Nikolai Ray is not your typical real estate developer. As the President of Fierbrooke, he has earned a reputation as a visionary who blends sharp business acumen with a heartfelt commitment to community impact. Fierbrooke is at the forefront of tackling Canada’s housing crisis and climate challenges, combining long-term investment strategies with innovative development practices. With a background in real estate financial engineering and a mindset rooted in sustainable growth, Nikolai is redefining what it means to create value—not just for his investors, but for society as a whole.
In this exclusive interview with Business Focus Magazine, Nikolai shares insights into his unique approach to real estate impact investing, his journey of resilience, and his ambitious vision for the future of Canadian housing.
Q: What inspired you to launch Fierbrooke?
Nikolai Ray: My inspiration comes from a deep belief that business should be a force for good. Growing up in an immigrant family, I saw firsthand how access to stable housing could transform lives, and how its absence could devastate communities. Also, I grew up in Los Angeles and was exposed to the existence of Skid Row when I was in second grade – and it deeply affected me. I knew at that age, right then and there, that I was going to try and make the world a better place.
Fierbrooke was born from my desire to address two of the biggest challenges of our time: the lack of affordable housing and the urgency of climate change. I realized early in my career that the real estate industry holds tremendous potential to solve these issues—not just as a developer, but as a steward of the land and a curator of meaningful communities.
Our mission is rooted in the idea that profitability and purpose can go hand in hand. By embracing innovation, sustainability, and a commitment to people, we’re creating spaces that endure and uplift.
Q: Why do you feel that impact investing is so important, and not just as a buzzword?
Nikolai Ray: Impact investing is the cornerstone of what we do at Fierbrooke because it addresses the root of why business exists: to create value—not just for shareholders, but for society as a whole. For me, it’s not a trend or marketing jargon; it’s a principle that guides every decision we make.
Housing is fundamental to human dignity. It’s not just about bricks and mortar; it’s about creating spaces where people can thrive. Impact investing allows us to take a holistic approach, addressing not only the housing shortage but also the environmental and social challenges that intersect with it.
Real estate has the potential to reshape communities, and it comes with an enormous responsibility. Through impact investing, we align financial returns with measurable, positive outcomes for the people and the planet. It’s a way of ensuring that the success of a project is felt not just in balance sheets, but in the lives it touches.
For me, impact investing isn’t about short-term wins or flashy headlines. It’s about creating enduring value, solving real problems, and leaving a legacy that future generations can be proud of. That’s what drives me every day.
Q: What challenges have you faced as a leader in impact investing and development?
Nikolai Ray: Every visionary journey comes with its hurdles. One of the biggest challenges is balancing bold ambitions with finite resources. Fierbrooke operates more like a perpetual holding company than a typical developer, so our focus is on creating enduring value rather than chasing quick wins.
Navigating the maze of regulatory frameworks is another challenge. Building affordable housing sustainably requires collaboration with governments, communities, and financial partners. It can be slow-moving at times, but persistence and trust-building are key.
Ultimately, these challenges are opportunities to innovate and demonstrate that positive change is possible when we align incentives and focus on shared goals.
Q: How is Warren Buffett one of your inspirations for Fierbrooke, and what are the similarities?
Nikolai Ray: Warren Buffett has been a huge influence on my approach to Fierbrooke, not just in terms of investment philosophy but in his focus on long-term value and ethical decision-making. What sets Buffett apart is his ability to simplify complex challenges and stay disciplined in his commitment to fundamental principles. That resonates deeply with me because real estate development, like investing, is a long game where you need patience, foresight, and a steady hand.
At Fierbrooke, we share that long-term mindset. We don’t build or invest with a five-year exit strategy in mind. Instead, we look decades into the future, ensuring that what we create today will remain relevant, valuable, and impactful for generations to come. Like Buffett, we believe in the power of compounding—not just financially, but socially and environmentally.
Another similarity is the idea of “skin in the game.” Buffett invests his own money in the companies he believes in, and I’ve adopted the same philosophy. I don’t ask anyone to back a project unless I’m fully committed myself. That alignment builds trust with investors, partners, and the communities we serve.
Finally, Buffett’s humility and focus on doing what’s right inspire me to lead Fierbrooke with integrity. For us, success isn’t measured solely in profits—it’s in the lives we improve and the positive change we leave behind. That’s the legacy I hope to emulate, much like Warren Buffett’s own enduring impact.
Q: What is your long-term vision for Fierbrooke and the real estate industry?
Nikolai Ray: My vision for Fierbrooke is to set a benchmark for what real estate can achieve when approached with care, foresight, and integrity. We’re expanding our footprint across Quebec and aiming to influence other provinces to adopt similar models of development. Fierbrooke is proof that housing solutions can be scalable, impactful, and profitable.
For the industry at large, I see a future where developers embrace their roles as custodians of communities. By integrating sustainable practices, leveraging technology, and prioritizing inclusivity, we can create a real estate landscape that serves people and the planet. My hope is to leave behind not just buildings, but a legacy of positive change that resonates for generations.
Nikolai Ray’s approach to real estate isn’t just about solving problems—it’s about redefining what success looks like. With Fierbrooke at the helm, he’s proving that doing good and doing well can go hand in hand.
