Tenant rights refer to the legal protections and entitlements that tenants have under provincial residential tenancy laws in Canada.
Why Tenant Rights Matter in Real Estate
In Canadian rental housing, tenant rights ensure fair treatment, safety, and privacy in accordance with laws such as the Residential Tenancies Act or equivalent provincial statutes.
Core tenant rights include:
Safe, habitable living conditions
Notice before landlord entry
Protection from unlawful eviction
Timely repairs and maintenance
Rent increase limits and dispute resolution
These rights are enforced by landlord-tenant boards or provincial housing authorities.
Understanding tenant rights helps renters advocate for fair treatment and landlords comply with legal requirements.
Example of Tenant Rights in Action
After receiving short notice of an eviction, the tenant asserts their right to 60 days’ notice under provincial tenancy law.
Budgeting in real estate refers to the process of forecasting and managing income and expenses associated with owning, operating, or developing a property.. more
Tenant improvements refer to custom modifications or build-outs made to a leased space to suit the tenant’s operational needs, often negotiated as. more
Doug Ford and Jim Lawson, Executive Chair, Woodbine Entertainment/Woodbine Entertainment
In an exciting move for the future growth of northwest Toronto, Woodbine Entertainment — owner of Woodbine Racetrack in Rexdale — has announced it is investing $170 million in a new Metrolinx GO Station at Woodbine Racetrack. Construction broke ground yesterday on the station, which will serve as the anchor to an expansive urban development planned for the surrounding lands.
Also anchoring the development would be the iconic Woodbine Racetrack, home to Canada’s longest continuously run sporting event, the King’s Plate.
“This is a once-in-a-generation opportunity to create something truly special for Toronto,” said Michael Copeland, CEO of Woodbine Entertainment in a press release. “At the heart of this new urban centre will be Woodbine Racetrack, a cultural landmark that will now also serve as the centrepiece of a thriving, inclusive, and connected city within a city.”
A city within a city is a good way to frame the vision for this massive development project planned for the largest undeveloped parcel of land remaining in the City of Toronto. Spanning a whopping 684 acres, the project would deliver "tens of thousands of new homes, jobs, and economic opportunities," according to the release. The master-planned community is expected to be designed and constructed over 25 years, creating an estimated 43,000 construction jobs.
Aerial comparison of Woodbine site and downtown Toronto/Woodbine Entertainment
“This isn’t just about building housing. It’s about creating a complete community, a connected urban centre, with culture, entertainment, green space and horse racing at the heart of it all,” added Copeland
As the development will be centred around a world-class racetrack, residential components would include new accommodations for the backstretch workers, including trainers, jockeys, grooms, and veterinarians, who care for the 1,700 horses who call Woodbine home. This housing would be apart of the larger collection of affordable housing units planned for the area.
“Horse racing has been a way of life for my family for generations — it’s not just a career, it’s part of who we are. I believe Woodbine’s property development plans represent an important step toward building a bright future for our sport," said one Woodbine trainer, Kevin Attard. "Creating new sources of revenue beyond wagering is a smart and necessary move to help ensure that other families, like mine, can continue to build their lives around racing for generations to come. This is a great step forward for the long-term health of the industry we all care so deeply about.”
Plans remain conceptual at this point, but in addition to affordable housing, the development would emphasize "smart, sustainable design," while also both benefitting, and being made possible, through the transit-connected nature of the site.
Woodbine GO Station/Metrolinx
The new GO station at Woodbine would be located on the Kitchener GO Line between the existing Etobicoke North and Malton GO stations. Just 30 minutes from Union Station and planned to connect with the UP Express Line to Pearson Airport, Rexdale would be transformed into a transit hub "for the first time in its history."
According to a press release from Metrolinx, trains could arrive at the station as frequently as every 15 minutes during rush hour and is expected to serve approximately 7,000 daily riders by 2041. Other pros about the forthcoming station include a new station building, a new rail island platforms serving GO Transit and UP Express, and a multi-use path and direct road, bicycle and sidewalk access.
Woodbine's $170 million investment is supported by a portion of the $13 billion in provincial funding for the GO Expansion program and a greater $70 billion investment in public transit made by Premier Doug Ford.
“The new Woodbine GO Station is going to be a game changer for Etobicoke and for commuters coming in from across the Greater Golden Horseshoe,” said Ford. “The investments we are making in Woodbine GO and in two-way, all-day GO service across the province will keep workers on the job in the face of tariffs and economic uncertainty and will help commuters get around faster and more conveniently in one of Ontario’s fastest growing regions.”
