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Dr. Cynthia Holmes, BS, MBA, PhD

Associate Professor
Real Estate Management 
Ted Rogers School of Business Management
Chair, Department of Real Estate Management

As someone who has always loved mathematics and was drawn to finance, perhaps it’s no surprise that Cynthia Holmes became a real estate economist. But why real estate?

“When I’m analyzing risk and return on investment, I like the fact that there is an actual building in front of me,” said Holmes, who worked in commercial mortgage lending for a number of years. “When people are investing in stocks and bonds, the ability to personally impact the return is low to nil. In real estate, you can work with an asset to make it more productive and get a higher rate of return by negotiating a better lease or upgrading the property.”

Her passion for real estate is necessary, because Holmes is the inaugural chair of the new Department of Real Estate Management at the Ted Rogers School of Business Management. She joined Ryerson University in 2011 for the express purpose of developing the real estate program that opens its doors to students this fall, teaching finance courses in the interim.

“I’ve tried to design a curriculum that is world class and I think will be a leading centre for Canadian real estate,” Holmes said.

Holmes will be teaching the Introduction to Real Estate course, which filled up very shortly after registration opened.

“I really do love teaching,” she said.It gives you the opportunity to help people reach their potential and find out what is best for them.”

Giver her mathematical bent, Holmes also enjoys research. She is eager to turn the research spotlight on the Canadian real estate industry; given the dearth of real estate economists in Canada, few studies have been done. 

“It’s really important to focus some academic attention on real estate, because real estate markets impact families through their housing, firms through their production and investments, as well as governments and the broad economy,” she said. “In addition, every company uses real estate for production purposes, so there is lots of opportunity for study.” 

Read Cynthia Holmes' bio. 

One of only three undergraduate real estate programs nationwide, the real estate management major provides students with the skills in demand for a wide variety of careers in the real estate industry, including real estate finance, property development and real estate sales.