RECONalytics provides a description of the data collection and research methods used at RECON Housing Market Research, to deliver accurate, timely and unbiased multifamily, housing and rental apartment market research and analysis for Developers and Investors. Our expertise is in the collection, interpretation and synthesis of real estate market data, to deliver a clear picture of market dynamics as required by our clients.

2. RECON Real Estate Market Research provides real
estate market intelligence and analysis of housing
markets including multifamily residential and rental
properties. With our intensive housing market and
economic research, expertise in real estate and in-
vestment analysis, quality data and reporting, we
add value to the real estate investment process and
help real estate developers and stakeholders make
informed business decisions to maximize project po-
tential. The scope of our services ranges from data
provision, market and feasibility studies to custom
research solutions.
P. 416.476.8525
E. INFO@RECONSULTANTS.CA
@RECONresearch
www.RECONsultants.ca
CONTACT US
MARKET COVERAGE
“We use RECON market intelligence to gauge our
own performance against the market and to see
how we are performing in individual submarkets
per quarter and prior to making any investment or
development decisions.”
- A multifamily developer and owner
“What we look for in RECON data is general mar-
ket performance, submarket performance, detailed
information on our target customers and evidence
to support achievable market rents. We believe
RECON has the best read on the market. “ - A multi-
family developer
RECON collects and analyzes data for
all major Canadian markets. Our data
is collected at the property-level, allow-
ing our clients to make decisions based
on local market conditions and competi-
tion, in addition to trends in the broader
market area.
Submarket and Census Tract spe-
cific data enables a complete ex-
amination of the forces affecting
the returns on a multifamily resi-
dential investment or develop-
ment.
SOLID DATA + SOUND ANALYSIS =
SMART DECISIONS

3. WHO WE ARE
RECON Real Estate Market Research is a leading provider of multifamily real estate consultan-
cy and market intelligence. We are expertly equipped with experience in multifamily market re-
search, analysis and development to provide you with insights and strategic guidance to successfully
navigate the condominium and rental apartment markets.
Based on superior proprietary data sources, advanced research capabilities, and extensive local and
national experience, our market intelligence provides clients with a powerful competitive advantage in
the marketplace and critical insight into trends and industry behaviors, for strategic planning, reducing
risk and maximizing return.
Expertise. RECON is recognized for
its data collection and consulting expertise on
real estate development, marketing, and eco-
nomic issues. We provide research studies
evaluating the demand, economic feasibility
and marketability of multifamily real estate
projects .
Proprietary Data. Maximizing project re-
turns relies on accurate, relevant and unbiased
data. RECON has the competitive advantage
of granular, proprietary survey data.
Relationships. We maintain strong relation-
ships in the industry to collect the best market
intelligence.
Consistency. RECON maintains a large
database of primary multifamily housing market
information that provides a historical view of the
target market area being studied, as well as gran-
ular detail on each comparable project, using field
researchers and our proprietary method of data
collection.
Field Work. Our "on the ground" research in the
field allows us to understand the market better
than anyone. As a part of our research, we consid-
er the subject site, the quality of the surroundings,
commuting distance, amenities and access, along-
side comparisons with other corridors and submar-
kets.
Our combination of EXPERIENCE in housing real estate markets, ANALYTICS and
EMPIRICAL RESEARCH provides our clients with a comprehensive perspective for
making strategic real estate investment decisions.

4. WHAT WE DO
INSIGHT. Market Intelligence
Market intelligence is the information relevant to a custom-
er's markets, gathered and analyzed specifically for the
purpose of accurate and confident decision-making in de-
termining strategy in areas such as market opportunity,
market penetration strategy, and development. By partner-
ing with RECON, you will develop critical insights and ac-
tionable intelligence to help drive better decisions in the multifamily real estate mar-
kets. Our research offers the most complete, accurate, and relevant market intelli-
gence. Not only do we provide the data, we analyze what it means and provide sup-
porting evidence for investment decisions and development.
RESEARCH & ANALYSIS. Analytics
As specialists in the multifamily real estate sector, we provide
a nuanced picture of the market characteristics, competition
and customer preferences. RECON maintains a large propri-
etary database of housing market information. When you
make decisions, you want to know that the data is relevant,
reliable and unbiased. You'll have the most complete and ac-
curate information on multifamily markets. Using our primary
market data, our Analysts decipher market data and provide insight and understand-
ing of current and expected market conditions.
SOLUTIONS. Multifamily Specialists
When you need reliable due diligence and supporting evi-
dence for decision-making, RECON's consulting services ad-
dress all your custom research needs. Whether your project is
new construction, asset repositioning, acquisition or disposi-
tion, we are experts in dissecting the market forces your mul-
tifamily investments or projects will face. We're here to help
you understand how to minimize risk and maximize opportuni-
ties for your investment, so you can make informed decisions with confidence.