Woodbine Entertainment, which is Canada’s largest horse racing operator and operates like a not-for-profit, will develop and own the land while exploring ways to continue directing revenue back into Ontario horse racing.
Earlier today, Peel Region Council voted to reduce development charges by 50% from July 10, 2025 to November 13, 2026 in order to spur housing development and make homes in Caledon, Brampton, and Mississauga more affordable.
The move had commitment of support from the provincial government for $1.3 billion via the Building Ontario Fund, according to a letter from Minister of Municipal Affairs and Housing Rob Flack, addressed to the three mayors and Peel Regional Chair Nando Iannicca. However, an official funding agreement has not been signed off on as of now, and included in the motion is a stipulation that the program could be cut short if "a satisfactory financial agreement is not reached with the province by October 17, 2025."
The letter also discusses expectations that the federal government will provide additional funding to support the move through their proposed new $6 billion infrastructure program.
Development charges (DCs) are taxes that developers pay to the city in order to help pay for increased infrastructure needs that may be needed as a result of growth, including services like roads, transit, water, and sewer systems. But in recent years, development charges in the region and across the GTA have skyrocketed, placing additional strain on already struggling development pipelines.
As a result, calls have been made by the federal government and numerous development associations to freeze and/or lower the fees. Peel's decision to follow suit is just the most recent in a string of similar moves from nearby municipalities.
In an effort to make development financially feasible for more builders and to lower costs for end users, Vaughan returned their DCs to September 2018 levels in November, Burlington lowered DCs 15% last May, and Mississauga reduced all residential DCs by 50% and by 100% for three-bedroom units in purpose-built rentals.
For Justin Sherwood, Senior Vice President of Communications, Research & Stakeholder Relations at the Building Industry and Land Development Association (BILD), the reform represents an excellent step in the right direction.
"We applaud and welcome the change and encourage other regions across the GTA to look at doing similar actions, [...] and we want to thank the provincial government for their support in this matter." Sherwood tells STOREYS. "It's a really good day today for prospective home buyers who are looking for a new home in the Region of Peel, [...] and the decision comes at a time where the industry is struggling. It's a very positive move."
"Peel Region’s decision reflects an understanding of today’s housing crisis: punitive fees have stalled supply, and action from all levels of government is needed to get homes built. Their action of waiving 50% of regional development charges is not about lost revenue — it’s about enabling projects that otherwise wouldn’t move forward," Feldman tells STOREYS. "Credit to Peel Council and Mayor Parrish for showing real leadership, and to the Province for backing future growth with a $1.3 billion commitment. With local and provincial action now in motion, we look to the federal government to step up and become a full partner in the solution."
A home on a residential street in Calgary. / Shutterstock
We're halfway through 2025 and so much has happened that has created so much uncertainty that the Calgary Real Estate Board (CREB) is now downgrading its forecast for the year, according to a market update published earlier this week.
In January, the CREB published its forecast for the year, projecting that sales were expected to remain strong and exceed 26,000 units in 2025 — 20% higher than long-term trends.
"While we anticipate stable sales levels overall, market dynamics will shift as rental rate adjustments and supply improvements influence different segments of the housing market," said CREB Chief Economist Ann-Marie Lurie. "While the market is expected to be more balanced than in recent years, significant economic risks — such as potential tariffs — could impact activity. These risks will be crucial to watch as we navigate through 2025."
The latter has turned out to be prescient, as the market update published this week has reduced the projected number to about 23,000 as a result of the uncertainty created by the tariffs. The new forecast represents a downgrade of approximately 11.5%, although it should be noted that the projected decline is starting from a very high peak.
"Sales in Calgary were forecasted to ease slightly in 2025," said the CREB. "However, the heightened uncertainty throughout the spring months is expected to result in a higher than expected decline in annual sales. While sales are not expected to ease to the lower levels reported during the 2015-2020 period, sales are expected to slow to levels more consistent with long-term trends."
Residential sales and price growth in Calgary between 2006 and 2024 and the forecasted totals for 2025. / Calgary Real Estate Board
At the same time, housing starts are still at record highs and that is not expected to change in the second half of the year, with most of the supply coming in the form of multi-family rental buildings. The CREB says that this new supply will provide more options for renters, potential buyers, and existing homeowners, indirectly resulting in an increase in supply in the resale market.
With inventory expected to increase and sales projected to decline, prices are thus now being projected to cool off rather than see the modest growth that was projected at the outset of the year, with some nuance depending on the residential property type. The CREB says that this is expected to bring the resale market to more a balance compared to the "extreme seller's market" seen in the past two years.
