In real estate, a chattel refers to any movable personal property that is not permanently attached to the home or land and is not included in the title of the property.
Why Chattels Matter in Real Estate
In Canadian real estate transactions, it's important to distinguish between chattels and fixtures. Chattels are typically excluded from the sale unless explicitly listed in the Agreement of Purchase and Sale.
Examples of chattels include: - Freestanding appliances (e.g., washers, dryers) - Furniture - Portable sheds or storage units
Disputes can arise when buyers assume certain items are included. Clearly identifying chattels in the offer helps avoid confusion or legal conflict after closing.
Understanding chattels ensures buyers and sellers are on the same page regarding what's included with the home.
Example
The buyer expected the stainless steel fridge to stay, but it was a chattel and not listed in the agreement, so the seller took it when moving out.
CRA stands for the Canada Revenue Agency, the federal body responsible for tax administration, compliance, and enforcement in Canada, including taxes. more
Common elements refer to shared spaces and systems in a condominium development that are jointly owned and maintained by all unit owners through the. more
The Companies’ Creditors Arrangement Act (CCAA) is a federal law that allows large insolvent corporations in Canada to restructure their debt and. more
The prefabricated and modular housing industry is growing by leaps and bounds around the world. Canada is no exception.
The nation’s modular construction market is expected to reach a valuation of $16.5 billion by 2029, up 8.1% from 2024. The prefabricated home manufacturing industry has grown at an average annual rate of 5.2% over the past five years to reach $3.8 billion in 2024.
There are many reasons for the sudden surge. Canada needs housing and lots of it, innovations are improving the efficiency and aesthetic appeal of prefabricated homes, rising costs are driving changes, and governments are actively supporting the industry.
The concept of prefab or offsite construction is as old as wrinkles. The ancient Romans, for example, used prefabricated concrete moulds for their aqueducts and tunnels and William the Conqueror brought prefabricated sections of defences with him when he invaded England in 1066.
But enough of the history. Back to the present day.
I recently had the opportunity to tour German factories where prefabricated housing is built offsite. We could learn a thing or two from the Germans, who have been doing this for a century. They are increasingly turning to modular and prefabricated construction. More than one in four single-family and two-family homes are now built using offsite methods.
Here in Canada, we have seen some promising signs. Ontario is committing $50 million over five years to grow its industrial capacity in modular construction and other innovative options to accelerate development, improve affordability, and nurture home‐grown industries. Invest Ontario will help fund the expansion and upgrade of existing production-line machinery and adopt new technologies that increase productivity and output.
On a much larger scale, on the federal front the governing Liberals have pledged to provide $25 billion in debt financing and $1 billion in equity financing to innovative Canadian prefabricated home builders.
Even the City of Toronto is getting in on the act. In March, the planning and housing committee requested that council direct the chief building official to enable factory-built modular homes to be included in the building division’s certified plans, making it easier for builders to re-use an approved housing design without having to go through a full permit review process.
Meanwhile, real estate developer and Mattamy Homes founder Peter Gilgan is planning to start a prefab housing factory in the Toronto area. The first phase is slated to open in 2026 and will focus on making modular parts and components for six-storey condo buildings with one- to three-bedroom units.
We’ve already had success with panelized housing for a while now. Great Gulf Group of Companies, for example, was an early adopter of prefabrication through its H+ME Technology business. The venture, created in 2007, produces wall and floor panel systems for residential builders, and builds prefabricated housing.
Prefabricated housing is not the cure to everything that ails the housing market in Canada, but it is one way to build more quickly. Experts say it can reduce construction times by up to 50%, costs by up to 20%, and emissions by up to 22% compared to traditional methods.
While the moves are admirable, the key to making it work is to include builders in consultations on how to move forward. It is not simply a, “Build it and they will come” situation.
The bankruptcy of Katerra in 2021, a company that sought to manufacture housing components offsite, is an example of what can happen when things go wrong.
My fear is that governments will invest heavily in offsite without understanding the complexities. They must consult with those who actually build the housing — and that is the builders themselves — to prevent wasting money on initiatives that have little chance of success.
In my opinion, the true potential of prefabricated building lies in speeding up the construction of larger structures such as student, senior, and affordable housing options that use repetitive designs.
Prefabricated construction has been successful in countries like Japan, Sweden, Germany, and Britain. Nearly half of multi-storey residential buildings in those other countries incorporate prefabricated components and complement the capacity of the traditional site-built sectors.
