Rise of Rental: Encouraging the Development of Purpose-Built Rental Apartments Across Vancouver and Toronto
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Since the mid-1980s the development of purpose-built rental housing has decreased significantly in favour of condominium development in major Canadian cities. One third of Canadians are renters, however, less than 10 per cent of new developments built in the last 15 years were rental units (Canada Mortgage and Housing Corporation [CMHC], 2014a). Furthermore, first-time buyers are finding themselves priced out of ownership due to the increase in the land values across major cities. With a growing population, slow increases in income, and a limited new supply of purpose-built rental housing, the demand for modern rental housing has grown significantly. In a time where rental demand is at a 25-year high (Federation of Rental-housing Providers of Ontario [FRPO], 2015), this report attempts to dig deeper into this trend in the purpose-built rental housing market, and determine the factors that contribute to this demand and what can be done to accommodate it. Specifically, this research identifies the challenges faced by providers of purpose-built rental apartments (investors and developers), and examines policies encouraging their construction, such as the Rental 100: Secured Market Rental Housing Policy in Vancouver which will be examined in terms of its success and transferability to a municipality such as Toronto.