Amortization refers to the process of gradually repaying a mortgage through regular payments over a fixed period of time.
Why Amortization Matters in Real Estate
In Canadian real estate, the amortization period determines the length of time it will take to fully pay off a mortgage. It impacts the size of monthly payments and total interest paid over the life of the loan.
Typical amortization periods:
25 years for insured mortgages
Up to 30 years for uninsured mortgages
Amortization is distinct from the mortgage term, which defines the current contract period. The mortgage is typically renewed multiple times within the amortization schedule.
Budgeting in real estate refers to the process of forecasting and managing income and expenses associated with owning, operating, or developing a property.. more
Tenant improvements refer to custom modifications or build-outs made to a leased space to suit the tenant’s operational needs, often negotiated as. more
In the heart of Cabbagetown, on one of the neighbourhood’s most picturesque, tree-lined blocks, this stately Victorian exudes historic charm — with an added touch of Canadian star quality.
Thoughtfully redesigned and maintained by Canadian actress and broadcaster Shauna MacDonald — known for memorable roles in Trailer Park Boys, These Arms of Mine, and This Hour Has 22 Minutes, and for her celebrated tenure as a CBC Radio One announcer — 451 Sackville Street, listed for $1,935,000, offers a rare chance to own a fully restored residence that seamlessly blends architectural heritage, timeless craftsmanship, and contemporary luxury.
Designed as two distinct, self-contained suites, the home is as versatile as it is beautiful — ideal for multigenerational living, rental income, dedicated work-from-home space, or simply an expansive personal residence that exudes unique character and style.
The main-floor residence blends timeless elegance with modern comfort: towering ceilings, classic crown mouldings, spacious rooms, and a wood-burning fireplace create a warm, refined living space. The tranquil bedroom opens to a private, fenced garden oasis with a deck and stone terrace — perfect for pets, morning coffee, or dinner under the stars. The lower level features a sleek updated bathroom and a custom-built wardrobe room, offering abundant storage without compromising on style.
Upstairs, a distinctive two-level residence brims with natural light and sophistication. The loft-like primary bedroom is complemented by a second bedroom, while the open-concept kitchen and dining area invite both lively gatherings and everyday ease.
The lush garden retreat off the main-floor suite is a hidden gem. It’s intimate yet expansive, with stonework, greenery, and room to dine or daydream — all just steps from the city core. It’s the kind of outdoor space that transforms a home from simply beautiful to deeply livable.
Each unit is equipped with its own bathroom, air-conditioning, furnace, and hydro meter, ensuring independence and comfort across all seasons.
Meanwhile, outside, the best of Cabbagetown is just steps away. Whether it’s picking up provisions from gourmet staple Daniel et Daniel, browsing Parliament Street’s mix of cafés and shops, or wandering east to Riverdale Park and its beloved farm, markets, and trails, this location offers an immersive slice of Toronto life with deep community roots.
An ideal blend of character, craftsmanship, and flexibility — with a touch of Canadian star power — this home serves a truly rare and refined offering in one of the city’s most cherished neighbourhoods.
From Etobicoke to Scarborough, unassuming parcels of land across the Greater Toronto Area are constantly being eyed up and targeted for housing development by the region's (and country's) array of industrious builders and developers. And, as the City sees a steady stream of building applications, STOREYS is right there waiting to sift through architectural plans and planning rationales for the best and biggest (and coolest!) coming up across the region.
Each month brings something different, from affordable housing to multi-tower luxury condos — but here are four stand-out submissions that were on our radar in the month of June.
Location: 490 to 534 Lawrence Avenue West and 3090 to 3114 Bathurst Street in Englemount-Lawrence
After over 70 years in operation, Toronto’s Lawrence Plaza is slated for a major transformation in the form of an eight-building master-planned development with heights ranging from six to 40 storeys. The ambitious project would take place in six phases and replace the historic plaza, delivering 127,331 sq. ft of non-residential GFA, including a daycare, 2,107,649 sq. ft of residential GFA, including 2,693 new homes, and a 42,985-sq.-ft public park.