The drawback, though, is that it only works in certain circumstances and not so much in the low-rise sector. An additional hurdle to mass production of factory-built homes is that regulations vary across provinces and municipalities. This makes it difficult to standardize home designs for different cities. We therefore need to overcome this hurdle for housing built offsite.
To build the new homes that are needed in Canada, we must embrace new ways of building. Offsite construction can play a major role — but it is complicated and to do it properly requires an expert approach from design to closing.
Tucked away on 10.9 gated acres just north of Victoria’s core, 1708 Woodsend Drive is the kind of estate that feels pulled from another era — one where timeless design, artisanal finishes, and unshakeable privacy converge in singular fashion.
But make no mistake: while this estate speaks with the quiet confidence of old-world elegance, its bones and systems are anything but dated.
Fully rebuilt in 2024 by White Wolf Homes, this seven-bedroom, eight-bathroom manor fuses traditional craftsmanship with contemporary precision.
From the outset, the home makes a striking impression. A winding drive gives way to 12-foot mahogany entry doors that open onto a grand foyer framed by 20-foot ceilings and marble-inlaid stone floors.
What follows is a graceful progression through richly layered spaces, where every turn reveals something new: exotic hardwoods underfoot, carved stone fireplaces, a bespoke music room, a vibrant sunroom, and a fully equipped home theatre.
The main floor kitchen is tailored for serious entertainers and culinary pros alike, featuring a full Wolf and Miele appliance suite, an oversized island, and a dedicated butler’s kitchen with a built-in coffee station. And while the central gathering spaces speak to hosting at scale, the private quarters offer a full retreat from the day-to-day. In the primary suite, two magazine-worthy walk-in closets sit opposite a Ritz-style ensuite — and a sunroom designed for quiet mornings or breezy nights.
Connected via an elegant glass breezeway is a two-bedroom guest suite, ideal for extended family, visitors, or live-in support. The detailing here matches that of the main residence — a testament to the integrity of (and consideration given to) the rebuild.
Outside, the property unfolds like a private resort. A full-size professional tennis court and large outdoor pool anchor the recreational side of the grounds, while a restored pool house and sculpted terraces create space for entertaining, lounging, or sunset cocktails. A custom fire pit area rounds out the outdoor offerings, drawing the eye to the estate’s generous south-facing exposure and carefully preserved natural backdrop.
The seamless blend of old-world luxury and new-world upgrades is what's stolen our heart at this address. From the marble-inlaid floors to the breezeway-linked guest quarters, every square foot of this estate has been thought through and executed to perfection. It’s an extremely rare combination — and one that feels destined to stand the test of time.
Though just 15 minutes from downtown Victoria, the address feels distinctly set apart — protected, peaceful, and purpose-built for generational enjoyment. It’s a rare legacy property that pairs classic stature with new-world polish, inviting its next owners to write the next chapter with style and certainty.
Houses in a suburban BC neighbourhood/Shutterstock
Five consecutive quarters of relief. The lightest mortgage burden in three years. Scan the headlines and you might believe Canada’s housing crisis is finally turning a corner.
It isn’t.
What we’re seeing is less of a comeback and more of a comedown, a gentle easing after years of punishing highs. According to the Q1 2025 Housing Affordability Monitor by the National Bank of Canada, the national MPPI, or mortgage payment as a percentage of income, now sits at 55.4 percent, a level not seen since early 2022. On paper, that looks like progress.
But real affordability isn’t captured in data points. It is felt in day-to-day life. And for most Canadians, homeownership remains as distant as ever.
Yes, mortgage rates have edged down. Incomes have nudged higher. But home prices (in the markets considered) continue to climb, both quarter-over-quarter and year-over-year. And in many major cities, the cost of carrying a mortgage still eats up more than half of what the average household brings in. To call this a recovery would be misleading. It is merely a pause in a housing system that remains fundamentally out of reach for many.
Nowhere does the gap between perception and reality feel sharper than in Toronto.
The numbers hint at progress. The city’s MPPI fell by 1.6 percentage points in Q1, outpacing the national average. Mortgage rates eased. Yet despite these gains, Toronto remains one of the least affordable housing markets in the country. The typical buyer now faces a mortgage burden of 77.8 percent of their income, far above both the national figure and the city’s own historical norm.
A median home (all dwellings), at present, requires an income of more than $267,000 to qualify. Even in the condo segment, where prices dipped slightly, households still need to earn over $161,000 just to get in.
It remains a market out of reach, not because people aren’t willing to buy, but because even with more listings on the table, the prices still don’t make sense for most.
