- Housing issues are central to the city's existence in Toronto.
- CMHC reported record condo units in Toronto, while discussions highlighted conflicts between modern development and Jane Jacobs' principles.
Toronto Housing Market Shifts to Rentals Amid Flat Starts Report
What happened
Canada Mortgage and Housing Corporation reported that the six-month trend in housing starts was almost flat in September, rising only 0.6% from August. CMHC also counted 143,929 approved building permits, an increase of 1.1% from August. Separately, Matt Young stated that a major housing development in Scarborough, originally planned as condos, would instead be built as rentals because it was more financially viable.
From bnnbloomberg.ca
Why it matters
The conversion of planned condo units to rentals reflects broader affordability challenges, as some developers noted that many families struggle to save enough for a down payment. This shift is changing the mix of housing supply available in Toronto.
Housing issues are central to the city's existence in Toronto.
From bnnbloomberg.ca
Who's involved
- Canada Mortgage and Housing CorporationCanadian government agency providing housing market figures for Toronto
- Matt YoungDeveloper who converted a planned condo phase in Scarborough to rentals
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Rental shift in Toronto may pressure Doug Ford on housing policyDoug Ford may face pressure to adjust housing policy amid rental market growth.Possible
- Rental shift in Toronto may force Ontario to adjust housing incentivesThe Government of Ontario may need to adjust housing incentives due to rental market shiftsPossible
Keep exploring
The entities involved
-
Canada Mortgage and Housing Corporation
Canadian government agency providing homebuyer assistance and insurance to lenders in case of defaults
-
Toronto
capital and largest city of the province of Ontario, Canada
-
Ontario
company