Real estate development can look straightforward from the outside.
Find property.
Get financing.
Build something.
Sell it or rent it.
Move on to the next project.
Anyone who has actually developed real estate is probably smiling at that description.
The reality is considerably more interesting.
I recently spoke with Bruce Firestone about some of the toughest projects he has worked on and what those experiences can teach us about Canada’s housing crisis.
Bruce is an entrepreneur and developer, but he is probably best known to many Canadians as the founder of the Ottawa Senators.
His stories are a reminder that real estate development requires more than spreadsheets and construction knowledge.
You need persistence.
You need creativity.
And sometimes you need a considerable amount of moxie.
Bringing NHL hockey to Ottawa
One of Bruce’s biggest stories began in December 1990.
Several cities were competing for two NHL expansion franchises.
The successful bids went to Tampa Bay and Ottawa.
Phil Esposito represented Tampa Bay. Bruce represented Ottawa.
A few weeks after the franchises were awarded, Phil called Bruce and described what happened when he returned to Florida.
The governor had called to congratulate him and ask what he could do to help.
Bruce’s return to Ontario was rather different.
According to Bruce, instead of a congratulatory call, his group faced a lawsuit from the government.
That is quite a welcome home.
Then came the arena
The challenges did not end with securing the franchise.
Bruce’s group also had to get the arena project through approvals.
The Palladium, now known as the Canadian Tire Centre, took roughly five and a half years to move through the approval process.
It took about 28 months to build.
Bruce pointed out the obvious irony.
Planning took roughly twice as long as construction.
That experience shaped his view of development in Canada.
Housing developers face the same basic problem
An NHL arena and a rental housing development are obviously very different projects.
But both have to navigate planning, zoning, approvals and regulatory requirements.
And all of that happens before or alongside construction.
For housing developers, those delays can become especially frustrating during a housing crisis.
Everyone agrees that more housing is needed.
Yet the people trying to create it can still spend enormous amounts of time and money navigating the process required to get started.
Bruce talked about the millions that can potentially be spent on fees and studies before groundbreaking on large developments.
That is something the public rarely sees.
Real estate development requires persistence
Bruce described development as a tough business where you need the willingness to push through roadblocks.
Then he turned the conversation on me.
He called me a magician.
His point was that he had watched me encounter difficult situations where it seemed there was no obvious route out, only to find another solution.
I appreciated that.
But I don’t think it is magic.
It’s persistence.
You keep looking.
You keep asking questions.
If the available options do not work, you create another one.
Creativity isn’t optional
Bruce believes entrepreneurs become especially creative when backed into a corner.
I agree completely.
That creativity is one reason developers can play an important role in addressing the housing crisis.
Look at secondary suites.
Look at mixed-use communities.
Look at smarter density.
These are examples of asking how existing property can work harder.
Bruce’s idea of real estate animation is built around that principle.
Find another useful function.
Create another revenue stream.
Make the property more productive.
We need developers and governments working towards the same result
None of this means development should be a free-for-all.
Cities need rules.
Communities deserve thoughtful planning.
But we should be able to acknowledge those needs while also recognising that excessive delay has consequences.
The housing crisis makes those consequences especially visible.
When a housing project does not move, people cannot live in it.
That is why the relationship between government and developers needs to become more constructive.
The question should not be: who wins?
It should be: how do we create good housing and get it built?
Michael Ruge on staying in the game
Bruce Firestone has been involved in the kinds of deals most developers will never experience.
Yet the lesson he draws from them is surprisingly universal.
Keep going.
Be creative.
Expect roadblocks.
Find another option.
That is how entrepreneurship works.
And I believe it is an important part of how we address Canada’s housing crisis.
The problem is too important for us to give up simply because the process is difficult.
We need people willing to stay in the game long enough to make good projects happen.
That is not magic.
But when it works, I can understand why Bruce thinks it looks like it.
Michael Ruge’s new book “Building Hope in the Housing – How to Solve the Rental Affordability Crisis” will be realeased this fall (2026).
Links to Michael Ruge, Affordable Apartments and his Initiatives:
How Michael Ruge Structures Funding for Real Estate Projects
Michael Ruge’s Strategy for Solving the Housing Crisis Through Funding
Owning Real Estate Without the Risk: Daven Michaels & Michael Ruge
Michael Ruge: The Visionary Entrepreneur Helping Leaders Achieve Success