Renderings from Diamond Schmitt and information from the planning materials indicate that the community will have an emphasis on pedestrian-friendly streetscapes and European-inspired built forms. The mixed-use community would be located at the intersection of Lawrence Avenue and Bathurst Street, bringing residents and workers within walking distance of Lawrence West subway station on Line 1.
Location: 2720–2734 Danforth Avenue in East End-Danforth
All the rage these days is the 'missing middle' — a movement exemplified by this proposal for a two- to eight-storey purpose-built rental development in East Danforth. The project is the first in a five-building missing middle portfolio being launched by Collecdev-Markee in order to provide a wider range of housing options for Torontonians. The development would incorporate a two-storey heritage structure with retail at grade, alongside a four- and eight-storey residential component which would provide 64 rental units. Designs from Batay-Csorba Architects showcase a charming red rick exterior and a unique interior courtyard where residents would be able to gather.
All proposals included in the portfolio will prioritize innovation and progressive planning with pre-fabricated modular mass timber construction, a minimum of 10% affordable housing, no vehicular parking or below-grade components, and proximity to rapid transit, amenities, and retail services.
Developer: 1001081495 Ontario Inc. and 1001081493 Ontario Inc.
Location: 36-40 Avondale Road in North York
This eye-catching tower has been proposed within walking distance of Sheppard-Yonge subway station on Line 1, where it would replace three one- to two-storey single-detached homes. Plans envision a 49-storey tower designed by DIALOG that would contain 504 new condo units.
The surrounding area is poised for intensified growth, being a Protected Major Transit Station Area, but current zoning on the site limits building heights to 65-metre single-family detached dwellings. If approved, the successful Official Plan Amendment and Zoning By-law Amendment applications would allow for the construction of the 166.5-metre tower.
Location: 614 Danforth Road in Clairlea-Birchmount
Lastly, just down the street from the Scarborough GO station could soon be a 33-storey mixed-use development slated to deliver 380 new housing units and 3,465 sq. ft of retail space to the Clairlea-Birchmount neighbourhood, with designs by BDP Quadrangle.
Currently, the site is occupied by a single-storey auto body shop and the surrounding area is defined by low-rise residential and commercial buildings. However, at least five larger developments have been proposed directly east of the subject site that are in line with the intensified development encouraged for Protected Major Transit Station Areas, like the one surrounding Scarborough GO.
Clockwise from top left: Zachary Vaughan, Tony Irwin, Wallace Wang, Shoon Huggett, Gregory Sweeny, Jie Chen.
Like our ever-changing cities and towns, Ontario's real estate and development landscape (and the people who make it run) are also ever-changing. From new hires and retirements to promotions and partnerships, here are all the notable moves you should know about from June.
Lena Kamenetska has joined Hazelview Investments as Partner, Investor Relations & Account Management.
Namit Bhavsar has joined GWL Realty Advisors as VP of Leasing & Marketing, Residential.
James Isenberg has joined QuadReal as VP of Human Resources.
Oren Jourdan has joined Allied Properties REIT as Director of Construction and Development.
Andrew Berndt has joined Lankin Investments as Director of Private Capital Markets.
Christian Bulza has joined PwC's Real Estate Advisory Team as Senior Manager of Deals.
Brendan Flowers has been promoted to Development Manager at SmartCentres REIT.
Chris Wu has joined Peakhill Capital as a Senior Associate, and Daria Savchenko has joined as Associate.
Benjamin Tse has joined Forum Asset Management as a Real Estate Investments Associate.
Aleksander Sluzynski has joined Crestpoint Real Estate Investments as an Asset Management Analyst.
Brokerages
Julian Smith has been promoted to SVP of Climate and Decarbonization Practice Director at JLL Canada.
Charles Pint has been promoted to VP of Toronto West at Colliers.
