We are joined by Theorem Development founders & owners Faizan & Suraj who break down their business for us. 

• A real multiplex deal, broken down: Suraj walks through a recent East Vancouver fourplex project from start to finish — $2M land acquisition, $2M construction, $350K in soft costs, and $6M in total sales revenue, delivering roughly 40% annualized return on invested capital to their citizen developer client.
• The biggest roadblocks holding back supply: From BC Hydro transformer upgrades that can cost $120K+ and delay projects by over a year, to 6–10 month permitting timelines that add $60–100K in holding costs, Suraj and Faizan break down exactly where time and money get burned — and who ultimately pays for it (hint: the buyer).
• Why Vancouver's multiplex math favors build-to-sell over buy-and-hold: Unlike Toronto where CMHC MLI Select financing pushes developers toward rental, Vancouver's strata title system and strong end-user demand at the $1.5–1.9M price point make merchant building the more compelling strategy, with 20%+ returns on cost.

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