The Condo Conundrum
In most Canadian cities, the condo market has long been positioned as the affordable entry point, the starter home for young professionals. The Q1 data supports that narrative on the surface: the average MPPI for condos across major markets is 41.4%, significantly below the 61.7% required for non-condos.
But beneath that surface lies a less reassuring story.
In cities like Vancouver, Hamilton and Toronto, even the condo market is burdened with unsustainable premiums. Buyers in these cities pay 30% to 47% more per month to own a condo than to rent an equivalent two-bedroom unit. In Victoria, that premium is nearly 27%. And despite being the “affordable option,” condos in these markets still require downpayments exceeding $45,000, along with qualifying incomes well over $140,000.
If this is the on-ramp to ownership, it’s increasingly steep and sparsely travelled.
While much of the national discourse focuses on monthly mortgage payments, the more intractable barrier is often the downpayment.
In Toronto, it would take over 9.5 years of disciplined saving, at 10% of pre-tax income, to accumulate the minimum required downpayment for a median-priced home. In Vancouver, that wait stretches to 11.5 years. These timelines assume steady income, no financial setbacks, and near-perfect saving habits, assumptions that rarely hold in real life.
In nearly every region, downpayment timelines have grown longer, not shorter. When compared to their own 25-year averages, most markets show a widening gap, a sign that while monthly affordability has improved, the upfront cost of entry continues to drift further out of reach.
Lessons from the Prairies
Contrast this with Edmonton and Winnipeg, where housing affordability appears almost anachronistically reasonable. In Edmonton, the MPPI sits at just 29.8%, a whisper away from its historical average. In Winnipeg, it’s 31.4%.
Downpayment timelines in these markets are measured in months, not decades. Condo buyers in Edmonton need just $14,000 down and can qualify with incomes under $66,000. These cities remain among the last outposts of middle-class affordability in a landscape of hyper-concentrated wealth.
Their stability offers a rare and increasingly attractive alternative for buyers priced out of larger markets.
Why Is Affordability Improving?
The short answer: mortgage rates are falling, and incomes are rising, slightly. Since peaking in late 2023, 5-year mortgage rates have declined by 91 basis points. Median incomes are up around 0.8%, enough to tilt the MPPI down even as home prices rise modestly.
But this balance is fragile. The Bank of Canada’s future moves are uncertain. Wages may stagnate if economic momentum slows down further. And in some cities, especially in Quebec, home prices continue to creep up significantly.
This is a rate relief. And it won’t last forever.
Renting Makes More Sense in Some Cities
One of the more striking dynamics in this report is the widening gap between renting and owning, particularly in urban condo markets.
In a healthy market, homeownership is expected to cost more in the short run but pay off over time through equity building and stability. But in markets like Vancouver, Hamilton and Toronto, the ownership premium has grown so large that it undermines that assumption.
At what point does paying $700–$1,000 more per month than rent cease to be a sound investment, especially in an environment when price growth is modest and carrying costs are elevated? In many cities, the ownership premium has outpaced potential returns, and the math no longer supports the old narrative.
And Canadians seem to know it. Recent consumer sentiment surveys, such as the one by CMHC, show that first-time buyer activity remains sluggish, even as mortgage rates dip and inventory climbs. The fear of being priced out has largely faded. Instead, a cautious, cost-conscious mindset has taken hold. For a growing number of households, renting makes the rational choice.
We’re Not There Yet
The headline figures in this quarter’s report may suggest progress. But affordability is a structural problem, not a momentary trend. And that problem, in most major cities, remains deeply entrenched.
What we’re seeing today is a reprieve. A temporary easing of pressure made possible by falling rates and modest wage gains. But unless housing prices fall materially, or incomes rise dramatically, the system will remain tilted against aspiring homeowners.
Affordability is improving, but not nearly fast enough to matter for the people who need it most.
Build upwards not outwards has become the mandate of urban centres around the world, Toronto included. Population growth, increased housing demand, skyrocketing land values, and the perils of urban sprawl have necessitated increased density, and meanwhile, we've seen the emergence of innovative engineering as buildings stretched higher and higher into the clouds.
This combination of necessity and technology have led developers and architects to turn to more extreme heights in the form of aptly-named 'supertalls,' which, according to the Council on Tall Buildings and Urban Habitat (CTBUH), are buildings with heights of 300 metres (984 feet) or more.
Supertalls have been around since the 1930s, with the 1,049-ft (319-metre) Chrysler Building being the first to hit the impressive height milestone, but began popping up around the world in greater numbers throughout the late-2000s. And while Toronto may be one of Canada's largest urban centres, Global Director of the Architecture & Urbanism Division at Arcadis, Mansoor Kazerouni, tells STOREYS the Ontario capital is behind other major cities when it comes to supertalls.
