State of Housing: Toronto’s Long Overdue Return to Rentals
AI Article Summary
In Toronto, a new 37-storey rental housing project, The Dennis, has commenced in the Mount Dennis neighborhood, bolstered by collaborations and financial incentives from the city. The project, supported by the Purpose-Built Rental Housing Incentives stream, aims to deliver 448 rental homes, including 89 affordable units. This initiative is part of a broader city strategy to address housing challenges, with plans to complete over 44 projects creating more than 10,000 homes. Average rental rates in the city have recently declined, although affordability remains a significant issue for many families.
What This Means for Canadian Contractors
This project shows how government incentives can catalyze the development of much-needed rental housing projects in urban areas. For Canadian builders, this means there is a viable market opportunity in constructing rental properties, especially with supportive policies reducing development fees and promoting affordability. Builders should prepare to navigate potential regulatory requirements to benefit most effectively from available municipal and federal programs.
