Toronto is experiencing a rental apartment boom
The condo boom in Toronto isn't slowing down any time soon, but with it has come plenty of rental apartments popping up across the city. In April, the Financial Post noted that there is a significantly increased demand for rental units amongst millennials - not all of us can afford to buy a condo.
The Globe and Mail claims that there are currently 26 apartment buildings under construction in Toronto, which equals a 25 year high. And, there could be another 43 such buildings in the pipeline.
It's easy to see this gradual increase thanks to the number of new rental projects that are emerging. Of course, there's The Selby, which we've previously covered.
The historic mansion at Bloor and Sherbourne was going to become condos, but eventually that project got scrapped; a 50-storey tower filled with only rental units will emerge in its place.
The Heathview in Forest Hill is already complete. It's an interesting one to note because it likely provides us with an idea of what the incoming "luxurious" rentals will look like.
In this building's marketing material, for instance, it sells itself as a rival to condos, though, that's not altogether surprising considering its location. Other neighbourhoods set to get upscale rentals include King West and the Annex.
Here are some notable apartments set to arrive in Toronto over the next few years.
St. James Town
There's currently a development application in the works at Sherbourne and Howard for a 58-storey tower comprised of 640 rental units. This proposal is significant because it would require the demolition of 24 existing rental units and a rejigging St. James Town Park West. The heritage building currently on site, however, would remain intact.
Many were rather shocked in May when Vancouver-based developer Westbank Properties revealed its plans for Honest Ed's and Mirvish Village. Instead of constructing a slew of condos, Westbank will create approximately 1,000 rental units surrounding a public market. While this project won't be underway for a while, it'll be interesting to watch as it continues to evolve.
King Portland Centre
The King West neighbourhood is known for its pricey real estate, restaurants and bars. It's surprising then that the residential portion of this prominent incoming development will exclusively feature rental units. It'll also include retail and office space.
19 Duncan Street
It seems like many of the impressive-looking rental developments are situated near the Entertainment District, an area commonly known as condo central. This proposed project by Westbank Corp. and Allied Properties REIT would incorporate the old Southam Press Building, at Duncan and Adelaide, into a 50-storey tower. Urban Toronto reports that 50 storeys would be devoted solely to rental units.
The north-east corner of Front and Spadina is relatively sparse right now. However, once the Globe and Mail moves to King Street East, the area will undergo an enormous, $1.4 billion makeover. The Well, a project by RioCan, Diamond Corp. and Allied Properties REIT, will include multiple mixed-use buildings (with rental units, of course) to create a mini neighbourhood of sorts.
This European import currently has four developments in Toronto neighbourhoods including Leslieville, Castlefield Design District, Harbord Village and St. Clair West. With 24hr-concierges, this company brings condo-living to rental units. And, it aims to build all of its properties near transit.
Real estate company Shiplake already has two rental developments in the north end of the city. This proposed project for 45 Dunfield Avenue in the Yonge and Eglinton area will give rise to nearly 800 new units.
This hotel, dating back to the early 1900s, will be demolished in favour of a 15-storey building (not 22 storeys as previously proposed). It'll likely act as an independently owned residence building for University of Toronto students. And yes, the Comfort Lounge will also disappear, though it'll be transformed into a parking garage.
Along with the Canary District condos, this brand new Toronto neighbourhood will also be home to approximately 253 affordable rental units in two buildings designed by Daoust Lestage Inc., reports Urban Toronto.
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