"In many ways, Toronto is actually playing catch up to the rest of the world," says Kazerouni. "If you think about it, our tallest planned tower right now is around 350 meters, right? Well, that wouldn't even put us among the 80 tallest buildings in the world."
The tower Kazerouni is referencing is the SkyTower at Pinnacle One Yonge, one of eight supertall buildings currently under construction or approved in the city, which will reach 105 storeys at its highest point. Arcadis is the architecture firm tasked with designing the second tallest project in the supertall pipeline which is the 99-storey, 1,040-ft 19 Bloor tower.
To better understand the role supertalls have to play in Toronto, alongside their benefits and unique construction challenges, we spoke with Kazerouni and Shane Fenton Partner and COO of one of 19 Bloor's developers, Reserve Properties.
Location Is Key
Kazerouni and Fenton agree that the main role of a supertall is to provide the maximum amount of housing possible on a single plot of land. But location is paramount. This means developing close to higher-order transit in walkable communities where existing built forms would exist in harmony with a supertall. For Fenton, 19 Bloor Street West ticked all these boxes.
“We see [the 19 Bloor] site as centre ice in the City of Toronto," says Fenton. "It doesn't get better in terms of location and planning, and in terms of something that could be built at a high rise scale.” Surrounding the site, he highlights, are dozens of other tall buildings, access to Line 1 of the TTC, educational institutions like the University of Toronto and Toronto Metropolitan University, and a plethora of dining, retail, and entertainment options.
Shane Fenton, Partner and COO at Reserve Properties
Building up density around higher-order transit and urban amenities has become a major mandate of the City in combatting the housing crisis, and supertalls have come as a welcomed tool in areas where their development is appropriate. As such, Fenton says the City was "very supportive" of the 19 Bloor project. "They expected us to be coming forward with that type of overall concept of design for the site," he says.
Design Challenges
Conceptually, supertalls are simple; they provide high density housing on a small plot of land by building higher. But in practice, they present a host of material challenges that architects like Kazerouni are tasked with overcoming.
Over 980 feet up in the air, wind becomes a major issue as residents in upper floors can experience an uncomfortable swaying motion. To combat this, architects like Kazerouni can do a number of things to lessen wind resistance, such as placing a very heavy mass at the top of the building, sculpting the exterior to reduce wind resistance, or even incorporating giant holes half way up the building to let wind through.
Height also becomes an issue within the building where mechanical systems, plumbing, and ventilation will fail if pushed to extremes. To remedy this, architects will essentially divide the buildings interior systems in two.
"We often start to introduce mid-level mechanical systems, almost independent for the lower half and the upper half of the tower, so that it starts to become two towers stacked over each other," explains Kazerouni. "For the elevator service, we oftentimes do dedicated stacks — low-rise, mid-rise, high-rise — so that you can bypass the lower floors to get to the upper floors."
Creating Diverse Communities And Sustainability
Innovative solutions like what Kazerouni is describing allow for a highly livable building that provides unique opportunities for residents. In other cities like New York, many supertalls serve as luxury buildings, offering only around 100 units despite their height. But in Toronto, Kazerouni points out, "we've tended towards smaller units for reasons of affordability."
The ability to provide a range of unit types, from smaller, more varied units closer to the ground to larger upper-floor and penthouse units can allow for diversity to flourish within the building.
"I think it gives us an opportunity to segment the tower so you can actually get diversity in terms of economic diversity, demographic diversity, and diversity in the size of units," says Kazerouni. He also floats the idea of having amenity spaces at higher levels so all residents can enjoy panoramic views afforded by living in a supertall. "It allows you to experience the city in different ways, not just the floor you live at."
Mansoor Kazerouni, Global Director of the Architecture & Urbanism Division at Arcadis
On top of fostering diverse communities, Kazerouni points out that supertalls can be a sustainable development opportunity. By maximizing housing density near transit, you reduce what could have been a much larger carbon footprint.
"You are reducing the need for urban sprawl, the need for additional roads, additional highways, and expensive infrastructure that inevitably leads to long commutes and chokes our highways," says Kazerouni.
The Future Of Supertalls
Toronto may be playing catch up in the supertall arena, but Kazerouni and Fenton say the stage has been set for Toronto to lean in on developing these high-density buildings in some of the city's most built up, transit-oriented nodes.
"[Building higher] is the inevitability of world-class cities that continue to be in demand and grow," says Kazerouni. "And if we don't want to spread and create endless urban sprawl, the only other way to go is up, right? So I think you will see more supertalls in Toronto."