Jake MacLachlan has joined Cushman & Wakefield as Senior Analyst of Real Estate Capital Markets, and Charlie Musgrave has joined as a VP at the Toronto office.
Erik Martin has been promoted to Director of Major Brokerage Accounts at CoStar.
Former EllisDon CEO Geoff Smith has been appointed Chancellor of George Brown College.
National
Tony Irwin has been named President & CEO of the Canadian Federation of Apartment Associations, rebranded Rental Housing Canada. Rental Housing Canada has also appointed its 2025 Board of Directors.
Wallace Wang has been named CFO of Bridgemarq Real Estate Services (parent company of Royal LePage), effective July 1.
Denis Dubois has been appointed as President and CEO of Desjardins Group.
Zachary Vaughan has been appointed CEO of Northwest Healthcare Properties REIT, effective July 2, and is succeeding Craig Mitchell, who has retired.
Les Miller, CEO of Crown Realty Partners, retired on June 30 after 23 years, and the firm is now led by the three managing partners.
Sign up for our newsletters for weekly updates on hirings, promotions, and job vacancies. To spotlight a new hire or an open position that needs to be filled, email: advertising@storeys.com.
TRENDING: Ontario Real Estate And Development Industry Hires And Promotions
Despite recent rent decreases, including a 3.6% annual dip recorded in May, Ontario remains the priciest province for renters in the country. At the same time, ongoing trade tensions have created economic uncertainty for all Canadians, and those who pay their shelter costs month to month are particularly vulnerable.
Given the precarious backdrop, the Ontario government has opted to cap rent increases at just 2.1% for 2026. At 2.5%, the cap for 2025 constituted a country-wide low and marked the third consecutive year of it being held at that level.
The guideline is informed by Ontario’s Consumer Price Index and applies to around 1.4 million households — however, it does not apply to rental units first occupied after November 15, 2018, vacant residential units, community housing, long-term care homes, or commercial properties.
“This cap is the lowest in four years, which demonstrates our commitment to protecting tenants across our province as we continue searching for ways to keep costs down across the province,” said Minister of Municipal Affairs and Housing Rob Flack in a press release from the Province.
The release explains that the cap represents the maximum amount a landlord can increase rent during the year without applying for above guideline rent increases (AGI) through the Landlord and Tenant Board (LTB). According to the Tribunal’s Ontario 2023-24 Annual Report, AGI applications at the LTB have surged over 50% between the last two fiscal years, and over 125% since the 2020-2021 fiscal year.
Meanwhile, the Province notes that rent increases are neither automatic nor mandatory, and can only be issued 12 months from the last increase. In addition, landlords who wish to raise rent are required to give 90 days written notice.
Monday's press release also highlights Ontario’s progress in getting more rental housing off the ground, citing 6,977 rental starts between January to May 2025, marking a 25% increase over the same period in 2024. “This is the second-highest level of rental starts on record for this time of the year, after 2023, and showcases the government’s plan to get shovels in the ground to build more homes, faster.”
Clockwise from top centre: Wing Ng, Zenterra Developments, Nicholas Frappell, Susan Thompson, Rob Blouin, Marcus & Millichap
Another month has come and passed, and another group of companies have made some notable hires or promotions, even as the real estate and development industry in British Columbia (and beyond) continues to struggle.
Commercial real estate brokerages Marcus & Millichap made a series of promotions, while Avison Young and Colliers both made two big hires, as did big-name developers like Concert Properties, Wesgroup, and Wesbild.
Here are all the people who changed jobs or received promotions last month.
Development
Craig Watters has been named COO of Concert Properties.
Meghan Murtha has been promoted to General Counsel at Wesgroup.
Betty Wong has been promoted to Director of Development Accounting at Wesbild.
Pauline Thiessen has been promoted to Sales and Leasing Operations Manager at Townline.
Paraic Treacy has joined Cascadia Green Development as Manager of Finance.
Nicholas Frappell has joined Tera Development as a Development Coordinator.
Grant Balacko has joined Anthem Properties as Senior Site Superintendent.
