Commercial real estate markets have hit bottom and will recover better than expected, says the chief executive officer of Brookfield Asset Management Inc.
"Real estate didn't get into trouble, real estate financing did," said Bruce Flatt at the asset management company's annual general meeting on Wednesday.
While almost a trillion dollars of mortgages come due in the next five years in North America, the money will be available in most cases, he said.
"The numbers are far over-stated," he said. "There will be instances where there was too much leverage and that won't be fun, but they won't be the kind of situations that will cause a lot of issues in the capital markets."
More to come