On top of that, Fenton points out the long-term implications of failing to deliver high-density, height-intensive buildings where possible throughout the city.
“You really get one shot. Because once you build the building, that thing is going to be there for the next 100 years," he says. "So if you start building on sites that can accommodate a greater density and under-utilize what you can put there, you've done a disservice to the city.”
Construction at the Signal project by Oxford Properties and Intracorp in Vancouver. / Axiom Builders
As the real estate market continues its downward turn, local governments across Metro Vancouver (and beyond) have shown a strong willingness to tweak their policies in an effort to provide some relief to homebuilders and to get shovels in the ground. The latest municipality to do so is the City of Vancouver.
"Development viability is under increasing strain due to a wide range of factors, such as construction cost escalation, impending tariff implications, an elevated interest rate environment, and recent changes to immigration policy, all of which have created greater uncertainty and dampened consumer and investor confidence," said the City in a report that will be considered by Council next week. "At the same time, the cost basis for construction – including land, labour, regulatory requirements, and government charges – has dramatically outpaced inflation since 2019, while home prices have approached affordability ceilings."
"The investor pool is shrinking, driven by the end of foreign investment, stagnating rent yields, and diminished expectations of future appreciation," added GM of Planning Josh White, who authored the report and hinted at the changes in an interview with STOREYS last month. "This shift has left both purpose-built rental and strata development financially challenging, particularly at the scale, price points, and speed required to meet the city’s housing needs. Without intervention, supply will continue to lag behind demand, exacerbating affordability pressures and excluding key market segments – especially families and middle-income earners – from viable housing options."
In response to the aforementioned challenges, the City is proposing a series of changes to support the financial viability of development projects. Most of the changes relate to when and how the City collects development fees. How much the City collects is not changing, as no changes to rates have been proposed.
Development Cost Levies (DCLs)
The first change is pertaining to development cost levies (DCLs), which are known as development cost charges (DCCs) in other municipalities.
Under existing policy — dictated by the Province's Local Government Act — developers are required to make their DCL payments upon issuance of the building permit (BP) for their project, which is one of the last steps before construction. Many developers — such as those involved in the letter-writing campaign in September 2024 — have said that paying it all upfront is a burden because they are often financing the payment with debt for the duration of construction, as Wesgroup's Brad Jones previously told STOREYS.
Thus, the City has proposed a policy change to allow DCLs to be paid in three equal installments: a third upon building permit issuance, a third 12 months after BP issuance, and the remaining third 24 months after BP issuance. This change would apply to all projects with DCLs — inclusive of City-wide DCLs, area-specific DCLs, and Utilities DCLs — totalling $500,000 or more. The DCL rate will be locked in upon BP issuance, will not be subject to rate increases that occur afterwards, and will not accrue interest. As assurance for the City, the developer will be required to provide a "pay-on-demand" Surety Bond or Letter of Credit and default on any of the installments will result in the full remaining balance becoming due.
"While deferral of DCLs could pose a sizeable one-time impact on funding for infrastructure and amenities to support growth in the next capital plan (2027-2030), collections are expected to stabilize thereafter," the report states. "To mitigate such impact, staff recommend using interim financing, repayable over 10 years, to bridge the funding gap."
Community Amenity Contributions (CACs)
The second big change is pertaining to community amenity contributions (CACs), which the City levies on projects that require rezoning.
"Currently, the City's CAC policy for rezonings provides discretion to allow for deferral for the portion of cash CACs exceeding $20 million, with interest at Prime + 3% applicable to the deferred payment and payment due by the earlier of 24 months of rezoning enactment or prior to issuance of the first building permit," according to the report. "Up to 50% of the deferred CAC may be secured by 'pay-on-demand' Surety Bond and the remainder by Letter of Credit."
"Under the proposed amendments, the City may, at its discretion, allow for deferral for the portion of cash CACs exceeding $5 million, with interest at Prime + 1% applicable to the deferred payment and payment due by the earlier of 24 months of rezoning enactment or prior to issuance of the first building permit. The first $10 million of the deferred CAC may be secured, at the City’s discretion, by 'pay-on-demand' Surety Bond and the balance over $10 million may be secured by a combination of 'pay-on-demand' Surety Bond (up to 50%) and Letter of Credit."
The effect of this change is similar to that of the DCLs change, which is to reduce the upfront financial burden, and the City says this CAC change would apply to new, in-stream, as well as approved rezonings that have not been enacted yet. (In the City of Vancouver, rezoning approvals like what was granted this week for the Commercial-Broadway Safeway redevelopment are only in principle and the applicant must then meet various conditions for the rezoning to be officially enacted.)
