But, despite a loosening of bylaws allowing multiplex developments, huge roadblocks remain
A few years ago, before the fight to eliminate exclusionary zoning became a talking point for politicians across the political spectrum, architect and planner Naama Blonder had a pair of clients thinking of building missing-middle type rental projects in Toronto.
She points, by way of example, to the city’s hard threshold for development charges: they’ll be waived on projects with four units or less, but are applied in full for five units and over . “Five-plexes,” she says, “will never make sense to anyone, ever.” Marcel Greaux, a mortgage broker and founder of Garrison Capital, is among those who are scouting for missing middle rental projects or existing multiplexes to address that demand. He points to pending City of Vancouver zoning reforms, which will allow up to six units per residential lot, as well as multiplexes that can go as high as six storeys. “I think we need to push it to that level,” he says. “I think it starts to get interesting at around five units.
At the moment, it’s almost impossible to get financing for small multi-unit residential buildings. “That’s a huge barrier,” Mr. Greaux says. “It’s really difficult to get construction loans with any kind of a bank, especially as a small-scale developer trying to do these triplexes and duplexes. You may have a little bit more luck with the credit unions, but if you want more free-flowing capital, you’re going to probably have to lean on private capital.
“As of right [zoning] allows people to develop their properties and would be beneficial for the co-ownership model,” adds Ms. Gaynor. “Until we change the system, it limits what we can do.”
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