Experts say Toronto is in big trouble unless thousands of rental units are built fast Toronto TorontoRealEstate RealEstate
Dave Wilkes, President and CEO of BILD, explains that a 2018 surge in new rental development is not sustaining momentum, saying,"unfortunately, we are just not seeing purpose-built rentals being built at the scale that is required."
The report raises alarm bells, stating purpose-built rentals represent approximately one-seventh of all housing stock in the region, but less than half of that fraction of units are available for rent. That massive influx of units came to an end in 1979, when the Residential Tenancies Act was enacted, placing rent controls on units that limited landlords' effective licences to print money.elimination of rent controlsBut this wave barely measures up to the 20th-century boom that came before. Just under 23,600 purpose-built rental units were built between 2000 and 2022, falling a staggering 200K units short of the 1960-1979 building frenzy.
According to the BILD/FRPO report, purpose-built rental construction in major urban centres like Toronto can be more costly for developers to finance upfront and are less lucrative and immediate than the boatloads of money coming in fromIt also notes the length of time it takes for a rental property to turn a profit, and the added strain of taxes applied to purpose-built rentals.
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