A list of rezonings that have been approved but not enacted, which are eligible for the CAC deferral. / City of Vancouver
Annual Inflationary Adjustments To Development Fees
Like other municipalities, the City of Vancouver conducts regular reviews of its rate schedules for DCLs, CACs, and density bonus contributions (DBZs), oftentimes adjusting — increasing — rates to account for inflation.
In recent years, Council has already approved deferring this rate adjustment in both 2023 and 2024, and is proposing that the adjustment for 2025 — an increase of 3.2% — again be deferred.
The deferral means that when the rates are next adjusted, they will jump substantially to reflect the inflation that has occurred over several years, not just one year.
"Forgoing the 2025 inflationary adjustment to DCLs, CAC Targets and DBZs will reduce development contributions in the following year by ~$4 million based on recent historical collections," the report states. "Foregoing the implementation of the deferred 2024 inflationary adjustment to CAC Targets and DBZs will reduce development contributions by an additional ~$2 million in the following year."
"Pay-on-Demand" Surety Bonds
Another change is as it relates to the aforementioned "pay-on-demand" Surety Bonds.
"The City has traditionally relied on Letters of Credit to secure infrastructure and amenity obligations as part of development," according to the report. "In recent years, the City has started to accept 'pay-on-demand' Surety Bonds on a limited basis to secure delivery of turnkey amenities above $20 million and cash CAC payment deferral. Surety Bonds are a financial instrument where the surety guarantees the obligation of the developer to the City. 'Pay-on-demand' Surety Bonds are intended to function like Letters of Credit in that the City is intended to have the right to demand payment or fulfillment of an obligation of the developer from the surety, by providing a notice of default and the surety contracts that it will fulfill the obligation. However, there are key differences between Letters of Credit and 'pay-on-demand' Surety Bonds, which creates the potential for greater collection risk."
The risk is increased because, while letters of credit are issued by chartered banks and those banks generally require that the developer has the funds in their account, surety bonds are instead issued by insurance companies that are not holding the funds. In the event of a default and the City demands payment, the insurance company is nonetheless required to fulfill the obligations of the developer, but the collection procedure is different and usually entails more time compared to letters of credit.
Nonetheless, the City has proposed that the eligibility threshold for the use of such Surety Bonds be reduced from $20 million to $5 million, as well as that Surety Bonds also be allowed on infrastructure and amenity obligations with an aggregate value per project of over $5 million (with a minimum of $3 million pertaining to infrastructure).
Floorplates
The final significant change is pertaining to floorplates, which is the size of a single floor, measured in square footage.
Currently, the City has a floorplate "guideline" of 6,500 sq. ft, but believes this has "become outdated due to evolving building codes, energy requirements, and rising construction costs."
"To better support project viability, a shift towards a more flexible, principles-based framework is necessary. Smaller sites will still require tighter limits to achieve urban design goals like tower separation and sunlight access, while larger or less constrained sites – especially those for mass timber or social housing – may accommodate up to 8,000 sq. ft. floorplates. Additionally, taller buildings and larger sites offer opportunities for additional flexibility rooted in sound urban design principles. However, this flexibility requires stricter tower separation standards to maintain livability. Floorplate sizes should be flexible, allowing professional discretion to achieve high-quality, context-sensitive urban design."
The City has published a bulletin outlining the changes that indicates the floorplate guideline of 8,000 sq. ft will apply not just to mass timber towers and social housing projects, but also towers that exceed 40 storeys. The floorplate guideline for all other towers ranges from 4,000 sq. ft to 7,200 sq. ft, depending on whether the site is one that can accommodate a tower, whether it is a corner or mid-block site, and the site frontage.
This particular change is under the authority of the Director of Planning (Josh White), does not require Council approval, and already came into effect on June 3.
All of the above changes, except for the floorplate change, are up for Council approval on Tuesday, June 17, and the report states that the City will continue to look for changes.
"Staff are continually reviewing policies and process improvements to ensure they are appropriately applied and streamlined to support development viability. This ongoing work aims to enhance clarity and efficiency while balancing the need for timely project delivery with the City’s commitment to building complete communities and delivering essential amenities for residents."
Additionally, on June 18, Councillor Rebecca Bligh will be introducing a motion called "Jumpstarting Rental Housing: Bold Action to Boost Rental Housing Construction in Tough Economic Times," which asks staff to "report back on options to design a program of tax abatement for projects that prioritize rental and below market rental units while deferring increases in property taxes for properties redeveloped for rental housing, holding the tax rate based on the assessed value prior to redevelopment, for a determined period."
