After decades of little purpose-built rental residential construction in Toronto, the last few years have seen many developers revisit the sector, and begin building apartment towers again. While a handful of developers have opened new rental buildings over the last few years, now there are in fact several dozen developers or landowners moving rental apartment proposals through the Toronto planning process, especially as infill projects at tower-in-the-park sites.
Looking northwest to the King Portland Centre, before the latest design changes, image courtesy of Allied/RioCan
As the decreasing availability of land in the GTA has forced land prices up and made owning a single family home less affordable for large numbers of people, rental’s comparative affordability has made it more attractive again, it bringing greater demand for the product. As of this Spring however, the provincial government’s application of several measures to correct the real estate market, including a foreign buyer’s tax