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A new report warns of a rapidly growing deficit in the rental housing supply in the Greater Toronto Area (GTA). The report estimates that the deficit of rental housing units in the region will double to 177,000 in the next 10 years. Purpose-built rentals represent approximately a seventh of all the housing stock available in the GTA, but slightly less than half of the number of units available for rent. The report notes that building purpose-built rentals is more expensive for developers than building other forms of housing, due to the higher capital investments required upfront and longer waiting periods for the projects to become profitable, which are further exacerbated by taxes and charges applied to purpose-built rentals. The report urges all levels of government to implement policies that will stimulate the development of purpose-built rental housing.

Read the full article on: REAL ESTATE MAGAZINE