Carttera acquired 1266 Queen Street West earlier this month. / Carttera
[Editor's Note: A previous version of this article incorrectly identified Republic Developments as the owner of 1266 Queen Street West. They were the developer of the property, but not the owners.]
A large high-rise project set for the Queen West neighbourhood of Toronto has changed hands, with real estate developer and investment manager Carttera acquiring the project after it was initiated by Republic Developments.
The site of the project is 1266 Queen Street West, directly adjacent to the Parkdale Amphitheatre at the intersection of Queen Street West and Dufferin Street, as well as the Canadian Pacific Railway tracks. The property is currently occupied by an old low-rise commercial building.
Earlier this week, Carttera announced that they had acquired the site in a transaction brokered by Jeremiah Shamess of Colliers. The property is now held under 1266 Queen Street West GP Inc.
The property was previously owned by DKI Queen Inc., who retained Republic Developments as a consultant on the project.
"In what continues to be a challenging and highly selective market for development sites, getting this deal across the finish line is something our entire team is proud of," said Republic Developments in their own announcement this week. "It speaks to the value of the asset, the resilience of good real estate, and the strength of relationships that make these transactions happen."
Transaction details were not disclosed by either party, but Carttera acquired 1266 Queen Street West from DKI Queen Inc. for $27,900,000 on June 6, according to transaction info from commercial real estate intelligence firm Altus Group.
According to City of Toronto records, the project has been in the works since at least April 2023, when Republic submitted the original application. The original proposal was for 25 storeys and 381 residential units, before being reduced to 23 storeys and 329 units in October 2023.
Another set of revised plans was submitted to the City earlier this year by Carttera, which was the first indication that the project was changing hands. Carttera's proposal is now for a 27-storey tower with 362 units, with all of the residential units now proposed as rentals instead of condos. A planning rationale prepared by Batory Planning + Management cites the federal government's elimination of GST on new rental construction and the City of Toronto's reduced property tax incentive as some of the reasons for the pivot to rental.
Notably, although the number of floors has been increased, the height of the tower remains exactly the same as the previous proposal, which was approved in July 2024.
The 362 rental units are split between 197 one-bedroom units, 128 two-bedroom units, 36 three-bedroom units, and one four-bedroom unit. Carttera's proposal eliminated all of the studio units and reduced the number of one-bedroom units, while increasing the amount of family-sized units.
Other changes include the building podium being reduced from five to three storeys, the tower floorplate being increased, the amount of indoor and outdoor amenity space both being increased, and the number of vehicle and bicycle parking spaces both being reduced.
BDP Quadrangle remains the architect of the project, and the firm will be targeting LEED Silver certification as a minimum and Zero Carbon certification from the Canadian Green Building Council.
"The revised development continues to make efficient use of underutilized commercial land located within a Settlement Area and within 500 metres of the future Liberty Village GO Station – areas explicitly designated for intensification by the Provincial Planning Statement (2024)," the planning rationale states. "The revised proposal conforms with the objectives of the Built Form and Public Realm policies of the Official Plan, being designed to fit within its surrounding context, transition appropriately to and limit overlook, sky view, wind, and shadow impacts on adjacent properties. The proposal is also consistent with the general intent and direction of the relevant Design Guidelines."
In a cover letter submitted along with its revised proposal, Carttera said that it is hoping to complete the Site Plan Control application by Q4 2025 so it can commence construction on the project in Spring 2026.
From the outside, Smithe House looks like any other Vancouver apartment building. But the interior tells a different story.
This design-forward property, located in the city’s "swish" Yaletown neighbourhood, is what’s known as an aparthotel: a serviced apartment that gives people all of the amenities of a hotel, combined with the comfort and convenience of an Airbnb. It’s a product offering that is growing in popularity around the world.
Smithe House was opened by Vancouver-based Kalido Hospitality Group in October of last year, and instantly began attracting Vancouver visitors who craved a different way to stay. And now, Kalido is gearing up for its second Vancouver aparthotel venture: a sister property called Keefer House that’s set to open in Chinatown in July.
According to Kalido partner Chris Evans, their aparthotel model is targeting two main benefits that the Airbnb customer has grown to love.
“Being able to rent residential-sized homes for short-term stays gave people the opportunity for one, space, and two, location and neighbourhood,” he says. “Our approach was to deliver that type of product in a purpose-built building — but really living on those two main attributes of providing people space that they wanted, and doing it in neighbourhoods that we also believed would have great demand.”
