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Purpose-Built Rental Construction Hits 25-Year High

Purpose-Built Rental Construction Hits 25-Year High

The GTA had 6,523 purpose-built rental units under construction in Q3, a 76% jump from Q2 and the highest level in over 25 years, according to Urbanation. The firm is tracking more than 10,000 purpose-built units proposed for development—3,820 units in Q3 alone. Most under-construction suites (80%) are in the City of Toronto. “Rental demand continues to strengthen due to quickly rising housing prices and increased migration into core areas of the GTA,” SVP Shaun Hildebrand notes. “These trends should continue to support the market amidst record levels of condo completions and growing purpose-built construction.”