Acccording to the CREB's forecast, prices are expected to grow by less than 2% for detached homes and semi-detached homes, after seeing jumps of over 10% in 2024, while prices are expected to decline by up to 2% for row houses and apartments, after seeing jumps of over 14% in 2024.
Residential price growth in 2023 and 2024 as well as the forecasted change in 2025. / Calgary Real Estate Board
The biggest cause of the economic certainty remains the tariffs and trade war initiated by US President Donald Trump, according to the CREB. However, as is the case with other markets, the effect is not necessarily the direct impact of tariffs on the resale market and more so that the tariffs create concerns that result in reduced spending.
"While much of the most punitive tariffs on Canada have been on aluminum and steel, rising global tariffs have elevated uncertainty regarding energy prices, the impact on inflation and the overall economy," said the CREB. "Alberta is expected to lead the country in growth this year, as we are not facing the same near-term challenges experienced in provinces that are more directly impacted by the tariffs. However, we are not immune to the volatility facing the global economy, which is impacting oil prices, creating uncertainty and affecting consumer and business investment."
"Trade and economic uncertainty has contributed to slower sales in many housing markets across the country, including Calgary," the board added. "Here, earlier declines in energy prices combined with uncertainty regarding energy policies and a pause in rate declines likely also contributed to some of the stronger than expected pullback in activity in the early spring market. However, supportive population growth along with previous gains, resiliency in our job market and lower lending rates in the second half of the year should help offset some of the impact on demand felt throughout the spring."
Yesterday evening, Toronto City Council voted to allow fiveplexes and sixplexes in the Toronto and East York District and a portion of Scarborough — a significant dilution of the originally recommended city-wide legalization. This latest move from the City puts in jeopardy $471 million in federal funding through the Housing Accelerator Fund (HAF).
The Scarborough region included in the adoption is generally bound by Steeles Avenue to the north, Midland Avenue to the west, Highway 401 to the south, and Neilson Road and Rouge River to the east, where a sixplex pilot ushered forth by Ward 23 Councillor Jamaal Myers was already in place.
After much debate and deputations from speakers, the original recommendation to permit sixplexes citywide was begrudgingly amended by Parkdale—High Park Councilllor Gord Perks and was carried with 18 voting for the motion and six voting against, officially leaving the majority of Toronto's suburban neighbourhoods in Etobicoke—York, North Toronto, and Scarborough out of the sixplex fold. The motion also included that neighbourhood infrastructure such as street cleaning, public realm maintenance and improvements be provided in neighbourhoods with sixplexes.
"I'm moving this very reluctantly. I've spent a considerable amount of time working with my colleagues on Council trying to find majority support for doing what this council already committed to in 2023, which is city-wide sixplexes. But I have been unable to find that," said Councillor Perks at Council. "[...] This creates some risk in our relationship with the federal government, especially since this council voted, over two years ago, that sixplexes would be part of our [HAF] plan."
Alongside offering more housing options to Torontonians, the city-wide approval of sixplexes would have represented a major step towards achieving the City’s 35 milestones committed to under the federal HAF, for which Toronto was allocated $471.1 million in funding to be put towards "accelerating development of new housing and preserving existing housing, and achieving a total of 60,980 net new permitted homes over three years."
The City received an upfront sum of $117 million through the HAF after an agreement with the Feds was reached in December 2023, but whether or not Toronto receives the remaining funding in full hinges on it's ability to achieve certain milestones laid out in their HAF Action Plan, including permitting sixplexes city wide by the end of June 2025. This is according to a letter from former Housing Minister Nathaniel Erskine-Smith sent to Mayor Olivia Chow in March, which stated that Toronto could lose 25% of its annual HAF payment if it continues to fall behind on milestones.
Wednesday's debate marked the culmination of a series of studies conducted by City staff to discern the viability of ramping up missing middle permissions on single-detached lots within the city. One of the first major amendments to kickstart the city-wide sixplex conversation began with the original Multiplex Study in 2023, which led to fourplexes being approved city wide in May of that year. But at the time, Councillor Jamaal Myers was already calling for more density.
Following the adoption of city-wide fourplexes, Myers initiated a pilot program in his home ward of Scarborough North (Ward 23) that would test the efficacy of permitting fiveplexes and sixplexes on properties designated 'Neighbourhoods' in the Official Plan. The pilot study commenced soon after the city-wide adoption of fourplexes, and its results were promising.
