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Rental apartments are being built in Toronto
Motion — at Bay and Dundas St. W. —will have 463 rental suites with 11,500 square feet of retail space. The company also has another building underway at Queen St. E. and Berkeley St. and it has just completed 950 rental units in Etobicoke at Village Gate West.
While some suggest new tax credits or low-interest loans might spur development, McCauley says he’d rather build it without government support.
“I think there are many reasons why people aren’t building, but the first and strongest reason is that in the GTA last year there were 27,000 condominium sales. If you’re a developer with that strong a demand you can make more money selling condominiums than you can building rental residential,” says McCauley.
“Toronto did have some incentives for a period of time in the early 2000s — when they had a department called Let’s Build designed to waive development fees and expedite development approvals — but we never found a huge amount of value in those programs, so we effectively built them on our own.”
More....http://www.thestar.com/living/reale...-rental-apartments-are-being-built-in-toronto
Motion — at Bay and Dundas St. W. —will have 463 rental suites with 11,500 square feet of retail space. The company also has another building underway at Queen St. E. and Berkeley St. and it has just completed 950 rental units in Etobicoke at Village Gate West.
While some suggest new tax credits or low-interest loans might spur development, McCauley says he’d rather build it without government support.
“I think there are many reasons why people aren’t building, but the first and strongest reason is that in the GTA last year there were 27,000 condominium sales. If you’re a developer with that strong a demand you can make more money selling condominiums than you can building rental residential,” says McCauley.
“Toronto did have some incentives for a period of time in the early 2000s — when they had a department called Let’s Build designed to waive development fees and expedite development approvals — but we never found a huge amount of value in those programs, so we effectively built them on our own.”
More....http://www.thestar.com/living/reale...-rental-apartments-are-being-built-in-toronto
