Thank you very much, Mr. Chair.
I hope my sound quality is good for the interpreters. Again, thank you to them for the work they do.
Thank you to our witnesses for being here today.
I live in an interesting community. It's the Don Mills corridor. From about Overlea to Fairview Mall along the corridor, about 100 buildings are going up in the next 10 years. Because of that, we've seen a lot of change with old buildings, for example. The buildings I grew up in, 7 and 11 Rochefort, which are two buildings next to each other across from the Science Centre, are being torn down and high-rise buildings are being put up. We have 100 towers going up.
We've also noticed the larger REITs coming in over the last decade. I believe Mr. Dixon said they're about 5% of the supply across the country. We've noticed an ongoing pattern. This is not something that's isolated.
Compten, I think, was the REIT where there were constant applications for above-guidelines rent increases because there were changes in the building such as elevator maintenance and things that tenants didn't want. Those percentages really go up. There were new parking spaces being placed in different buildings. If I have to go and visit my aunt, for example, because she needs groceries, I have pay now to go and see her. If a PSW comes in, they have to pay for parking. There are other things like the separation of hydro and the downloading of the insurance to these companies.
I guess my question is for Mr. Dixon, as the representative of one of the larger REITs in Canada.
Obviously, as publicly traded companies and large corporations, the bottom line is the bottom line. You have to look for ways to increase revenue.
Do the REITs participate in practices—some of those other services and those pieces I've mentioned—that may not actually impact rent directly, but are more to help boost profits?