Notes - Jonathan Wener and the Candaril Empire

November 30, 2025

I. Introduction to Jonathan Wener and Candarel

Jonathan Wener is the founder of Candarel, a massive real estate enterprise that began with a humble $10,000 loan in the 1970s. Today, Candarel manages, owns, and develops properties encompassing 60 million square feet. The company has completed acquisitions and developments totaling $15 billion (with a B). Wener is credited with having built much of the landscape of Canada, including the tallest residential building in Toronto. He currently serves as the chancellor of a university and is highly involved in the community. Wener is known for his large heart and has been called the Jewish Santa Claus.

II. The Audacious Beginning: Early Career and Founding

Early Work Experience

Wener’s professional drive began early. At age 16, he approached Maxwell Cummings (the grandfather of Stephen Cummings) seeking a job in management before starting university. Cummings instructed him to buy construction boots and a helmet and sent him to Calgary to learn construction "from the ground up".

Wener was put "through the ringer," including being required to carry steel frame exit door frames up 30 stories without using the crane. He refused to quit, determined that "nothing's going to break my back". By the end of that summer, he had moved up to become the Clerk of the Works.

The following year, at age 17 and during his first year of university, he was hired as a general contractor for the same building, selling tenant improvement packages. In six months, he made $1 million. This work, which involved dealing with million-dollar contracts and prominent business people, made him "absolutely beyond happy" and provided immense intellectual stimulation. He considers it his greatest piece of luck that he found his passion early.

The $10,000 Loan and Candarel's Startup Capital

Wener put himself through school; his parents instilled the value of saving by charging him rent to live at home (which they later returned when he married).

The genesis of Candarel came in 1975. Wener, earning about $13,000 annually, needed equity for a few deals. He had $5,000 saved. He borrowed $10,000 from the bank manager, Git Tremblay, at Banque Nationale, convincing him by presenting his life plan, despite having never done a deal for his own account.

Using this capital, he negotiated the purchase of the Student Union building from Concordia University (formerly Sir George). He secured a lease with a Moroccan restaurateur named Maurice Barrero. Two weeks before closing, Barrero offered Wener a $50,000 profit to buy the building outright, which Wener accepted. This $50,000 became the startup capital for Candarel.

Initially, Candarel joint-ventured with his mentor, Eugene Reeseman, taking increasingly larger positions—from 1% up to 49%—in deals. Later, Wener had to ask Maxwell Cummings (his original boss) to guarantee a bank loan, assigning his company shares as collateral. Wener refinanced the deal and paid back the note in six months, half the time allotted.

III. Key Business Philosophy and Strategic Approach

Strategic Thinking and Integrity

Wener’s approach is incredibly strategic and smart. His philosophy is captured in his book title, No is Maybe on the Road to Yes, which reflects his belief in not taking no for an answer but rather figuring things out. He operates by leaving enough benefit "on the table" for others, ensuring his partners can also profit.

Wener adheres to an ethos of high integrity in dealings. He emphasizes that payoffs were not in the vocabulary.

  • Example of Integrity: Wener lost a deal involving a $10 million lease renewal because the large tenant implied the renewal depended on Wener helping pay for the tenant’s daughter's wedding. Though the payoff likely would have been minimal (around $25,000), Wener refused, telling his bosses they could overrule him, but he would not participate, thereby losing the deal. He states he never has to look over his shoulder because of this commitment.
  • Rewarding Trust: When Wener bought out his mentor, Eugene Reeseman, for his half-interest in a deal, Reeseman asked for $1 million. Wener intentionally gave him $1.1 million so Reeseman could "never be able to say that I didn't give you more than you asked for".

Partnerships and Diversification

Wener's strategy for partnerships was to find complementary skills. He realized that if he joint-ventured with developers who had the same skill set, they would argue over style. Instead, he brought the know-how, and financial institutions brought the money, forming better relationships.

He was advised by the CFO of North American Life (a partner) to diversify his relationships because he would outgrow their capacity. Wener took this advice, cultivating partnerships with North American Life, Great West Life, and Aetna, doing multiple deals with each. This allowed him to match specific deals to the partner whose "mold" they fit, reducing resentment and streamlining the legal process so that lawyers could send $1,200 bills instead of $125,000 ones, as the same documents were often reused.