Geevan Dhesi has joined Zenterra Developments as a Sales Advisor.
Stephanie Nguyen has joined Ledingham McAllister as Sales Coordinator.
Melissa Bottyan has joined QuadReal as a Lease Documentation Coordinator.
Government and Planning
Trevor Welsh has joined the City of Coquitlam as Director of Building Permits & Chief Building Official.
Marcio Teixeira da Silva has been promoted to Senior Development Manager, Private Partnerships at BC Builds.
Annie Silver has been promoted to Manager of Indigenous Asset Management at BC Housing.
Brokerages
Rob Blouin has joined Avison Young as Principal & Director of the new Property Tax Services team in Vancouver, after 17 years at Altus Group.
Colin Kehoe has joined Colliers’ Development Advisory team in Vancouver as VP of Development, after six years at QuadReal.
Susan Thompson has been promoted to Director of Research at Colliers.
Erin Vance has been promoted to VP of Sales at Fifth Avenue Real Estate Marketing.
Kitty Ng has been promoted to Sales Director at KEY Marketing.
Trevor Shumka has been promoted to Director of Investments & Leasing at Marcus & Millichap.
Robert Hamilton has been promoted to Senior Director as Marcus & Millichap.
Stefan Safrata has been promoted to Director of Investments & Leasing at Marcus & Millichap.
Sunil Suvarna has been promoted to Associate Director at Marcus & Millichap.
Alex Girling has both been promoted to Associate Director as Marcus & Millichap.
Erica Qu has been promoted to Leasing Manager at MLA Canada.
Wing Ng has joined Cushman & Wakefield as Senior Marketing Specialist.
Finance
Patricia Narbaitz has been promoted to Director of Partnership Portfolio at BCI.
Other
Abi Bond, who recently departed her role as Executive Director of the City of Toronto’s Housing Secretariat and was previously Managing Director of the City of Vancouver’s Homelessness Services and Affordable Housing Programs, has joined the Squamish Nation as Senior Executive Lead.
National
Tony Irwin has been named President & CEO of the Canadian Federation of Apartment Associations, rebranded Rental Housing Canada. Rental Housing Canada has also appointed its 2025 Board of Directors.
Wallace Wang has been named CFO of Bridgemarq Real Estate Services (parent company of Royal LePage), effective July 1.
Denis Dubois has been appointed as President and CEO of Desjardins Group.
Zachary Vaughan has been appointed CEO of Northwest Healthcare Properties REIT, effective July 2, and is succeeding Craig Mitchell, who has retired.
Les Miller, CEO of Crown Realty Partners, retired on June 30 after 23 years, and the firm is now led by the three managing partners.
Sign up for our newsletters for weekly updates on hirings, promotions, and job vacancies. To spotlight a new hire or an open position that needs to be filled, email: advertising@storeys.com.
In the heart of Summerhill, tucked between the quiet prestige of Avenue Road and the urban charm of Yonge Street, sits one of Toronto’s most coveted residential pockets — and at its centre, a home that gets everything right.
Welcome to 137 Marlborough Place, where classic midtown character meets elevated, contemporary design. This 3-bedroom, 2-bath residence was fully renovated in 2017, and now strikes a pitch-perfect balance between comfort, sophistication, and family-friendly function.
137 Marlborough Place
From the curb, the home’s brick exterior hints at the quiet elegance within. Step inside, and you're greeted by open-concept living spaces flooded with natural light.
Wide-plank engineered hardwood runs throughout, while a custom built-in media wall in the living area serves both form and function — sleek, dark, custom cabinetry, integrated wood accents, and shelves that invite personal style.
The kitchen, meanwhile, is a showstopper in its own right: dramatic granite surfaces stretch from the counters up the backsplash and across a bold island with a waterfall edge. Integrated storage solutions — including a hidden appliance garage and custom, full-height cabinets — ensure every inch is as functional as it is refined.
At the heart of the home, a sculptural open-riser staircase with a glass railing draws the eye upward and enhances the sense of flow.
The open-riser staircase is the perfect architectural moment — visually striking yet airy, it ties together the home’s modern upgrades with its traditional structure. Paired with the skylight above, it turns a transitional space into a sculptural centrepiece.
From the kitchen, glass sliding doors open to a spacious deck and dining area, leading down to a professionally designed backyard garden. The outdoor space is lush, low-maintenance, and anchored by a private laneway carport with one parking space — a downtown luxury unto itself.
Upstairs, three sunlit bedrooms and two contemporary bathrooms offer the perfect amount of space for family living. The primary suite serves as an inviting retreat, with calming treetop views and dual custom-built closets.
A skylight above the stairwell floods the upper level with natural light, tying the home’s crisp and clean aesthetic together.
Open House: Saturday, July 5 and Sunday, July 6, 2-4pm
For families, being tucked within the Cottingham Junior School catchment, and with ample private school options nearby, it simply doesn’t get better than a Marlborough Place address.
Add to this the abode's unbeatable surroundings — the home is directly across the street from the picturesque Marlborough Place Parquette, steps from the Summerhill TTC, and just down the street from beloved eateries like Terroni, Nadege, and Boxcar Social — and it’s easy to see why homes in this pocket rarely hit the market.
“137 Marlborough is a thoughtfully designed home in an ideal urban setting,” says listing agent Ian Matthews, RE/MAX Prime Properties - Unique Group.
“Tucked away on a lush, quiet street with almost no traffic, it offers a rare sense of privacy, right in the city. And yet, you're just a four-minute walk to Yonge Street, the subway, top restaurants, and shopping,” he says.
“It’s a truly special property that offers the best of both worlds of tranquility and convenience.”
In Metro Vancouver’s fast-paced housing landscape, it’s not often you see a developer take a step back, reflect, and re-engage from a place of deep commitment.
That’s what Oviedo Properties is doing with BridgeCity, its large-scale Surrey community that has seen interest from buyers, agents, and the community at large.
Located just north of King George Blvd, overlooking Bolivar Creek, the masterplan entered the market last year, joining Oviedo’s long list of projects, ranging from high-density towers to purpose-built rentals and mixed-use hubs. Developments like Altus and White Birch have helped define new pockets of growth in White Rock — and BridgeCity is poised to do the same for Surrey.
Now, to help reinforce this mission, the seasoned developer has opted to strategically pause. BridgeCity is still very much moving forward; but now, with even more intention.
The project’s fresh direction is focused on improving the overall experience, from the streetscape to the amenities, bringing the masterplan into stronger alignment with today's (and tomorrow's) market preferences.
"This strategic redesign underscores our unwavering commitment to delivering homes that truly resonate with our buyers and exceed market expectations," Kanwar Dhamrait of Oviedo Properties said in a release.
"We are confident that the reimagined BridgeCity will set a new standard for community living in Surrey, reflecting our dedication to building exceptional communities."
With the redesign underway, current agreements will be cancelled and deposits returned — part of a broader reset ahead of relaunch.Oviedo has expressed deep appreciation for the development's early support.
The developer also notes that, happily, buyers won’t be waiting long: BridgeCity is expected to relaunch in 2026.
With eyes on the horizon for next year, the best version of BridgeCity is still to come — and when it does, it’s expected to make a lasting mark on Surrey’s evolving skyline.
Two large projects planned for Surrey that are now converting some planned condo units to rental units. / Chris Dikeakos Architects, DF Architecture Inc.
While a market downturn definitely creates problems for developers of projects that are in the planning stages, the simplest solution can be to pause the project. For developers of projects that have already been designed and approved, however, a market downturn creates a different set of issues altogether — and there may not be one clear solution.
The current market downturn can generally be attributed to buyers remaining on the sidelines amid economic uncertainty, in both the residential resale and presale markets. As such, it has become difficult for developers to secure the number of presales they need in order to get their construction financing and begin building out their projects.