5. The Need for…
MARKET INTELLIGENCE
Market intelligence is the collection of market data relevant to your mar-
kets, gathered and analyzed specifically for the purpose of accurate and
confident decision-making in determining strategy in areas such as market
opportunity, market penetration strategy, design and development.
FROM “NOISE” TO MARKET INTELLIGENCE
KNOWLEDGE
INFORMATION
METRICS
SUPERFLUOUS DATA
NOISE / MIS-INFORMATION
Property Produc-
tivity & Economic
Feasibility
Macro Market
Analysis, De-
mographics &
Trends
Granular Data
Collection
Ad Hoc Data
Capture & Re-
porting
VALUE
WISDOM
INSIGHT
UNDER-
STANDING
CONFUSION
UNCERTAINTY
Maximize Return
Competitive Advantage
Reduce Risk & Uncertainty
Financing

6. TOP 5 ATTRIBUTES OF
QUALITY MARKET
INTELLIGENCE
DETAILED
RELIABLE
CURRENT
INDEPENDENT
ACCURATE
WHY DO YOU
NEED MARKET
RESEARCH?
Identify Prospective
Users (Market Segment)
Establish Market Position
of Existing Assets
Identify Possible
Constraints to a
Project’s Success
To Attract Equity Investors
or Establish Financing
To Ascertain Demographics
of Market & Segment
Preferences
Identify Current, Future &
Potential Competition
Identify the Market Area
& Estimate Demand
Identify Current, Future &
Potential Competition
To Maximize Economic Potential by
Increasing Product Marketability
Reduce Uncertainty &
Mitigate Risk

7. Based on superior proprietary data sources, advanced research capabilities, and extensive local and national ex-
perience, our market intelligence provides clients with a powerful competitive advantage in the marketplace and
critical insight into trends and industry behaviors, for strategic planning, reducing risk and maximizing return.
COMPETITION
ANALYSIS Real-time data Models or Guesstimates
FORECASTS Statistical Analysis of Current Market Conditions
Secondary Research or Con-
stant Growth
DATA COLLECTION
 Interviews
 Data mining
 Site tours
 Site shopping
 Property database updated monthly
 High response rate
 Researchers are experts in their territory
 Fresh property-level data
Annually or on demand
SURVEY METHODS
 Monthly phone interviews with management or leasing
agents
 Designated research areas ensure data is drilled down to the
submarket/neighbourhood level
 Interviews with tenants
 Tenant and management surveys
 Social media
 Proprietary database with the most current and reliable mar-
ket data
Shopping
DATA QUALITY
 Supply analysis
 Market demand
 Absorption
 Economic indicators and growth
 Demographics and Households
 Market segment profiles
 Detailed market intelligence at local and regional levels
 Unbiased 3rd-party research
Macro analysis or experi-
enced-based
PIPELINE Every property from planning to construction, lease-up or sales
REPORTING METHOD Delivery, scope and frequency are determinable by client On demand
THE DIFFERENCE
How We Differ From Competing Market Research Firms

8. We are observers and interpreters of the market.
We gather, analyze and compare data to predict
changing market conditions . Based on this granular
research, we recommend project parameters to
help our clients create a competitive advantage in
the market.
SOLUTIONS
At RECON Real Estate Market Research we help
position your project above current and upcoming
competition, define the product design and target
markets, then establish a clear path to success.

9. DATA COLLECTION
Phone Interviews
Data Mining
Property Database
Industry Relationships
Site Inspections
Property Shopping
Tenant Surveys
Secondary Research
Operator Data Exchange
The housing market is volatile and information
about rents, construction and occupancy changes
rapidly. Because of this, data collected on a bi-
annual or annual basis—which is how many re-
search firms operate—will not be accurate or up-to
-date when it comes to making important decisions
about buying, building or owning multifamily prop-
erties.
 Property Data:
 Market Rent,
 Effective Rent,
 Occupancy,
 Tenant Demographics,
 Amenities
 Forecasts
 Value of Rent Concessions
 Building & Unit Quality Rank, Asset Class
 Demographics
 Economic Indicators
 Lease and Sales Data
 Market Area Housing Trends
SECONDARY RESEARCH
PRIMARY RESEARCH
Data Collection Methods