Findings showed that the built form of a fiveplex or sixplex was viable on around 60% of of single-family home plots in the ward, increased density was found to optimize existing infrastructure rather than overload it, and most additional parking could already be accommodated for on residential streets. Other potential upsides included the stabilization of declining populations and support for local retail establishments and services.
More than that, intensified missing middle permissions would mean increased housing options for Scarborough residents. "It offers families a way, particularly seniors, a way to downsize while staying in these neighbourhoods," says Myers. "And it offers a lot of the kids who grew up in these neighbourhoods a way to move into and/or stay in these neighbourhoods and raise their own families in a way that they wouldn't otherwise be able to do."
While no five or sixplex permits have been issued as of now, Myers says he expects applications to come down the pipeline.
After a year and half, a preliminary report on the pilot program, delivered in December 2024, led to City Council voting to study the viability of fiveplexes and sixplexes city wide via the final multiplex study that was presented to Council yesterday afternoon.
Going into the Council meeting, Myers told STOREYS he was expecting some resistance. "I think it's going to be a push," he said. "Honestly, change is hard. People generally are hesitant to change, and the City, historically, has not done a great job at reaching out to people and explaining what we're doing."
Reflecting the highly-contentious nature of the topic, the agenda item posted a remarkable 29 speakers and 30 letters from various residents' associations, builders, planners, design studios, and more, all arguing their case for the future of Toronto's so-called 'yellowbelt.'
Speaking on behalf of their constituents, councillors debated the efficacy of sixplexes for over three hours, expressing support as well raising concerns.
“Cities grow or die, neighbourhoods grow or die. It is unique in North America that we have neighbourhoods that have never been reinvested in. Nowhere else in the world is this the case," said Councillor Perks. "If the communities in the inner suburbs want to thrive, they need to attract reinvestment, and that reinvestment comes from reforms like this.”
Councillor Alejandra Bravo (Ward 9, Davenport) focused on the funding component, inquiring what a potential loss of HAF funds would mean for other housing projects currently being carried out by the City, such as the revitalization of Toronto Community housing Corporation, transforming Toronto’s waterfront, and expanding missing middle housing.
"We would be in the situation, today, where should we not make progress on this particular item, we will be putting the people of Toronto, who are in need of housing, in peril in some way, correct?" she asked. "We’re taking a risk on the backs of people who need housing?”
Councillor Lily Cheng (Ward 18, Willowdale) who voted for the amended bill, raised concerns about preserving the character of certain neighbourhoods and about infrastructure not meeting population growth within her own ward. “With 145% growth over 20 years in my neighbourhood, we need to catch up with our infrastructure, and if we don't catch up, how can we commit to more growth?”
Additionally, the issue of land values increasing as a result of the sixplex expansion was raised by Councillor Parthi Kandavel (Ward 20, Scarborough Southwest), while others simply felt the implementation of sixplexes citywide was not necessary and was being carried out too rashly.
With school out and the sun shining, early summer can be hot season for the Toronto real estate market, with activity simmering down as the summer progresses. But with economic uncertainty brought on by geopolitical conflicts, few buyers are in the mood to make the largest purchase most Canadians will make in their lifetimes.
According to the Toronto Regional Real Estate Board (TRREB), sales were down 13.3% year over year in May, and the average selling price fell 4%, annually, to $1,120,879. While an improvement over the 23.3%, 23.1%, and 27.4% annual drop in sales recorded in April, March, and February, respectively, May's numbers continue to reflect the ongoing market shyness brought on by tariff-related economic uncertainty.
Buyer Psyches Remain Cautious
“Structurally, there is nothing that should be holding the post-pandemic recovery back," CEO of Royal LePage Phil Soper tells STOREYS. "Yes, we're dealing with potential economic damage caused by the new American administration, but the actual impact has been very muted.”
Soper points out that though the unemployment rate has ticked up, it hasn't increased as much as some expected, the default rate on mortgages remains one of the lowest in the world, and incomes are still rising at a faster clip than they were pre-pandemic.
Phil Soper, CEO of Royal LePage Canada
“What this means is housing affordability is improving. So structurally, we're in great shape," says Soper. "The challenge, of course, is that this is more than a financial or a structural decision. It's also an emotional one, and, emotionally, people are feeling the stress of flip-flopping American trade messaging.”
Summer Market Outlook
While buyer psyches remain cautious, markets are beginning to see signs of life. Sales ticked up on a monthly basis for the second month in a row in May, and the average selling price inched up as well, signalling a potential shifting of tides in the coming months.
