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There’s no place in Canada where homebuilding is as depressed as it is in Toronto. That reality was underscored earlier today when Canada Mortgage and Housing Corporation (CMHC) released its fall housing supply report, which shows that building activity plunged 44% in the first half of 2025 compared to the same period in 2024. On a population-adjusted basis, the federal housing agency said that starts are at the lowest level since 1996 — putting them a hair shy of a 30-year low.
The overall downtrend was driven by a 60% drop in condominium starts, and reflects a pullback in investor demand as cancellations and delays continue to characterize the market.
“With 70% pre-construction sales required, record low sales limited the ability of condominium developers to secure the financing needed to break ground on new projects,” CMHC said. “Industry sources suggest investors were the main buyers of pre-construction condominiums in recent years before they became increasingly discouraged by reduced profitability. Consequently, condominium starts fell the most in the urban core, where investors have been most active.”
CMHC’s latest findings, while bleak, are not surprising. Toronto-based provider of real estate analytics Urbanation reported this past July that unsold inventory across all stages of development struck a record high in the Greater Toronto Area in the second quarter of 2025, with 24,045 units available on the market. This happened as sales all but ground to a halt, “continuing to break 30-year lows,” with a 69% year-over-year decline.
The firm also reported that just three projects, totalling 891 units, launched presales in the quarter, while four condo projects, totalling 719 units, were cancelled, “bringing the total since the start of 2024 to 21 projects and 4,412 units cancelled.” Third-quarter statistics from Urbanation are due out next month.
Meanwhile, CMHC revealed on Tuesday that rental starts in Toronto, although in better shape than condo starts, slipped 8% over the first six months of 2024. “In the long-term, the slowdown in construction of all housing types could put further pressure on affordability when economic conditions improve and demand ramps up again,” it added.
The report notes that rental market viability is being driven by the availability of CMHC financing tools, and the fact that land prices have come down 30% from their 2021 peak. As such, nine GTA condo projects that had already launched presales have been converted to rental since 2024, including three projects cancelled in the second quarter of 2025, according to Urbanation’s previously mentioned report.
“Weakness in Toronto’s new construction market isn’t expected to reverse over the short-term, with annual housing starts through 2027 expected to be well below what’s required to restore affordability to pre-pandemic levels by 2035,” CMHC said. “This threatens affordability and presents the prospect of less economic activity, outmigration, a higher incidence of homelessness and forgone tax revenue.”
With that all said, CMHC reports that national housing starts as a whole came in “just a few units below 2024's level and near all-time highs” in the first six months of 2025. Broadly speaking, gains in Calgary, Edmonton, Montreal, and Ottawa compensated for declines in Toronto, Vancouver, and Halifax. More specifically, here are some of the trends the agency has highlighted:
Condo starts were down dramatically in Toronto, Vancouver, Montreal, and Halifax, but not in Edmonton and Ottawa, and to a lesser degree in Calgary. One reason for this is because project sizes were generally smaller in the latter regions, which made it easier for builders to meet presale thresholds and secure financing, in spite of softer investor demand.
Across all seven census metropolitan areas, ground-oriented starts — including single-family homes, duplexes, townhouses, and stacked townhouses — saw a modest 5% rise, with stronger recovery observed in more affordable markets like Calgary, Edmonton, and Montreal. This was indicative of more favourable “move-up activity” in these markets.
Across all seven CMAs, there will be varying levels of recovery. Starts in Vancouver are anticipated to see “gradual recovery” by 2027, with building activity closer to its 10-year average; Montreal is on track to sustain its current momentum over the next few years, due to strong purpose-built rental construction; and Edmonton and Calgary are expected to “record-high starts” through this year, but “some moderation” in 2026 amid normalizing building activity.
A rendering of the proposal for 2808-2888 E Broadway, 2813-2881 E 10th Ave, 2528-2580 Kaslo St. / Arcadis, Sightline Properties
With the City of Vancouver approving the new Rupert and Renfrew Station Area Plan earlier this year, the stage is now set for a large-scale redevelopment of the area, and few may get larger than what Vancouver-based real estate developer Sightline Properties is planning.
The subject site of the proposal is a 26-lot land assembly that includes 2808-2888 E Broadway, 2813-2881 E 10th Avenue, and 2528-2580 Kaslo Street. The land assembly is made up of two rows of 13 single-family homes located about half a block west of Renfrew Street and approximately two blocks north of the Millennium Line SkyTrain's Renfrew Station.