10. DESCRIPTION SOURCE
MARKET
DELINEATION
 Property-level analysis by identifying sub-
market area (direct competition)
 Trend analysis, demand forecasting & com-
parative analysis are determined by the
Primary Market Area
Submarket is delineated through location
analysis of area surrounding site
Primary Market Area is typically the
larger market from where the project
will draw most consumers
DEMOGRAPHICS
 Population counts, growth and distribution
 Household Size, Characteristics and market
segmentation
 Historical and forecasted household growth
and formation patterns
Statistics Canada
Ministry of Finance
RECON Population Forecast Model
ECONOMIC
INDICATORS
 Household incomes
 Employment measures
Conference Board of Canada
Statistics Canada
SUPPLY
ANALYSIS
 Size, structure and age of housing type rel-
evant to the study
 Historical prices, rents and composition of
the housing supply
 Vacancy, Absorption, Turnover and Occu-
pancy are analyzed
 Transactions and Days on Market
CMHC, MLS (Various Boards), Property
Managers, Property Owners, Brokers,
RealNet, Statistics Canada, Municipal
Planning Departments
COMPETITIVE
ANALYSIS
 Selection of comparable and competitive
properties for analysis
 Detail of property characteristics, including
site analysis, location analysis and property
description
 Price/Rent analysis to establish market lev-
els using Demand Indicators, Comparable
properties
Company websites, Property Managers,
Property Owners, Brokers, Appraisers,
MLS, Property inspection, RECON prop-
erty database
DEMAND
ANALYSIS
 Number of additional housing units required
over the next 10-yr period based on recon-
ciliation of several measures of housing de-
mand at a micro-level
 Proprietary demand model using variables
most relevant to changes in demand
Demographics and Economic Indicators,
RECON Demand Model, Objective rec-
onciliation of current and projected sup-
ply vs. current and projected demand
DATA TYPES

11. REPORTS
MARKET STUDY
At RECON, we know how to study the market and competition including de-
mographics and economic indicators. Our market knowledge can provide sup-
porting evidence for strategic decision-making or indicate where development is
most profitable.
The market and feasibility study is an integral part of the development and in-
vestment processes. Done correctly and at the right time in the development
process, it can prevent major project failures and locate significant opportuni-
ties. Due to the importance and complexity of market and feasibility studies, the
client and consultant must be both actively involved in the study process.
 What is the population growth rate in the market area?
 What are the employment trends in the market area?
 What is the best configuration and size of units for the proposed develop-
ment?
 What combination of property features and prices/rents maximize profits?
 How many units can the market absorb, at what price and over what
length of time?
 What percent of market demand will the project capture and why?
 Who are the target customers?
 Where will they come from?
 What are the preferences of the market segment?
 How should units be marketed to the target customers?
 How much operating revenue or income can this project expect to gener-
ate over a certain time?
 What are the regulatory controls placed on this type of development? How
do they affect the development timeline and feasibility?
 What is the community’s position on the potential development in the pro-
posed location?

12. Our Market and Feasibility Studies are second to none, due to our analytical approach and the
types of data collected. Rather than relying on property data from the broad market level and
standard housing market data providers, RECON researchers go deeper and gather market in-
dicators from the property level. This method of data collection provides the foundation of
RECON’s property database.
Additionally, RECON researchers focus on collecting information about stable properties, as well
as those in lease-up or under construction . Stable properties are defined as properties have a
minimum occupancy of 95% for the measurement period. Our researchers also collect data
about prices, rents, concessions, asset type and class and submarket. This compilation ensures the
most complete data available about your development, competition and target market segment.
FEASIBILITY STUDY
In addition to a macro-level market study, the feasibility study deter-
mines the potential revenues, expenses, demand and absorption based
on market forecasts, the profitability of the project and guides strategic
planning for maximizing profit and finding hidden value.
The investor’s product, market positioning, marketing message and exe-
cution, pricing, brand and customer satisfaction are all part of the in-
vestment strategy equation.
 Multifamily Residential Market Intelligence
 Market Reports & Surveys
 Demographics and Economic Indicators
 Market Demand
 Market Studies
 Rent and Price Analysis
 Feasibility Studies
 Marketability & Competitive Position Report
 Custom Research
 Development Strategies
 Business & Development Planning
 Product Pricing & Target Rents
 Market Positioning & Competitive Analysis
We aim to add value to real estate in-
vestments by providing quality and relia-
ble, objective primary and secondary
data and our experience in housing to
provide strategic solutions. We under-
stand and anticipate the dynamic com-
plexities of the real estate market and
how it influences different housing types.
SOLID RESEARCH + SOUND ANALYSIS = SMART DECISIONS
As a buyer, builder or owner, or as some-
one who is involved in the housing devel-
opment sector, solid, reliable and relevant
information is key to a profitable invest-
ment. Builders, Developers, Asset Manag-
ers and Governments rely on RECON's
data and analytics to support strategic
business decisions at the local, regional
and national market level.