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Originally Posted by ssh
Isn't the condo market and housing market in the GTA pretty cold at the moment? Can't see this breaking ground anytime soon, it's a massive project.
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Condo market is dead-dead right now.
There are a decent amount of rental starts still happening though as there are currently large federal rental housing subsidies through subsidized (i.e. low-interest) loans, and Carney's election platform included a provision to bring back a certain tax break for rental projects which existed in the 1960's and 1970's which many attribute to what enabled the many large mid-century rental towers across the GTA - the Multiple Unit Rental Building (MURB) cost allowance.
The applicant here is a large fund- a real estate branch of one of the largest insurance companies in Canada (
Great-West Lifeco). They apparently intend to do this as a rental project, but we will see if they manage to secure financing. It's definitely... ambitious, with over 2,600 units across the three towers.