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RSS FeedsAs Toronto rents surge, why aren´t we building more apartments?
(The Star Toronto Raptors)

 
 

9 september 2019 13:10:32

 
As Toronto rents surge, why aren´t we building more apartments?
(The Star Toronto Raptors)
 


Anyone who has tried to find a rental apartment in Toronto knows the heartbreak. The outrageous rents, the waiting lists, the hopes of finding a decent place at a decent price, only to discover it’s an uninhabitable dump.There’s no question that it’s a landlord’s market. There’s big money to made if you have a unit to rent out — and yet Toronto seems strangely reluctant to meet the skyrocketing demand by building more rental apartment buildings.In fact, only a tiny percentage of residential highrises being built in Toronto are designed as rental buildings. The rest? Condominiums.In a report released last week, commercial real estate broker CBRE found that a full 89.1 per cent of residential towers being built in Toronto are condos. Just 10.9 per cent are designed to be rental buildings. In 2018, according to the City of Toronto, 2,472 new rental units were built in this city. In the same year, a whopping 11,816 condo units were completed.The reason? Toronto has one of the hottest condo markets in the country, and when developers have the choice between making their investment back almost instantly through condo presales — versus a slow trickle of rental income over decades — they will almost always choose to build a condo tower.When developers opt to build condominiums, “they can pre-sell units before ever putting a shovel in the ground, complete the project and sell the balance of the units and collect a handsome profit. In and out fairly quickly,” said Paul Morasutti, vice chairman of CBRE. In contrast, said Morasutti, buildings designed as rentals take longer to bring developers any income; in most cases, it can be years until the building is ready for rent-paying tenants.Keith Reading, director of research at Morguard Corp., a Toronto-based real estate company which owns and manages commercial and residential buildings across North America, agrees that fast money is the reason Toronto builders prefe ...


 
16 viewsCategory: Sports > Ball Sports > Basketball > NBA > Toronto Raptors
 
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