[Halifax] The Winslow (2570 Windsor) | 20 m | 7 fl | Completed

[Keith P.]

I think you need to adjust your perspective. From what I understand, a unit in an average 7-storey box apartment costs about $200K to build. Add “luxury” finishes and more space and you get up to $300K. Obviously larger units are more costly. I’ve seen the same sort of numbers for high-rises. When the time comes to set rents which include common services, amenities, property taxes and the like, add those to amortization of the construction costs and a profit margin for the developer taking the risk and you end up with your monthly rent. New construction units are never going to be cheap. In a tight market like we’ve had recently those rents are naturally going to be higher due to demand. Not all developers are the “greedy” types the message board mobs like to jump on.