The Globe and Mail reports in its Tuesday, Dec. 27, edition that the bumpy ride that commercial property investors and developers have been enduring for two years may give way to a smoother path in 2023, but it will probably take until midyear, according to experts. The Globe's guest columnist David Israelson writes that Emeka Mayes, head of Canadian capital markets, brokerage, at Colliers Canada, says, "There's a lot of capital available, and those in the industry who have it are going to be looking for places to invest it." Experts are calling the new year a time of "price discovery," as buyers and sellers try to sniff out what the market will bear. Ms. Mayes says that there is cautious optimism that the year will go well for commercial real estate even though the Bank of Canada raised interest rates seven times in 2022, with more possible rate hikes to come. "People will be looking to relatively low-risk strategies for buying and trading, rather than rolling the dice," Ms. Mayes explains. Many investors holding capital are now putting their money into secondary "bridge" or "mezzanine" lending for developers who need more financing than the banks will now provide, Ms. Mayes further explains.