Frank Clayton, PhD, President
Frank Clayton is one of Canada's most respected real estate observers. He brings clients the insights and perspectives of more than 30 years of monitoring the Canadian real estate scene and the analytical rigour of his post-graduate economics training. He provides independent advice and analysis to a variety of clients including governments, developers, builders, lenders, retailers, investors and building product suppliers. Well-known as a speaker on urban and real estate issues, Dr. Clayton is also a respected expert witness.

EDUCATION

• BA in economics from the University of Wisconsin
• MA and PhD in economics from Queen's University
• Programs in urban economics and urban planning at MIT in Boston

• Employment with Statistics Canada and Canada Mortgage and Housing Corporation (Winnipeg and Ottawa) and private sector planning and real estate consulting firms
• Founded Clayton Research in 1972
• Has consulted throughout Canada on hundreds assignments including:
• Economic and demographic growth and change at the urban market level
• Real estate market and site studies for conventional and lifestyle housing, retail, office, industrial and mixed use land uses
• Retail impact analyses and peer reviews
• Highest and best use analyses
• Municipal finance and economic impact analyses
• Land use demand and need projections
• Housing policy formulation and evaluation analyses
• Expert witness testimony - Ontario Municipal Board, Alberta's Local Authorities Board, arbitration boards, and courts.

• Member of various professional and industry associations, including the American Real Estate and Urban Economics Association, International Council of Shopping Centres, Urban Land Institute, Urban Development Institute (Ontario), and the Canadian Home Builders' Association's Economic Research Committee.
• Member of Lambda Alpha, Honorary Land Economies Society.
• Recipient of the CHBA Maple Leaf Award, for outstanding contribution to the housing industry.

Read about Frank Clayton's recent activities in the recent activities section.

Patricia Arsenault, MA, Senior Vice President
Patricia Arsenault is an economist with over 20 years experience in analyzing a wide range of issues related to the real estate sector and consumer behaviour. She works closely with lenders, insurers, real estate investors, building product manufacturers, government and associations to provide insight and strategic advice.

EDUCATION

• BA and MA in economics from the University of Toronto

• Joined Clayton Research upon completing undergraduate degree in 1980
• Provides economic advice, with a focus in the following areas:
• Consumer financial behaviour, in particular related to homebuying, mortgage and personal borrowing, and home and auto insurance decisions
• Short- and long-term economic, demographic, lending, housing, renovation and construction outlooks
• Real estate investment
• Responsible for Clayton Research's syndicated/subscription services

• Editor of Clayton Housing Report, Clayton Research's monthly subscription newsletter
• Managing Director of The FIRM (Financial Industry Research Monitor), a quarterly survey of consumer attitudes, behaviour and intentions related to major financial decisions (a joint venture with Ipsos-Reid Canada Inc.)
• Oversees the Pulse Survey of Canadian Home Builders, conducted semi-annually with the Canadian Home Builders' Association
• Local partner of IPD Investment Property Databank (London, England) for the ICREIM/IPD Canadian Real Estate Index
• Leading economic analyst for the aggregates industry
• Member of the Canadian Institute of Mortgage Brokers and Lenders (CIMBL) and Toronto Commercial Real Estate Women (TCREW)

Read about Patricia Arsenault's recent activities in the recent activities section .

Jeannette Gillezeau, MA, Vice President
Jeannette Gillezeau is an economist with a background in urban and regional planning, providing strategic advice and analysis to public and private sector clients across Canada. She brings an economic and market perspective to land use planning, development and municipal finance issues, along with an appreciation and understanding of the relevant policy framework.

EDUCATION

• BES in urban and regional planning from the University of Waterloo
• MA in economics from York University
• Additional post-graduate studies in economics at York University

• Background as a financial analyst with the City of Oshawa and with another economic consulting firm
• Joined Clayton Research in 1987 as a research analyst
• Provides economic advice to developers, homebuilders, associations, municipalities and other governments in the following areas:
• Municipal finance
• Development charges
• Economic, social and community service impacts
• Multi-disciplinary land use planning teams
• Residential and industrial land needs
• Redevelopment of Brownfield industrial sites
• Housing market and policy analyses
• Expert witness at Ontario Municipal Board

• Recognized expert in the field of municipal and education development charges, providing strategic advice and critical analysis to developers, homebuilders and public sector clients

Read about Jeanette Gillezeau's recent activities in the recent activities section .