The Royal Trust Credit Card Closure

Wener's most audacious deal involved the $65 million purchase of the Royal Trust building in 1987 when he was 37. The closing session was an endurance test, lasting from Friday afternoon until Tuesday.

At the closing, Wener submitted a signed $65 million Royal Trust Gold credit card slip for the payment. The treasurer was shocked, stating Wener couldn't buy a building on a credit card. Wener explained his strategy:

  1. He had paid his credit card bill the day before, meaning he would not get another bill for 30 days, maximizing the float.
  2. Delaying payment for 30 days was worth 1% of the $65 million price, or $650,000.
  3. The Gold Royal Trust Credit Card also offered a 1% discount, doubling the savings to $1.3 million.
  4. Wener stated he was taking the $1.3 million because they had previously taken $5 million out of his pocket by changing the price. He then provided the actual check.

IV. Major Deals and Lessons Learned

The Student Union Permit

During his time as president of the Student Union, Wener renovated the building. When City Hall repeatedly held up his permit application, Wener, only 20 years old, called the Mayor’s office. Wener strategically told the staff that the students would be "furious" to find out that City Hall was preventing the building from opening in September, especially since it was the first election year where 18-year-olds had the right to vote. The Mayor's office immediately put Wener through, and the Mayor ensured Wener picked up his permit the next morning.

The Forum Debacle

Wener had two or three deals that failed, notably the Montreal Forum project, which cost $60 million. The failure taught him a critical lesson about entertainment real estate. His American partner, Assignment Property, was arrogant and ignored Candarel's recommendations. Wener realized that in entertainment real estate, the developer often finances the tenants' leases through significant tenant improvements (TIs) and allowances. This means the developer uses their own balance sheet to support the leases, rather than relying on the quality of the tenant's covenants.

The Power of "Three-Dimensional Chess"

Wener is known for playing "three-dimensional chess" in his dealings. For example, when he wanted contractor Steve Kaplan (Reliance Construction) to expand into Toronto, Kaplan kept saying no. Wener asked Kaplan just to help pitch the deal to bankers. After the successful pitch, Wener informed Kaplan that the bankers would only proceed if Kaplan was the contractor, forcing him into the deal. Wener was motivated by a trusted relationship and a desire to help Kaplan diversify his business outside of Montreal and Ottawa.

V. Legacy, Philanthropy, and Investing in People

The Importance of Passion and People

Wener notes that he left a previous job after suffering a severe anxiety attack (misdiagnosed as a heart attack), which a doctor warned him would become a heart attack if he didn't deal with the underlying cause. He subsequently resigned.

Wener's advice for a full and rich life focuses on passion and purpose:

  1. Be Passionate: Be passionate about what you are doing; the money will follow. Wener refers to his work as "play," not work.
  2. Invest in People: Wener's underlying theme is that "Machines depreciate, people appreciate, invest in people".
  3. Sharing Wealth: He built his company by distributing 20% of the profits from the action in the buildings (not the company itself) on a deal-by-deal basis: 10% to head office staff and 10% to the field office staff in the city where the deal took place.
  4. Creating Family: He regularly invited all his employees to his country home for extravagant dinners and team-building days to reinforce that he cares.
  5. Giving Back: Wener advises others to "give it back [and] pay it forward". He defines a rich life not by wealth, but by the feeling in one's soul and doing good deeds. He is also "the executor of my own will in my lifetime," actively distributing his wealth.

Philanthropic Achievements

Wener dedicates approximately 40% of his 100-hour work week to community efforts.

  • The Daffodil Candarel Run: The run has lasted 33 years and is projected to raise close to $24 million this year. It was initiated after Wener's wife, Susan, had her first bout of cancer, and a doctor advised him the best way to help was to fund research. The money raised is split 50/50 between the cancer research centers at McGill and Université de Montréal, with checks expected to total $1 million to each institution this year.
  • Federation CJA/Maimonides Campaign: During the COVID-19 pandemic, Wener co-led a two-year campaign for Federation CJA with a $100 million goal. They completed the campaign and raised $131 million in only six months.