This Toronto building shows why developers are converting rentals to condos

Photo: King Portland Centre

This week, a major new development’s condo units sold out, just days after they went on sale. But those same units had originally been designated as rental, before the new rent control legislation led the developers to have a change of heart.

On Tuesday, RioCan and Allied Properties announced that the condo units at the downtown Toronto King Portland Centre — 133 units which went on sale just a few days before, on October 14 — where substantially sold out.

“The strong response to the sales launch… this past weekend affirmed the decision by RioCan and Allied to convert the project from rental to condominium,” writes RioCan CEO Edward Sonshine, in a statement.

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