Robert Feldgaier, MScPl, Vice President
Robert Feldgaier oversees the residential services practice at Clayton Research. He brings the combined experience of almost 20 years as a consultant and researcher for a large developer to his work on a variety of assignments for developers, builders and government. He works with developers and builders to assess the most suitable housing for specific sites and to identify the best opportunities for residential development in specific market areas. Mr. Feldgaier's experience in the development industry and keen understanding of all aspects of the development process provide a solid foundation for offering strategic advice to his clients working in concert with other disciplines involved in the development process. He also utilizes his skills and experience as an expert witness.

EDUCATION

• BA (Honours) in Geography from McGill University
• Master of Science in Urban and Regional Planning from the University of Toronto

• Over 8 years as a housing market researcher with a large public real estate company
• Housing market analyst with Clayton Research since 1991 involved in a variety of assignments, including:
• Market potential analyses for vacant and redevelopment sites
• Housing demand and need studies
• Buyer profile studies
• Market input into subdivision and community design
• Market feasibility studies for all types of housing, including single-family, condominium and rental apartments, conversions, adult lifestyle and recreational/resort-oriented housing
• Financial feasibility and highest and best use studies
• Consumer surveys and focus groups
• Housing policy analysis
• Expert witness at Ontario Municipal Board

• Member of the Board of the Urban Development Institute, Ontario
• Member of the Land Development Committee of the Ontario Home Builders' Association
• Speaker at seminars and conferences and occasional media commentator

Read about Robert Feldgaier's recent activities in the recent activities section .

PETER NORMAN, MA, Vice-President
Peter Norman is a well-known real estate economist and forecaster, who oversees three business areas at Clayton Research: economic and demographic analysis, building products and technology studies, and forecasting services. Widely quoted in the Canadian media, Mr. Norman's efforts are focused on the analysis of key drivers of economic performance in Canada, the provinces, urban areas and local communities, including demographics, employment, income and business conditions. Before joining Clayton Research, Mr. Norman garnered wide experience in strategic and overall business planning in Bank of Montreal's economics department. He has a well-rounded background in the real estate and construction industry, which includes working on the shop floor with a manufacturer of engineered wood products, and on site with a homebuilder.

EDUCATION

• BA in economics from Trent University
• MA in economics from the University of Guelph

• Mr. Norman has participated in a wide range of assignments since joining Clayton Research in 1998.
• His main strengths include responding quickly to specific needs, demonstrating a keen ability to "see beyond the numbers" and using a sophisticated understanding of economic fundamentals to build models that are robust, yet easily understood and applied by the business user.
• Key contributions include:
• Building products and technology studies: forecasts, feasibility studies, consumption estimates; economic impact and market positioning studies for associations, manufacturers and distributors
• Demographic and economic analysis: population projections (macro and small-area), demographic impact studies, policy economic impact studies, microeconomic modeling, macroeconomic forecasting and economic development studies for associations, municipalities, developers, and business improvement areas
• Forecasting services: construction industry forecasts (short and longer term) for manufacturers, governments, associations, financial institutions, importers, and investors
• A contributor to the two Clayton Research subscription newsletters, Clayton Housing Forecast and Clayton Housing Report.

• Member of the Executive Committee of the Toronto Association of Business and Economics
• A member of the Association of Ontario Land Economists

Read about Peter Norman's recent activities in the recent activities section .

Edward Jegg, BBE, Senior Associate
Edward Jegg is an economist providing financial and economic impact analysis research. He also brings his expertise in computer modeling, survey design and analysis, and data awareness to projects he is involved with.

EDUCATION

• Bachelor of Business Economics degree from Brock University with Computer Science electives
• Numerous statistical course studies at York University

• Joined Clayton Research in 1989 as a research analyst
• Now responsible for:
• Municipal finance impact analysis
• Economic, social and community service impact analysis
• Computer modeling
• Survey design
• Survey analysis
• Data dissemination

• Considerable experience in assessing the financial and economic implications of developments
• Computer modeling expertise providing versatility in research projects
• In-depth knowledge of data sources
• A regular contributor to the firm's Clayton Housing Report and Clayton Housing Forecast.