For projects that are ready to go, pausing may not always be the best solution because they may have mortgages that need to be paid and delaying a project can result in additional interest and overall costs. In the current market, it's also unclear where exactly the light at the end of the tunnel is (not to mention when it will arrive). Thus, for developers in this kind of position and who want to push through with their projects, many have turned to the solution of revising their projects to replace condos (or commercial space) with rental units, bypassing the need for presales.
In recent weeks, whether a coincidence or not, a trio of high-rise projects in Surrey that have already been approved by the City have become the subject of this exact kind of revision.
Tangerine Developments
At a land assembly comprised of 10054-10088 Whalley Boulevard and 10055-10089 137A Street, a few blocks north of King George Station, Tangerine Developments has previously proposed a 33-storey tower and a 38-storey tower with a total of 822 strata units.
The project was granted third reading (conditional approval) in February 2024, but now the developer is seeking to change all 379 units of the 33-storey tower (Phase One) into market rental units ahead of securing final approval for the project.
Since the project was last considered by Council, the City of Surrey has implemented the provincial transit-oriented areas (TOAs) legislation and eliminated minimum parking requirements. According to a City planning report, the project is now only required to provide 34 vehicle parking spaces, but the developer is still opting to provide 568 parking spaces, although they have now cut one level of underground parking.
The City also notes that the remaining 443 units planned for the 38-storey tower in Phase Two are set to remain as strata, but this revision allows the developer to proceed with the first tower and bide their time until they're ready to advance the second one.
GEC
Towards the northwest, at 10240 City Parkway, just north of the Central City mixed-use hub, Global Education Communities (GEC) had previously proposed a 49-storey mixed-use tower with 383 units, split between 215 rental units and 168 strata units.
Like Tangerine, GEC had already received conditional approval for the project in February 2021, but has now returned ahead of final approval with a revision that would convert three levels of planned office space into residential use and deliver all residential units — a total of 387 — as purpose-built rental units.
A June 2025 rendering of the GEC Education Mega Centre planned for 10240 City Parkway in Surrey. / Chris Dikeakos Architects
"The applicant has indicated that the proposed changes to the project are a result of current economic conditions," said City staff in a planning report. "To better align with evolving needs, the applicant is proposing to convert a portion of the proposed office space to market rental residential after consulting with SFU, UBC, and KPU about their housing requirements, including those for SFU's new School of Medicine. It is hoped this adjustment will support these institutions in attracting and accommodating students and faculty while ensuring the long-term viability of the project."
The office space and retail space planned for the second and third floor are unchanged, and GEC announced in early May that it was partnering with Pure Group on the project, which will be named GEC Education Mega Centre and have a construction budget of $330 million.
Allure Ventures
The third project is planned for a land assembly comprised of 13866, 13876, 13884, and 13896 100 Avenue plus 9954 and 9968 138A Street. The site is located to the southeast of Tangerine's site and this project is being undertaken by Allure Ventures, who has previously proposed 449 strata units across a 32-storey high-rise tower and two six-storey podium buildings
Similar to the other two, Allure Ventures had received conditional approval for their project — named Sky Living — in May 2022, but have now revised the proposal to cut the total unit count down to 422 and convert 207 strata units planned for the two six-storey podium buildings into purpose-built rental units. Previously planned two-storey townhouse units in the podium buildings are now planned as apartment units, and Allure has also reduced the amount of parking from 403 vehicle spaces to 254.
"In response to the current state of the real estate market, specifically pre-sales, the developer has pivoted their approach to meet the project’s proforma requirements and is now proposing to secure 207 residential dwelling units located in the 6-storey podium for 40 years as market rental with a Housing Agreement in advance of proceeding for final adoption," the planning report states.
The Sky Living project has also been in the news recently, after the project team launched a special promotion in May offering both a rental income guarantee and a buyback guarantee, in what the marketing team previously told STOREYS was an attempt to alleviate concerns of presale purchasers. It's just another sign of the times, much like the pivot to rentals.