The full Globe and Mail article, entitled ‘Toronto sees a surge in purpose-built rental development’, can be read here.
The Toronto region has a pent-up demand for rentals, after decades of slow growth in purpose-built rentals. In the past two years, the market has seen more than 2,000 rental construction starts per annum since 1994 because the math is finally beginning to make sense for builders to build new rental, particularly in the luxury and premium rental market. The competition between condo and renter builders is why some of Canada’s biggest pension funds and insurers are teaming with landlords to build new rental buildings onto their properties. “Up until the mid-2000s, a lot of the landlords or owners would grow by purchasing existing rental assets,” said Drew Sinclair, Principal at SvN Architects and Planners. “Now, the cost of building is less than the cost of buying. That’s a really dramatic transition.”
SvN provides a suite of services to improve the performance of multiunit residential rental properties within the GTHA, building from established conditions to improve asset performance, foster capital appreciation, and create local identity for communities.
- Building Energy Retrofit: Evaluation of building financial and energy performance through audit and physical investigation to improve performance and lower operations and maintenance costs.
- Unit and Common Area Upgrading: SvN has assisted Minto Properties, Stonecap Realty Partners, Medallion Corporation, and the Preston Group with upgrading of building services, in-unit controls and common areas.
- Infill Development Potential: As a firm of architects and planners, SvN helps clients realize the infill potential or “highest and best use” on any given site. We understand the correlation between transit investments, intensification-supportive planning policy regimes, and existing site and area conditions.