for maximum impact and absorption. For select projects initially envisioned as condominium developments, we are now exploring a transition to purpose-built rental communities. This strategic shift not only offers cost efficiencies but also aligns with increasing municipal support for long-term rental housing solutions.

Despite the current uncertainty, our outlook remains optimistic. These headwinds, while real, are also cyclical. What gives us particular confidence is the depth of expertise and foresight within our team. We are not simply reacting, we are planning with precision and adapting with purpose. In addition, we’ve made key investments in both our people and our technology. Our team has grown, enabling us to move faster and work more effectively.

As we integrate emerging tools, including AI-driven databases and real-time partner communications, we are enhancing the way we operate and keeping our stakeholders informed every step of the way.

Our pipeline remains robust, with high-quality projects that reflect our continued commitment to thoughtful, resilient, and community-driven development. We are especially excited to announce that the Ambrose Condos nearing construction completion, with occupancy having already started as of April 7th, which stands as a testament to our ability to deliver value and innovation, even in challenging times.

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.


Yours Sincerely,

CEO, Elite Developments