I would think either one of two things:
1) he has other sources of income that cover his domain renewals, or
2) his good .ca's are SO GOOD that he can do this and not lose money.
either way I think the .ca market lags the .com market, in that the top portfolio holders of .com quality names have only just started having the time or inclination to move away from parking and into development.
in .ca, many are still focusing on acquisition through decent names still available to reg, and the TBR every week. maybe as we see how the .com people develop their portfolio, the .ca people will follow along. it's hard to focus on develpment only when you know there still might be good names out there to get. in .com, you are very unlikely to score a quality name through a reg or a drop anymore (without huge $$$)
also, having a developed site in the future may be as simple as parking is now - meaning places like domainsponsor or afternic will be able to give domainers a 'mini-developed' site for their domain and split the revenue, much like parking works now. I think a lot of domainers would go for that if it was turn-key simple.