Local real estate expertise with a global reach - Calgary - Canada's Entrepreneur

·22 min·2 clips

David Wallach couldn't work for 10 months after immigrating because the government lost his medical exam.

Mario Toneguzzi, Managing Editor of Canada's Entrepreneur, hosts David Wallach, who leads Barclay Street Real Estate and Triumph Real Estate Investment Fund. Wallach describes Barclay as a commercial real estate brokerage and property management firm handling industrial, retail, office, and investment sales. Triumph focuses on revenue-producing properties in Alberta, Arizona, and Colorado. He recounts immigrating from Israel in 1999, where a lost medical exam left him unable to work for 10 months, prompting him to take a real estate course and choose commercial over residential. In Israel, he ran an insurance brokerage and volunteered as chairman of Maccabi Haifa's basketball club. Wallach emphasizes that surviving Calgary's market ups and downs, including the 2008 financial meltdown, 2014 oil crash, and COVID, relies on having the right people and a strong company culture. He analyzes Calgary's commercial real estate market, noting a slow start in 2025 due to election uncertainty and U.S. tariffs, but optimism for the latter half. Calgary's population has nearly doubled to over 1.7 million in 26 years, with over 90,000 people moving in annually in 2023 and 2024. He identifies multi-family and industrial as top sectors, with industrial vacancy below 4%, driving up rents and creating pressure on retail construction. Wallach discusses downtown office conversions aimed at reducing vacancy, increasing property tax revenue, and boosting vibrancy, but advocates for larger condos to attract diverse demographics. He explains his firm's boutique success against global giants by focusing on local expertise, being a partner beyond deals, and delivering results, especially with entrepreneurs. Wallach shares his identity as an 'Israeli cowboy,' wearing cowboy boots year-round and embracing Alberta's history. He tells a story from his first Stampede in 1999, where he joked about joining the Canadian army reserves, revealing his 22-year service as a staff sergeant in the Israeli army. From that experience, he learned to lead by example and say 'follow me' instead of 'charge.' He mentions maintaining physical health through boxing, cycling, and weights. Wallach co-hosts a radio show, Calgary Next on QR 77, launched during COVID to share positive stories about local businesses, entrepreneurs, and charities, now celebrating four years weekly.

As heard by us

A practical Calgary real estate discussion connecting operations, private capital and downtown office conversions.

Calgary's commercial real estate picture is framed through David Wallach's operator view, with Mario Talacuzzi keeping the focus on how the businesses actually work.

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Why you'd press play

You want Calgary real estate explained before your next hypothetical condo board meeting.

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