As first reported by STOREYS earlier this year, Sightline Properties acquired the land assembly in phases over the past year for an aggregate purchase price of $100,428,664. The 26 parcels are now held under four entities: Broadway Kaslo NW Holdings Ltd., Broadway Kaslo NE Holdings Ltd., Broadway Kaslo SW Holdings Ltd., and Broadway Kaslo SE Holdings Ltd.
The 3.06-acre site is currently zoned R1-1 (Residential) and Sightline Properties is seeking to rezone the site to CD-1 (Comprehensive Development), according to a rezoning application published by the City of Vancouver on September 8.
2808-2888 E Broadway, 2813-2881 E 10th Avenue, and 2528-2580 Kaslo Street in Vancouver, north of Renfrew Station. / Arcadis, Sightline Properties
For the site, Sightline Properties is proposing a total of 1,959 residential units — split between 1,386 strata units and 573 rental units, with 20% of the rental floor area provided as below-market rental — across four high-rise towers between 39 and 45 storeys (and a few townhouses) that will also include commercial space and childcare space. The project has a maximum height of 618 ft and density of 10.5 FSR.
As the names of the holding companies suggest, the site will be split into four quadrants, with each quadrant housing one tower and each quadrant making up one phase of the project. The exact sequence of the phases was not detailed in the rezoning application, which was prepared by Arcadis, but the applicants say the intention is to start with the southeast quadrant.
The southeast quadrant will be home to the shortest of the four towers: a 39-storey tower with 443 strata units and a suite mix of 72 studio units, 216 one-bedroom units, and 155 family-size units (with two or more bedrooms). Average unit sizes will be at least 400 sq. ft for studio units, between 477 sq. ft and 613 sq. ft for one-bedroom units, between 675 sq. ft and 868 sq. ft for family-size units, and between 1,197 sq. ft and 1,213 sq. ft for townhouses.
View of the towers from the corner of E Broadway and Kaslo Street. / Arcadis, Sightline Properties
View of the towers from along E 10th Avenue. / Arcadis, Sightline Properties
The tallest of the four towers is set for the northwest quadrant, which will be home to a 45-storey tower with 573 units, with a suite mix of 167 studio units, 200 one-bedroom units, 146 two-bedroom units, and 60 three-bedroom units. The 573 units in this tower will consist of 459 market rental units and 114 below-market rental units. Average unit sizes will be between 400 and 413 sq. ft for studio units, between 450 sq. ft and 514 sq. ft for one-bedroom units, between 700 sq. ft and 843 sq. ft for two-bedroom units, between 799 sq. ft and 939 sq. ft for three-bedroom units, and between 1,170 sq. ft and 1,213 sq. ft for townhouses.
Planned for the northeast quadrant is a 41-storey tower with 483 strata units, with a suite mix of 73 studio units, 238 one-bedroom units, and 172 two-bedroom units. Average unit sizes will range from 400 sq. ft to 483 sq. ft for studio units, between 504 sq. ft and 578 sq. ft for one-bedroom units. The listed square footage range for family-size units (504 to 578 sq. ft) matches that of the one-bedroom units, suggesting a likely typo in the application.
The southwest quadrant will also be home to a 41-storey tower, this time with 460 strata units and a suite mix of 67 studio units, 232 one-bedroom units, and 161 family-size units. Average unit sizes will range from 400 sq. ft to 547 sq. ft, 504 sq. ft to 578 sq. ft, and 702 sq. ft to 815 sq. ft for family-size units.
View of the towers from the corner of Kaslo Street and E 10th Avenue. / Arcadis, Sightline Properties
View of the public space between the four towers. / Arcadis, Sightline Properties
The proposal also includes 46,000 sq. ft of private amenity space, 15,000 sq. ft of retail space, and a 73-space childcare facility with 8,300 sq. ft of space. The retail space is planned for the ground floors of the two northern buildings, which will include podiums that extend along E Broadway, while the childcare facility will be located along E 10th Avenue near the southwest corner.
"Activating uses have been programmed along the Broadway and 10th Ave frontages," the applicants state in their rezoning application. "Neighbourhood retail is proposed along the length of Broadway, with significant setbacks and an enhanced sidewalk, creating a vibrant urban retail experience. Along 10th Avenue, a new child daycare is planned at the southwest corner of the site to take advantage of the southern exposure and solar access throughout the year. Residential townhomes are planned along the remainder of 10th Ave, creating a local street character."
"At the centre of the development is a new, publicly accessible open space that is designed to provide a tranquil, naturalized experience for residents and neighbours throughout the community," they added. "As there are several sports fields and open lawns in the surrounding area, the intent of the central open space is to provide places to sit and congregate and get away from the hustle and bustle of city life, where users can enjoy the sounds of birds and the wind blowing through the leaves."
View of the public space between the four towers. / Arcadis, Sightline Properties
View of the public space between the four towers. / Arcadis, Sightline Properties
Although the proposed towers are significantly taller than their surrounding context, the proposal is in line with what is envisioned under the new Rupert and Renfrew Station Area Plan, which designates the area for high-rise residential development between 29 and 45 storeys. The site is also a Tier 2 transit-oriented area under provincial legislation.
"This application is being considered under the Rupert Renfrew Station Area Plan as a new Unique Site," said the City in a note published alongside the rezoning application. "Proposals for Unique Sites are expected to undertake a more comprehensive development review and consultation process, given their larger scale and complexity."
The City will be hosting the Q&A period for the project from Wednesday, November 12 until Tuesday, November 25 and will also be hosting an in-person information session on Tuesday, November 18 at the Sunrise Community Association Hall at 1950 Windermere Street from 4:00 pm to 7:00 pm. The proposal will then be considered by the Urban Design Panel on November 26.
Elsewhere in Vancouver, Sightline Properties is developing a 38-storey tower next to Joyce Station. At 520-590 W 29th Avenue and 4510-4550 Ash Street in Vancouver, Sightline is also developing two six-storey rental buildings, but the project recently became the subject of a legal challenge by local residents. In addition, Sightline is the developer of the six-storey rental building in the Dunbar neighbourhood that was destroyed by a fire last summer.
Rendering of 3736-3750 Bathurst Street/WZMH Architects
After the properties were placed under receivership in June, TDB Restructuring Limited has taken next steps in respect of 3742, 3748, and 3750 Bathurst Street in Midtown Toronto, bringing on Lou Grossi of Intercity Realty to market and sell the parcels. The addresses at the southwest corner of Bathurst Street and Wilson Avenue were set to accommodate a 10-storey mid-rise and 32-storey flatiron tower, and approvals for the development were granted by City Council at its February 2024 session.
According to a listing from Intercity, this represents “a rare opportunity to acquire a prime high-rise site” and the sale would be on an “as is, where is basis” without warranties or representations from the vendor. “The Receiver’s objectives are to maximize the sale price of the property and complete a disposition with limited, or if possible, no conditions,” the listing goes on to say.
The June 18 receivership order stems from an application made in April, which collectively refers to around two dozen “individual residents of Ontario and Ontario corporations” as the lender, and an indebtedness of around $28,450,456 as of March 31, with interest, legal fees, and disbursements accruing.
Site plan/WZMH Architects
According to the application, the debtor is Grmada Holdings Inc., which is an Ontario corporation with a registered head office in Richmond Hill. Roman Zhardanovsky is the sole officer and director. Grmada doesn’t appear to have a large development presence in the Greater Toronto Area, though it was behind a pair of 60-storey towers proposed for the City of Markham in late-2023. However, a report that went to city staff in early 2024 contested the development, and it was ultimately refused.
Returning to the Bathurst Street project, a report that went to Toronto City Council in February 2024 describes a mixed-use development consisting of an 11-storey mid-rise and 30-storey tower, which was proposed in September 2024. The tower element was increased in height in response to community consultation, in which some of the participants expressed that additional floors would help to meet more housing need.
The current rendition of Grmada’s plans describe the now proposed 10- and 32-storey buildings as having a shared six- to eight-storey base, and call for building heights of around 112 and 330 feet, respectively, and a total gross floor area (GFA) of 404,077 sq. ft. Of the total GFA, around 9,181 sq. ft would be non-residential, and the remainder, at around 394,896 sq. ft, would be residential, with 479 condo units planned. The development would replace a former gas station, retail store, coffee shop, and two detached houses.
Rendering of 3736-3750 Bathurst Street/WZMH Architects
Rendering of 3736-3750 Bathurst Street/WZMH Architects
By the time the redevelopment plans received City Council’s approval in February 2024, Grmada had already made the arrangements for a loan, with a Commitments Letter dated July 10, 2023, cited in the application for receivership. The loan advanced was in the principal amount of $25,383,000. As security, Grmada put up the development property, personal property, and a general assignment of rents.
Although the loan was meant to mature on February 1, 2024, an amendment was made to the initial Commitments Letter extending the term to July 31, 2024. In the meantime, however, the debtor failed to pay interest due on May 1, 2024, putting it in automatic default. A demand letter was issued on July 25, 2024, and again on September 1, 2024, and the debtor agreed to forbear on receivership proceedings until October 1, 2024. To date, Grmada has failed to repay the loan or make further interest payments, according to the court filings.
In addition, according to an endorsement of Justice J. Dietrich, an active fire was reported to the City of Toronto Fire Services on June 8, at which time Zhardanovsky was informed, but was reportedly unwilling to address the matter.
TDB was appointed receiver over the properties shortly after that, on June 18. STOREYS reached out to Zhardanovsky for comment on the proceedings in July, but did not hear back by the time of publication.
Apartment for rent sign displayed on residential street/Shutterstock
According to the latest rent report from Rentals.ca and Urbanation, August marked the eleventh consecutive month in which the national average rent declined on a year-over-year basis. This is also "the longest stretch of rent declines since the early pandemic period," says the report.
With just shy of a year of sliding rents under the nation's belt, the average price a Canadian pays to rent their home now sits at $2,137, down 2.3% from August 2024.
But despite the sustained downwards trajectory, rents are still perched 1% higher than they were two years ago, highlighting just how expensive prices became in the wake of the pandemic. Looking ahead, President of Urbanation Shaun Hildebrand says affordability should continue to improve for renters.
“Rents have decreased in Canada on an annual basis for almost a year now. However, rent reductions have been mild for the most part, with the steepest declines found in Vancouver, Toronto, and Calgary, where rents are high and new apartment supply has been growing quickly," he says. “Conditions should continue to favour renters in the coming months as the market enters its slower season.”
In Toronto, in Q1-2025 alone, purpose-built rental completions totalled 2,136 units, up 173% from the same period last year and representing the second highest quarterly total of the past 30 years, according to data from Urbanation.
On top of the supply glut, other factors keeping rents down include softening demand due to lower immigration and relatively lower interest rates reducing mortgage costs for landlords — two trends expected to continue for the foreseeable future.
House and townhome rentals saw rents slide the furthest in August, posting a 6% decline year over year, followed by condos at 3.7% and purpose-built rentals (PBRs) at 0.4%. These numbers echo the longer-term price trend which saw rents for PBRs grow by 22.6% over the last three years, condos by 4.3%, and homes and townhomes decrease by 0.4%.
In terms of units types, three-bedroom PBRs performed the best in August, up 3.5% to $2,772, while condo studios brought up the rear with a 7.7% decline year over year. But across the entire market, studios continued to outperform other unit types, posting 1.1% growth annually, 10.1% over the past two years, and 20.7% over the past three years. For comparison, one-, two-, and three-bedroom units have all seen rent declines on a year-over-year basis.
But according to the Canada Mortgage and Housing Corporation's (CMHC) 2025 Mid-Year Rental Market UpdateMid-Year Rental Market Update released in July, growing demand for three-bedrooms could draw renters away from studios as affordability pressures persist. "This shift may make it harder for smaller units to attract tenants as households prioritize space-sharing to save money," reads the report.
Geographically, Vancouver proper remained the most expensive market in Canada, followed by North Vancouver at $3,056, Richmond, BC, at $2,740, and Oakville, ON, at $2,700. But while BC is home to some of the priciest rentals in the country, the province saw rents fall by 2.7%, second only to Alberta at -3.5%. In Ontario, rents slid -2.5%, while Saskatchewan led rent growth at 3.2%
Vancouver also saw rents fall by 9.5% — the greatest degree of all major cities — followed by Calgary at -6.6%, Toronto at -3.4%, and Ottawa at -1.0%. On the flip side, Edmonton rents ticked up by 0.9% in August. Still, Alberta is home to some of the most affordable markets in the country, including Lloydminster, where average rent is $1,179, Medicine Hat at $1,287, and Fort McMurray at $1,364.
Ancient Greek philosopher and polymath Aristotle once professed that, “It is during our darkest moments that we must focus to see the light.”
It is sage advice and words that Ontario’s residential construction industry — and various levels of government — should take to heart.
With the sector facing its worst period in many decades, we must focus on fixes and get the ball rolling on solutions to the housing supply and affordability crisis.
The industry has been battered by a perfect storm of stifling taxation, rising material costs, unpredictable market forces like tariffs, and myriad other issues that have stymied starts and sales.
The challenges have been years in the making and are the result of many factors. At the core of the issue, though, is the long-evolving process of restrictive government policies, and excessive taxes, fees, levies and lengthy regulatory processes that have stalled the housing sector.
At a time when we need new housing the most, these forces have combined to make homes unaffordable. The housing cost to income ratio in Canada was 4:1 two decades ago but is now 7:1 nationally and 9:1 in Ontario.
Toronto consistently ranks among the least affordable cities in North America. Meanwhile, people are leaving Ontario to seek more affordable housing elsewhere.
Housing starts and sales have declined dramatically. In the GTHA, home sales are now down 71% for single-family homes and condominium sales have plummeted by 90%. Starts are down 29% year-over-year across many Ontario municipalities and 58% in Toronto.
Layoffs have started and industry job losses are already in the tens of thousands. Reports suggest that if significant public sector action is not taken to support the industry and reverse the ever-increasing job losses, Ontario will likely see a reduction in GDP by as much as 1.5 to 2.5% in the coming months directly related to the situation affecting the residential housing sector.
Fixing the problem won’t be easy but we need to start by cutting the tax burden on new housing. A big issue is the inability of different levels of government to align their actions. This must change. All levels of government must work together if we are to successfully tackle the problem.
Commendably, the feds are scrapping the five-per-cent GST on new homes up to $1 million for first-time buyers and reducing the sales tax for first-time buyers on a sliding scale for homes purchased between $1 and $1.5 million. The move is retroactive to May, 2025. We are hopeful that Ontario will follow suit so that the full HST can be rebated to all first-time new home buyers.
RESCON and others have been making the point that the Ontario government is not collecting the revenue now due to the decline in homebuilding, so there is no logic in not aligning with the feds.
But it shouldn’t stop there. We are also calling on both governments to extend the rebates to all purchasers of new homes up to $1.5 million for a prescribed period of time.
Presently, the tax burden on new housing accounts for roughly 36% of the purchase price of a new home. Removing even part of that burden would help matters.
Like taxes, development charges also need to be lowered. They are an unfair, regressive tax on consumers and only add to the price tag of a new home.
Governments must reverse taxation and fiscal policies that have undermined the ability of homebuilders to construct residential projects and the ability of consumers to buy or rent homes.
The planning and development approvals processes also must be streamlined. Canada is second last in approval timelines among Organization of Economic and Development nations.
Without a major overhaul of the system and taxes, the chances of reaching housing targets are slim. The feds have targeted 500,000 new housing units a year and Ontario has set a target of 1.5 homes between 2023 and 2031. Neither is in danger of being hit, according to latest figures.
Disturbingly, some don’t get it. A Liaison Strategies survey found 42% of Ontarians believe housing construction has remained about the same compared to five years ago when, in actual fact, it has decreased substantially.
Only 10% of those surveyed believe government fees and taxes are what most affects the cost of a home, although the reality is that the tax burden accounts for more than a third of the price of a new home.
The seriousness of the housing crisis can’t be understated. We learned from the 1990s downturn that governments cannot just stand idly by and do nothing, or it will take a long time to right the ship.
Like food, housing is a basic economic need for most people, a fact that is often overlooked. Fiddling around the edges will not solve the problem. We need bold, decisive action, concrete and effective policies, and funding to move the needle and encourage more new home building.
Parallax Development Corporation has filed plans for a 19-storey, 746-bed private student residence near the College Street and Spadina Avenue intersection in Toronto's Kensington-Chinatown neighbourhood. The area is also home to the University of Toronto, which has its main campus located just east of the proposed development. The site is also in close proximity to Toronto Metropolitan University.