Inside the Smithe House
Deluxe two-bedroom living area
But unlike at an Airbnb, Smithe House and Keefer House guests are not staying in someone’s home or vacation property, forced to live amongst their kitschy art choices, old DVDs, and awkward family photos. Also unlike an Airbnb, housekeeping is included (although it’s only offered every two weeks, but can be requested more frequently for a fee). Kalido’s properties also offer a hyperlocal spin, allowing guests to interact with Vancouver through curated products and amenities — including coffee from Pallett, tea from Tealeaves, dishware from Fable, and home care items from Tallu.
“You get the benefits of a boutique hotel-type experience and service,” says Evans, “within the product type that you would have traditionally seen in an urban Airbnb.”
That means the best parts of an Airbnb (a full kitchen, in-suite laundry, a cool neighbourhood) with the creature comforts of a hotel (an onsite gym, a beautiful aesthetic, a true sense of security). Guests complete check-in via their mobile phones — no waiting in long lobby lineups. Kalido uses technology that allows guests to unlock their suites from their phones, too, and also offers a digital concierge service to help with neighbourhood tips and restaurant recommendations.
“The entire customer experience can be curated much more specifically with control of the entire property, as opposed to just leasing or renting one unit,” Evans explains. “It mimics much more of what you would experience in a traditional hotel stay, with the caveat that it is really the property being empowered with technology that provides a seamless ease of customer experience.”
A sneak peek of Keefer House
Price-wise, Smithe House currently runs around $550 per night for a studio apartment, and $630 for a one-bedroom. Comparatively, the boutique Loden Hotel in the same neighbourhood starts at $700 for a regular room. Airbnb rentals in Yaletown of a similar calibre range between $400 and $600 per night.
Unlike Airbnbs that exist in the grey areas, aparthotels are completely above board, and are zoned as hotels. Keefer House — which is set to open just in time for Vancouver’s busiest tourist season — is a brand-new build, but Smithe House is actually located inside a former office building that had been sitting vacant. Kalido worked with the City of Vancouver to rezone it; the whole process — application, approval, construction — only took about a year and a half. It’s perhaps not surprising, considering that the city is in dire need of more hotel rooms.
Vancouver needs a reported 10,000 new rooms by 2050 in order to keep up with fast-increasing demand. It’s a problem that adds more stress onto an already strained housing system: Metro Vancouver currently sports a yearly housing supply gap of some 22,600 residential homes. In April, Destination Vancouver released its Hotel Community Impact Assessment, which outlined some solutions for increasing hotel occupancy — including pre-zoning in commercial and transit-oriented areas, and deferring building cost charges. Shortly thereafter, Council approved updates to the City’s hotel policy, with the aim of encouraging more growth, including allowing additional density for hotels on high streets, and relaxing some restrictions on mixed hotel-residential projects in the downtown core — which currently has 43% of the city’s overall hotel room supply.
With all of this top of mind, Evans is confident that the real estate community is going to start chasing hotel projects — be they aparthotels or traditional ones — at a more rapid rate.
“I think you will certainly begin to see, and you’re already seeing, more and more of the real estate community looking at hotels as an option for development,” says Evans. “And I believe that will certainly stay the case going forward.”
Clockwise from top left: Vera Gisarov, Jennifer Kosloski, Leigh Rosar, Adriana Fritsch, Vincci Wilson
This week, Toronto CREW, the networking organization for women in commercial real estate, unveiled its Board of Directors for the 2025-2026 term, which includes some returning members, as well as four new faces: Jennifer Kosloski (President-Elect), Marta Stach (Treasurer), Adriana Fritsch (Director, Programs & Professional Development ), and Vincci Wilson (Director, Mentorship & Real Jobs Day).
In a LinkedIn post, the organization welcomed the new elects, and also thanked the outgoing members: Tania Laroche, Robyn Brown, and Alicia Vera. “We greatly appreciate your dedication and commitment to serving Toronto CREW and helping the chapter fulfill its mission of transforming the commercial real estate industry by advancing women to positions of leadership and influence,” the post said.
Toronto CREW renews its Board of Directors annually, with a call for nominations issued each spring. Members can nominate themselves or others through a process overseen by an independent Nominating Committee.
To be considered for a Board position, nominees must demonstrate a strong interest in serving and a clear understanding of Toronto CREW’s goals and mission — typically gained through experience on committees or in roles such as Vice-Chair, Chair, or Director. Professional experience relevant to a specific position may also be considered, according to the organization’s website.
The full Board of Directors for the 2025-2026 term is as follows: