Rent control refers to government regulations that limit how much landlords can increase rent for residential tenants each year.
Why Rent Control Matters in Real Estate
In Canadian real estate, rent control policies vary by province and are intended to protect tenants from unaffordable increases while balancing landlord rights.
Key features of rent control include:
Annual rent increase limits set by provincial governments
Exemptions for newer buildings (e.g., post-2018 in Ontario)
Rules around notices and timelines for increases
Enforcement through landlord-tenant boards
Rent control affects rental market dynamics, investor returns, and tenant stability. It is a central issue in housing policy debates across the country.
Understanding rent control is crucial for both landlords and tenants to ensure compliance and avoid disputes.
Example of Rent Control in Action
A landlord in Ontario may only increase rent by the annual guideline set by the provincial government, typically 2–3%, unless exempt.
Net operating income (NOI) is the total income generated by a property after operating expenses are deducted but before taxes and financing costs.. more
After tariffs sent Canadian home sales on a months-long downtrend, the market has been showing signs of recovery as of late, with July marking the fourth consecutive month of sales growth. According to the latest national housing stats from the Canadian Real Estate Association (CREA), there were 40,228 home sales in July, up 3.8% month over month and 6.6% above July 2024.
“With sales posting a fourth consecutive increase in July, and almost 4% at that, the long-anticipated post-inflation crisis pickup in housing seems to have finally arrived,” said Shaun Cathcart, CREA’s Senior Economist. “Looking ahead a little bit, it will be interesting to see how buyers react to the burst of new supply that typically shows up in the first half of September.”
July's promising numbers were led by the Greater Toronto Area (GTA) — a region hit particularly hard by the downward sales trend in the first half of the year, but which collectively has now seen a 35.5% increase in sales since March. Toronto Regional Real Estate Board (TRREB) stats released in early August showed July home sales in the GTA had hit their highest point since July 2021 at 6,100 home sales. It should be noted, however, that GTA sales still remain historically low.
At the national level, sales have increased by 11.2% since March as buyers who had been waiting on the sidelines gain back some confidence as affordability improves and economic uncertainty surrounding tariffs eases.
According to CREA, the average Canadian home price rose by just 0.6% year over year to $672,784 in July and the National Composite MLS® Home Price Index (HPI) declined by 3.4% compared to July 2024. This follows a series of price declines in the first quarter of the year, but price movement now remains "mostly stable."
Looking ahead, a recent market update report from RBC forecasts Canadian home prices will rise 0.7% in 2025, before declining another 0.7% in 2026. In markets with lower affordability and higher supply, like Ontario and BC, RBC projects prices will continue their current decline into early 2026 before steadying.
In line with the supply build up in the region, the GTA saw 15,063 listings added in July on a seasonally adjusted base, far outpacing Montreal, which saw the second highest amount of listings at 6,062. On the national level, there were 202,500 properties listed for sale in July, up 10.1% from last year.
“Activity continues to pick up through the transition from the spring to the summer market, which is the opposite of a normal year, but this has not been a normal year,” said Valérie Paquin, CREA Chair. “Typically, we see a burst of new listings right at the beginning of September to kick off the fall market, but it seems like buyers are increasingly returning to the market."
On a month-over-month basis, active listings inched up by just 0.1%, bringing the sales-to-new-listings ratio rose to 52%. For that metric, anything between 45% and 65% is generally consistent with balanced housing market conditions. Months of inventory at the national level also remain balanced at 4.4 months, with over 6.4 months indicating a buyer's market and below 3.6 months being a seller's market.
Renderings of the 32-storey tower proposed for 904-920 Davie Street in Vancouver. / Neil M. Denari Architects, Bingham + Hill Architects, Reliance Properties
Sometimes the approval process takes so long that the development landscape changes and developers have to revise their projects. The latest example of this happening is a project by Vancouver-based Reliance Properties, who recently submitted a new rezoning application for a project they had applied for back in November 2023.
The subject site of the project is 904-920 Davie Street, at the intersection with Hornby Street, and is immediately east of Reliance's multi-tower Burrard Place project, meaning Reliance controls the entire block of Hornby Street between Davie Street and Drake Street.
The 904-920 Davie Street site, which Reliance together refers to as 902 Davie, currently consists of three low-rise commercial buildings that were all originally constructed before 1975. The three buildings are occupied by a 7-Eleven, Popeye's Supplements, and a mixed martial arts studio named District Warrior.
BC Assessment values the properties at $6,664,900, $10,667,900, and $6,299,300, respectively, for a total valuation (dated to July 1, 2024) of $23,632,100. The properties are beneficially owned by Reliance Properties through 904 Davie Holdings Ltd. and Rattenbury Enterprises Ltd.
The 904-920 Davie Street (902 Davie Street) site in Vancouver. / Neil M. Denari Architects, Bingham + Hill Architects, Reliance Properties
In November 2023, Reliance Properties submitted a rezoning application for 902 Davie and proposed a 29-storey mixed-use tower with 179 condos, 36,708 sq. ft of office space, and 4,716 sq. ft of retail space.
That application was withdrawn in February 2025 and a new rezoning application was submitted with a proposal for a 32-storey tower that would reach a maximum height of 348 ft. The tower includes 244 condos and 11,329 sq. ft of retail space for a total proposed density of 13.3 FSR — only a slight increase from the previous proposal's 12.91 FSR.
The 244 condos will have a suite mix of 40 studio units, 113 one-bedroom units, 62 two-bedroom units, and 29 three-bedroom units. The rezoning application notes that potential amenities include a fitness centre, yoga and dance studio, sauna and steam room, theatre room, music room, co-working space, meeting space, a lounge, a multipurpose room, a golf simulator, and even an indoor rock climbing facility.
A rendering of the proposed tower from along Hornby Street. / Neil M. Denari Architects, Bingham + Hill Architects, Reliance Properties
A rendering of the proposed tower from the corner of Hornby Street and Davie Street. / Neil M. Denari Architects, Bingham + Hill Architects, Reliance Properties
Los Angeles-based Neil M. Denari Architects and Vancouver-based Bingham + Hill Architects are serving as the architects of the project, which remains a tower above a podium, although the latter has been redesigned slightly since the previous proposal.
"In continuing the metaphor of nature, has there been anything more apparently 'natural' to Vancouver development than the Podium/Tower building type? With urban street-wall mass demanded on the lower levels, filled with diverse programs and slim towers above, this typology follows incredibly clear urban and economic logics," the applicants state in their application. "As a mixed-use project, 902 Davie has, at least on paper, the same sort of ambition to define both street level urbanity and the skyline."
"While 902 Davie works completely within the given limits of the zoning envelope, we have nonetheless sought to evolve the simple podium/tower relationship," they added. "To achieve this, we have 'floated' the perforated mass for the most part on columns, which in combination with strategic moments of sloping façade surfaces, gives the building a highly particularized relationship to the street. As the mass of the tower merges with the podium at the Hornby/Davie intersection, with a façade pattern that covers both elements, the discrete nature of each creates a singular whole."
Renderings of the 32-storey tower proposed for 904-920 Davie Street in Vancouver. / Neil M. Denari Architects, Bingham + Hill Architects, Reliance Properties
An overview of the full block bounded by Burrard Street, Davie Street, Hornby Street, and Drake Street in Vancouver. / Neil M. Denari Architects, Bingham + Hill Architects, Reliance Properties
Speaking on the new rezoning application, Reliance Properties Director of Development Joanna Kwan said in a rezoning letter of intent addressed to the City that after the original application received approval from the Urban Design Panel in April 2024, they began the negotiation process for community amenity contributions (CACs) with the City in July 2024, but no agreement had been reached as of May 2025 and the market for strata office space has slowed down in that time.
Reliance expressed interest in replacing the office space with additional residential space in January 2025, upon which the City recommended the previous application be withdrawn and a new one be submitted, with the understanding that the new application would not have to go through the Urban Design Panel process again.
After publishing the rezoning application this week, the City of Vancouver will be hosting a Q&A period for the project from Wednesday, October 15 to Tuesday, October 28.
Elsewhere in Vancouver, Reliance Properties sold the seven-storey office building at 1190 Melville Street in late December and has been trying to sell the heritage BC Securities Commission Building at 402 West Pender Street and the Uniglobe Building at 1199 West Pender Street. In partnership with Texas-based Hines, Reliance is also currently developing a 32-storey office tower at 1166 West Pender Street, which is the only new AAA office tower currently in the pipeline in Vancouver.
Anyone keeping up with Ontario real estate knows listings have ballooned in recent months as sales have slowed to historic lows, but recent analysis from RBC reveals just how saturated markets have become. According to the bank's housing market forecast update, authored by Assistant Chief Economist Robert Hogue, listings in the province haven't been this high in 15 years.
As of the end of June, active listings on MLS totalled 66,820. The last time Ontario's real estate listings exceeded that amount was in June of 2010, when 67,859 active listings were recorded. But in June of 2010, Ontario was seeing a much more balanced market, with home sales for that month totalling 64,448 transactions, compared to June 2025, when just 16,961 sales were recorded.
Looking ahead, RBC is projecting Ontario home sales for the entirety of 2025 to clock in at 159,400, down 9.3% year over year. If correct, it will be the lowest provincial sales total since at least 2017. On the price front, the average home price across 2025 is expected to be $901,200, before forecasting suggests a further drop to $888,500 in 2026.
While these numbers point to a strong buyers market where "buyers now have more options and feel less urgency to act" and where "strong competition among buyers" will likely continue to force prices lower, many buyers remain priced out of the market.
Despite a 3.5% year-to-date decrease in the average price of an Ontario home compared to the first seven months of 2024, the average home price across the province sits at a historically steep $847,030. In the more expensive GTA region, the average home price was $1,051,719 as of July. For comparison, a GTA home would have run you a more palatable $806,755 in July 2019.
Still, RBC says the declining price trend is likely to continue and that prices do sit at their most affordable level in three years. For many who have been pacing the sidelines, more attainable prices coupled with relatively lower rates could release some of that pent-up demand. And while the Bank of Canada is expected to hold the interest rate at 2.75% through 2026, rates remain much lower than last spring and their impacts are expected to continue trickling through the economy and strengthening as trade tensions improve.
At the national level, RBC sees these conditions "firming" demand in 2026 with a projected 7.9% rebound in home sales, or 504,100 units, though a fragile labour market, reduced immigration targets, and affordability challenges will likely hold back a bigger rebound. Despite the projected increase in sales, national prices are expected to rise 0.7% in 2025, before declining another 0.7% in 2026.
In Ontario and BC, where supply has been mounting and affordability remains out of reach for many, it will take longer for supply and demand to balance out. In these markets, RBC projects prices will continue their decline into early 2026 and then steady.
Prime Minister Mark Carney promised to "get the government back in the business of building" during the election. / Mark Carney, Facebook
Earlier this week, the Government of Canada quietly launched public engagement on Build Canada Homes (BCH), the new federal housing entity that Mark Carney and the Liberals pledged to create during the election campaign as a way to "get the government back in the business of building."
From what was announced at the time, Build Canada Homes has drawn mixed reactions, with some saying it is long overdue for the feds to get back into homebuilding and others arguing that the federal government should support private developers rather than compete with them.
This week, the Government of Canada published a "Market Sounding Guide" for Build Canada Homes, which provides many more details about the government's vision for the new entity. All details are currently subject to change and the Government of Canada is holding public engagement until August 29.
Build Canada Homes
"Build Canada Homes will be Canada's new federal entity responsible for building affordable homes, providing financing to affordable home builders, and catalyzing a more productive homebuilding industry," the guide begins. "It will bring together key partners from across the housing ecosystem to get homes built by addressing barriers, reducing risk and helping to navigate the process of building non-market housing."
Build Canada Homes will have two major objectives, the first of which is to "Build affordable housing at scale."
"We need to dramatically scale up affordable housing to create a mix of homes that respond to needs of a diverse range of households, including low-income, while building strong, resilient communities, following the clear example of those countries that have been successful," says the Government of Canada in the guide.
The second objective is to "Build faster, better and smarter."
"We need to build housing using advanced materials with manufacturing and construction methods that improve productivity and scalability to reduce the cost, time, and environmental impacts of building," the guide states.
Structurally, Build Canada Homes is currently envisioned as "a single window for proponents at every phase of the development process, working in close partnership with developers, investors, manufacturers, other orders of government and Indigenous partners to get housing financed and built."
How Build Canada Homes Will Work
Build Canada Homes will partner with builders and housing providers "focused on long-term affordability," accelerate timelines to bring federal lands to market, reduce project costs and support the delivery of affordable housing, speed up the modernization of construction methods (such as standardized designs, Building Information Modelling, and offsite manufacturing), and "filling market gaps in financial product offerings."
How BCH will operate can generally be split into two branches: financing and development.
Under the financing branch, BCH could provide a mix of flexible low-interest loans and contributions to get pre-construction projects off the ground. It could also provide long-term commitments towards multiple projects to affordable housing providers to help them grow their portfolios, or provide financing towards other financing programs such as the Canada Rental Protection Fund.
Other financing approaches could be more sector-focused, such as financing to support technology acquisition, incentivizing the use of modern methods of construction, and more unique financing options that may not currently exist.
A summary of the current vision for Build Canada Homes. / Government of Canada
On the development side, the guide notes that "A range of development approaches could be available to Build Canada Homes, from directly contracting builders to construct housing and leasing it to affordable housing providers, to acting as a facilitator by bringing together land, financing, project proponents, and other orders of government to move projects forward."
The BCH could also inject equity investments in development partnerships and leverage market intelligence to drive efficiencies (such as bulk procuring for its own projects), on top of showcasing construction methods with its own projects.
Other financial tools BCH may utilize include loans at below-market interest rates and with more flexible terms, such as with greater risk shares or longer amortizations. It may also provide loan guarantees, contingent liabilities, contracts for differences, and offtake agreements that reduce investment risk and provide federal assurance.
The Build Canada Homes Approach
"Build Canada Homes' investments may depend on the needs, risk profile, and potential to achieve Build Canada Homes' policy objectives," the guide says. The investment approach has four underpinning principles:
Investment funding reflects housing outcomes;
Sharing risk-taking to drive sector change;
Sharing rewards in successful projects; and
Leveraging sector expertise and convening partners.
BCH's investment selection criteria will also have four major pillars: scale (the number of affordable units or number of projects), affordability/community sector growth (such as co-ops, non-profits, and Indigenous housing providers), innovation in homebuilding (such as prioritizing Canadian-made materials and modern construction methods), and efficient use of public dollars (such as ensuring that private investors do not disproportionately benefit from public investment).
Finally, the federal government emphasizes partnerships.
"Build Canada Homes will not be able to drive results alone," the guide concludes. "The housing sector must be ready to respond to the opportunities Build Canada Homes presents. Strong partnerships with provinces, territories, municipalities and Indigenous partners are necessary to coordinate action to deliver key outcomes in the investment strategy."
During this public engagement period, the government says it is hoping to receive feedback from developers, community housing providers, governments, Indigenous governments, and financial institutions, as well as academics, research groups, and even institutional investors. The public engagement period ends on Friday, August 29.
In one of its latest affordable housing ventures, CreateTO has filed plans for a 41- and six-storey rental development that would transform a City-owned parking lot in Toronto's Fairbank neighbourhood, at 9 Shortt Street. The project would deliver at-grade commercial space and 458 rental units, including around 140 affordable homes, within walking distance of an Eglinton Crosstown LRT station.
Under CreateTO — City of Toronto's dedicated housing agency — the City aims to deliver over 19,500 rental units and 6,445 affordable units across 39 City-owned sites, with the goal being to increase housing options and affordability amid the housing crisis.
Plans for the Shortt Street project were filed in early August and support a Zoning Bylaw Amendment application to rezone the lands to allow for the proposed development. City Council first identified the lands for affordable housing development back in 2021, and CreateTO began working with architectural services in 2023 to develop the building concept.
Located on the east side of Shortt St., the 54,131-sq.-ft site sits just northwest of the Eglinton Avenue West and Dufferin Street intersection. Currently, the nearest higher-order transit station is Eglinton West Station on Line 1, roughly a 12-minute transit ride away, but the site is located steps from Fairbank Station on the forthcoming Eglinton Crosstown LRT, which is expected to be completed before the end of the year.
For the buildings' design, CreateTO has teamed up with architecture firm Montgomery Sisam. Renderings on CreateTO's website depict a colourful exterior featuring blue, red, orange, and green elements and a vibrant mid-block connection offering seating areas, plantings, and public art.
A detailed planning rationale has yet to be filed, but architectural plans reveal a two-building complex with the 41-storey Building A located in the centre of the site and the six-storey Building B to the east. Building A would feature a four-storey base element that would extend from the north side of the structure and front onto Ramsden Road, while an eight-storey segment would extend west from the south end of the building.
9 Shortt/CreateTO
Between the two main buildings would be a privately-owned publicly-accessible mid-block connection and plaza that would travel from Ramsden to Shortt and would run parallel to commercial frontage located at grade within both buildings. In total, Building A would offer 2,292 sq. ft of commercial space and Building B would offer 1,987 sq. ft.
Also at grade would be around 6,759 sq. ft of outdoor amenity areas and 1,765 sq. ft of indoor amenity spaces across the two buildings. The remaining amenity space would be located on level nine where a 6,092-sq. -ft indoor area would connect to a 5,532-sq.-ft amenity rooftop atop the eight-storey podium.
Finally, the 458 rental units would be divided into 245 one-bedrooms, 164 two-bedrooms, and 49 three-bedrooms and those future residents would have access to 42 parking spaces and 421 bicycle parking spaces.
If approved and completed, the proposed development would add a substantial amount of new rental and affordable housing to CreateTO's growing portfolio and to the Fairbank neighbourhood. And with a fun design and transit-oriented nature, if successful, the project should greatly enhance the existing streetscape and community.
In addition, 9 Shortt Street is one of around 40 sites that will be rolled out under the new Toronto Builds framework, which consolidates the policy guidelines of all City-led initiatives to get housing built on public land, including Housing Now, ModernTO, and the “parking-to-homes” initiative.
Less than a week after releasing its second-quarter earnings, which showed that revenues from its appraisals and development advisory services are down, Toronto-based provider of real estate analytics Altus Group has revealed that it is in a period of review that could culminate in a sale.
“Altus Group periodically undertakes a strategic review to maximize stakeholder value. The Company is in the process of a review, which includes but is not limited to acquisitions, divestitures, and a sale or merger of the Company,” a Wednesday morning statement said. “The Company’s board of directors is committed to acting in the best interests of the Company and its stakeholders.”
“It is important to note that a review process may not result in any particular course of action,” the statement went on to say. “The Company does not intend to issue or disclose developments with respect to any of the above matters except as required under its regulatory obligations.”
Altus’ statement follows reports from Reuters on Tuesday that investment bankers are interested in taking the company private, according to two inside sources.
The company’s latest financial statements, released last Thursday, show a marginal 0.8% slip in overall revenues, a 30.3% drop in net cash provided by operating activities, and a 30.5% decline in free cash flow, quarter over quarter. They also show that revenues from Altus’ appraisals and development advisory services came in at $25,810,000 in the second quarter, which marks a 7.2% drop over the second quarter of 2024. Year to date revenues, at $50,618,000, are down 7.0%.
Reportable segment performance/Altus Group Q2-2025 earnings presentation
In addition, it appears that Altus is forecasting “flat-to-low single-digit revenue decline” in appraisals and development advisory through 2025. On the whole, the statements show that the company is now forecasting 2- 4% revenue growth for the year, which is down from its previously forecasted 3-5%.
On the flip side, the analytics portion of Altus’ operations observed a 3.0% gain to $105,894,000 quarter over quarter, as well as a 4.3% rise to $ 210,447,000 year over year. Recurring revenue from analytics also presented strong, growing 5.9% in the quarter to $100,800,000. Even so, the company is forecasting revenue in the segment to grow 3-6% through 2025, which is down from its pervious forecast of 4-7%. For recurring revenue, the projected growth this year is 5-7%, down from a previous forecast of 6-9%.
Altus Group is an authority in commercial real estate intelligence, and has been in the space for upwards of 30 years. The company puts out weekly and quarterly updates on industry conditions and a yearly cost guide, and they also work with entities like the Building Industry and Land Development Association (BILD) to produce insights on the residential sector. According to the company’s website, Altus currently has more than 2,000 employees and serves in 85 countries.
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TRENDING: Altus Group In “Strategic Review” That Could Result In Sale
From the street, 310 Palmerston Boulevard will pull you in with intrigue. But what waits behind its front doors will leave you awestruck.
There's no question that the address boasts heritage charm, but few would guess that beyond the industrial steel and glass doors lies nearly 9,000 sq. ft of creatively curated living space — it's a home that is, according to its listing, regarded as Toronto’s finest historical restoration.
Originally constructed in 1889, the property was reimagined by JF Brennan Design into four freehold townhouses, each with its own unique identity. This particular residence represents the pinnacle of that vision: a grand four-level home where 19th-century craftsmanship meets contemporary sophistication.
Stepping into the grand entrance, visitors are greeted by soaring ceilings — some reaching up to 14 feet — and floors clad in travertine stone. The scale is cinematic, the detail unmatched.
Every room is a masterclass in contrast, blending antique, vintage, bespoke, and modern elements into a seamless whole. The main floor flows effortlessly from formal to casual spaces, with an open-concept family room and kitchen forming the heart of the home.
The second floor holds a primary suite that can only be described as a retreat-within-a-retreat: a sitting room with double-height focal windows and a fireplace leads to the bedroom via pocket doors, while the marble-wrapped ensuite and custom walk-in closet speak to a level of luxury that’s rare even in Toronto’s high-end market. Two additional bedrooms, each with its own ensuite, ensure comfort and privacy for family or guests.
The third floor’s showpiece is a metal-framed skylight that pours daylight deep into the home — more on this in a moment. Meanwhile, the lower level offers ample flexibility, including a guest suite with its own kitchen and full bath.
While the property’s architectural grandeur is undeniable, the metal-framed skylight on the third floor feels like pure magic. It’s an inspired design move that floods the home with natural light, subtly shifting its character from formal and stately to warm and welcoming.
The property’s private courtyard is an entertainer’s dream, and the two-car garage complete with EV charging adds a thoroughly modern convenience to this historic setting.
Set within one of the city’s most storied neighbourhoods, the home is mere steps from the cultural energy of Little Italy, Kensington Market, and College Street’s beloved lineup of restaurants and independent shops. Trinity Bellwoods park, U of T, and the best of Queen Street are also within easy reach, making this an address that combines architectural pedigree with a truly unmatched lifestyle.
A rendering of the two towers proposed for 49 Ontario Street in Toronto. / B+H Architects
The Toronto-based duo of Dream Unlimited (TSX: DRM) and CentreCourt Developments are renewing their long-running relationship, forming a new joint venture to embark on a project that is expected to begin construction as early as this year.
The project is set for 49 Ontario Street, which is currently occupied by a seven-storey office building between Adelaide Street East and Berkeley Street. An application for the site was submitted in 2021 by Dream Impact Trust (TSX: MPCT.UN) through MPCT 49 Ontario Street Toronto Inc. before a new application was submitted earlier this year after adjacent properties along Berkeley Street were acquired and folded in to the project.
The application for 49 Ontario Street and 72-94 Berkeley Street now calls for a 45-storey tower and a 49-storey tower with a total of 1,227 residential units (including 245 affordable units), a bit under 7,000 sq. ft of retail space, the retention of the heritage row houses at 72-78 Berkeley Street, and a public park along Berkeley Street.
In its Q1 2025 report, Dream Impact Trust said that it had entered into an agreement to sell a 10% minority stake in the 49 Ontario project, but did not disclose the partner other than to say that the company is "an experienced condominium developer which will work with the Trust to attract further investors to reduce the Trust's ownership stake." It also said that it had secured a development charges waiver from the City of Toronto in 2024 as well as $647.6 million in construction financing for the project. The loan was obtained through the CMHC's Apartment Construction Loan Program, as the CMHC and City of Toronto announced in March.
In the Q1 2025 report of Dream Unlimited, the company — which owns a 37% stake in Dream Impact Trust — said that Dream Impact Trust had also entered into a development agreement with Dream Unlimited and the new partner who will manage the project, which was revealed this week to be CentreCourt. CentreCourt will be serving as co-developer and construction manager of the 49 Ontario project and is also working with Dream on the Golden Mile master-planned community in Scarborough.
"Dream and CentreCourt have a 14-year history of successfully delivering landmark condominium communities together," said the two companies in a joint press release. "While both organizations have deep expertise across the real estate spectrum, this joint venture represents a significant step in expanding their collaboration into purpose-built rental."
"CentreCourt is recognized for its industry-leading ability to finance, design, and self-perform construction at unmatched speed and efficiency, delivering high build-quality along with exceptional returns on 19 projects totalling over 10,000 homes and $5.6 billion in development value," they added. "Dream brings a deep track record in purpose-built rental and unparalleled expertise in structuring and executing public-private partnerships, having developed or currently developing over 4,500 rental units worth over $2 billion upon full build-out."
In its Q2 2025 report, Dream Impact Trust said that it expects construction on the 49 Ontario project to commence by the end of the year and that the project will have 1,226 units, split between 960 market rental units and 266 affordable rental units (totals slightly different from the City of Toronto application). Initial occupancy is expected in 2028.
On August 12, Dream Impact Trust also published a general business update on its liquidity, development, and strategic initiatives, saying that it started the year with almost $350 million in land loans and that it expects to reduce that total by $140 million because the loans have "put a strain on our cash flow and liquidity."
"In 2026, we will continue to seek opportunities to reduce the land loans further, said the Trust. "As part of our plan to continue to increase liquidity for the Trust, over the next five-year planning period, the Trust intends to sell most of its commercial assets, realize cash from its passive investments and sell select apartment buildings as we improve the value and quality of the portfolio concentrated on the best new purpose-built rental buildings."
"Consistent with this goal, the Trust is in advanced discussions with a number of parties to provide a loan facility which will help with liquidity during this period," they added. "Our plan does not include starting any new condominium buildings other than the ones we currently have underway with pre-sales – Forma and Bridge House at Brightwater, which is set to commence construction shortly. If the condo market becomes more favourable and we can start new buildings at attractive returns, that will be an improvement to our plan."