Plans were filed in late-August in favour of an Official Plan and Zoning By-law Amendment application, as well as a Site Plan Approval application to permit the proposed built-form and use. This most recent application succeeds prior filings beginning in 2014 that resulted in a 12-storey mixed-use building being permitted on the site in October 2017, alongside the land being re-designated from Neighbourhoods to Mixed Use Areas under the City's Official Plan.
According to the planning materials, Parallax is pivoting to student rental in response to "the economics of development and construction, the evolving legislation and policies strongly promoting the expeditious production of a broader range, and more housing units, and the 2024 updated Mid-Rise Building Design Guidelines." The latter factor references the City's decision to update mid-rise guidelines in order to remove barriers and facilitate more mid-rise developments by increasing the height of mid-rises on certain sites, eliminating angular plane requirements, and allowing increased flexibility in building massing.
Addressed at 333 College Street, the proposed site spans 21,097 sq. ft and is currently occupied by a rental car operation and related surface parking. Nearby, students would have access to the aforementioned educational institutions, shops, entertainment and restaurants, and the site would be well serviced by public transit options like the 510 Spadina streetcar route and the 506 College/Carlton streetcar route, which connects to TTC's Line 1.
If approved, two one-storey buildings on the site would be demolished and replaced with the proposed student residence, which has been designed by Rafael & Bigauskas Architects (RAF+BIG). The sleek building would feature several steppes and terraces and would contain 198,508 sq. ft of gross floor area (GFA) made up of 198,099 sq. ft of residential GFA and 409 sq. ft of retail GFA at grade.
333 College St/Rafael & Bigauskas Architects
In total, the residence would deliver 629 units containing 746 beds, divided into 512 studios and 117 two-bedroom units, plus 84 barrier-free one-bedrooms and 20 barrier-free two-bedrooms. Student residents would enjoy 14,878 sq. ft of amenity space made up of 1,347 sq. ft of outdoor amenity space at grade and 13,530 sq. ft of indoor amenity space located at grade, in the mezzanine, and on levels two, three, and four.
While no residential or visitor car parking is proposed within the building, four pick-up/drop-off spaces are provided beside the building and 316 long-term and 33 short-term bicycle residential parking spaces are proposed within one level of underground parking.
Just over a month after announcing they had closed on the sale of the site, investment manager Fengate Asset Management and development and construction company High Rise Group have advanced plans to bring a 44-storey purpose-built rental to 4, 6, 8, and 10 Beamish Drive. The site in Etobicoke has already been rezoned for the proposed tower, and now the developer is seeking Site Plan Approval, which gives the City a chance to review the technical design and functional details of the project.
Fengate announced the acquisition of the site on July 21, describing it in a press release as a “landmark” and “transit-oriented parcel” steps from the Kipling Transit Hub. “Located at the intersections of Dundas Street West, Bloor Street West, and Kipling Avenue, the site is well positioned with direct access to TTC subway lines, GO Transit, and MiWay bus services, providing seamless connectivity across the Greater Toronto and Hamilton Area (GTHA),” the release said.
According to a series of planning documents that went to the City in mid-August, Fengate is looking to bring around 343,067 sq. ft of total gross floor area (GFA) to the site, inclusive of around 340,484 sq. ft of residential GFA and 2,583 sq. ft of retail GFA.
Site plan and context/WZMH Architects
For its residential part, 530 rental units are planned — marking a slight increase over the 509 units the site is currently zoned for — which are to be broken down into 39 bachelor units, 261 one-bedrooms, 75 two-bedrooms, and 55 three-bedrooms. In addition, around 22,820 sq. ft of amenity space — to be split evenly between indoor and outdoor on the ground, second, and mechanical penthouse levels — 77 parking spots, and 212 bicycle parking spaces have been proposed.
Renderings prepared by WZMH Architects show the tower anchored by a six- to nine-storey podium. Projecting balconies are shown on the tower facades.
Returning to Fengate’s July 21 press release, it specifies that the development slated for 4-10 Beamish “will complement the broader Six Points Redevelopment Plan, a transformative initiative by the City of Toronto that aims to improve roadways, pedestrian and cycling infrastructure, and create mixed-use destinations such as the new Etobicoke Civic Centre, which includes a library, art gallery, childcare centre, and recreation facilities.”
“This development represents a significant step forward in our commitment to delivering dynamic, transit-connected rental housing in vibrant urban communities,” said Fengate Real Estate President Jaime McKenna in the release. “With its proximity to major transit, retail, and civic amenities, 4-10 Beamish Drive is poised to become a cornerstone of the Six Points neighbourhood revitalization, creating more jobs and bringing more homes to Toronto’s housing market.”
Other particulars of the proposal include around 129,166 sq. ft of new parkland dedication, including Dunkip Park, and plans to meet the Toronto Green Standard for sustainable building design and LEED Silver certification.
Notably, Fengate is managing the Beamish Drive investment on behalf of the LiUNA Pension Fund of Central and Eastern Canada (LiUNA) — the firm it's also working with for The Dennis, a new purpose-built rental community and one of the first approved projects to break ground under the City’s Purpose-built Rental Housing Incentives Stream approved in November 2024. The project will bring 448 new units, including 89 affordable homes and six rental replacement units, to the Mount Dennis neighbourhood of Toronto. Fengate, The Hi-Rise Group, and LiUNA broke ground on The Dennis last Wednesday.
Westbank named Darren Tangen as its new President on September 3.
Last week, prominent Vancouver-based real estate developer Westbank welcomed Darren Tangen as its new President, the company tells STOREYS.
Tangen comes from American global asset management firm Oaktree Capital Management, where he served as Managing Director, Head of Real Estate Business Development from April 2023 to March 2025. (Canadian firm Brookfield Asset Management acquired 61.2% of Oaktree in 2019.)
While with Oaktree, Tangen was based in California, where Westbank has also been very active and is undertaking several ongoing development projects. In San Jose, Westbank, its long-time partner Peterson, and Canadian pension fund OPTrust are currently undertaking a master-planned project called Westbank Campus.
Prior to Oaktree, Tangen led Colony Capital Inc. from August 2002 to April 2020 while simultaneously leading his own investment and advisory services firm Black Tusk Partners, according to his LinkedIn. Both companies were also based in California.
Although he has spent most of his career in the United States, Tangen is local to Delta, spent some time with commercial real estate brokerage Colliers in Vancouver, and graduated from McGill with a Bachelor of Commerce, focusing on Real Estate and Management Information Systems. He also received a Master of Business Administration in Finance and Real Estate from the University of Pennsylvania's The Wharton School.
"These are unusual times," said Westbank in a statement provided to STOREYS. "Our industry is evolving rapidly, and the current pace of disruption brings both significant challenges and unique opportunities. From the beginning, we have taken pride in being more of a creative practice than a traditional real estate business. Our ability to develop innovative real estate solutions has always helped us navigate uncertain waters and differentiate ourselves in the marketplace."
"Today, Westbank is recognized for our architecture, design, and large-scale city-building initiatives," the company added. "As part of our ongoing evolution, we are now applying our experience owning and managing a district energy system in Vancouver, BC to expand into the realm of urban digital infrastructure — merging our expertise in city-building with the growing need for low-carbon AI infrastructure. While we will continue to pursue residential, hospitality, retail, and everything else that has defined us, we are broadening our horizons."
The district energy system the statement alludes to is Creative Energy, which was founded in 1968 as Central Heat Distribution and was rebranded in 2014 after being acquired by Westbank. Earlier this summer, Creative Energy named Mike Crawley as Executive Chair of the Board and Kieran McConnell as its President & COO.
Westbank itself has also been going through a series of changes over the past two years, including embarking on an extensive selling spree. Since Spring 2024, sales Westbank has made include The Pendrell to CAPREIT, The Zephyr to Crombie REIT, M2 to Spear Street Capital, as well as Deloitte Summit, Toronto House, and M4 to Allied Properties REIT. Most recently, Westbank also sold its stake in Sen̓áḵw. Together with Peterson, Westbank has also sold The Lauren and the Shangri-La Vancouver.
In that same time, however, Westbank has also continued to advance both existing and new projects. The Raven at 3709 W Broadway and Joyce II at 5055 Joyce Street are both nearing completion, while upcoming projects include the three-tower Commercial-Broadway Safeway redevelopment, the three-tower East Village project in the Downtown Eastside, and a 14-storey condo project near King Edward Station.
Like many other real estate companies, Westbank has seen personnel changes in recent months. Notably, longtime Head of Partnerships, Acquisitions, and Development Ian Duke left the company in June after more than 14 years. Duke played a critical role in establishing many of the aforementioned relationships and has since joined Aquilini Group as Executive Vice President.