Soper shares that unreleased June data is showing "strong" sales numbers, reflecting a delayed spring market. "It's a small data point — four weeks in a year — but it appears we're experiencing a late spring market, not a crazy spring market, but certainly bucking typical seasonal trends.”
Things may heat up this summer, but looking ahead, Tim Syrianos, Broker of Record at RE/MAX Ultimate Realty Inc. in Toronto, is forecasting that a proper rebound will likely occur later on in the year.
"I believe that as we head towards the back-end of 2025, we will start to see improved sentiment, because we are seeing a lot of people who are inquiring, and they're wondering about their window of opportunity," Syrianos tells STOREYS. "You know, maybe [their window] is only six months to a year and not two or three years, and they want to get ahead of it."
On the price front, Syrianos says he doesn't foresee "a plunge in values," as most sellers have weathered market fluctuations and don't feel the need to drop their price dramatically to get their home sold. But general price softness is expected this summer.
Soper shares that Royal LePage will be slightly lowering their Toronto price forecast for the third quarter, largely due to the struggling condo market. "We expected a lift in the condo sector in the second quarter. That didn't happen," Soper says. "[...] I'm thinking we'll see soft prices in the second and third quarter, and price appreciation in September through December, but nothing crazy.”
In May, active listings in Toronto hit around 31,000 — levels not seen since 2002. So for those that are in the financial and emotional headspace to buy, a wealth of options and a decent amount of negotiating power await as listings reach historic levels this summer.
Because listings are so plentiful, Syrianos says many buyers have taken on what he calls a deal-or-no-purchase mindset. "We are between a balanced and buyers' market in many segments of the marketplace because of the volume of listings," he says. "So the buyers are saying, 'listen, either I get an opportunity and I get myself a good deal, or I'll keep on holding.'"
Tim Syrianos, Broker of Record at RE/MAX Ultimate Realty Inc.
Royal LePages' Soper also points out that the majority of Toronto homes are selling for slightly less than their asking price as buyers utilize their market leverage to negotiate sellers down. According to the latest Market Pulse report from Toronto real estate agency Wahi, 87% of Toronto neighbourhoods are in underbidding territory as of May.
Of course, how much sellers are able to negotiate prices down will depend on product type and neighbourhood. "The Devil's in the details," says Soper. "You see more flexibility in the condo and semi-detached townhouse market than you do in the fully-detached market."
Geographically, buyers might have a harder time securing deals in desirable suburban Toronto neighbourhoods like Etobicoke, East York, Leaside, Riverdale, North Toronto, and High Park. "Not all of the GTA is performing poorly. There are Toronto proper neighbourhoods that have traditionally been in high demand that maintain high demand," says Syrianos. "And you are seeing, in some cases, multiple offers. [...] They're not performing the same way that they did in past markets, but you're still seeing interest in those really good neighbourhoods."
So far, Bank of Canada rate cuts haven't made much competition for Trump's erratic trade policy when it comes to spurring housing market activity. But prior to Trump's election, it did seem as though lower rates were taking hold and emboldening some Toronto buyers to hop off the sidelines.
Before Trump, Royal LePage had predicted three 25-bps cuts by the end of the year. Now they expect one 25 bps cut on July 30 and another quarter-point cut later in the year. Soper attributes the reduced forecast to potentially inflationary forces brewing both at home and abroad, including the possibility of the war in the Middle East driving up oil prices, Trump’s inflationary ‘Big Beautiful Bill,’ and rising youth unemployment in Canada.
As the July 30 interest rate announcement approaches, many buyers and those in the real estate industry are hopeful for a 25 bps cut to give the housing market a mid-summer kick. "Do I believe that the rate cut in July would be a valuable one? I do," says Syrianos.
For perhaps the first time in history, real estate in distress is more than an industry conversation — it’s a dinner-table topic.
But those in the industry understand the space best and, as such, Insolvency Insider’s annual Distressed Real Estate Conference was the place to be in Toronto last week for those in the real-estate know.
Unsurprisingly, there was plenty to unpack at this year’s conference, which took place on Wednesday June 18, 2025 at The Conference Centre at the OBA. The event featured four panels and 13 panelists who work not only in restructuring, but commercial real estate, development, legal, and lending.
Today, the Toronto area is facing a deepening correction as oversupply, reduced demand, and rising costs render many projects financially unviable. The result has been receiverships and CCAA proceedings in droves, which have led to an uptick in distressed sales — the dynamics of which are fairly unique to this point of time.
"This year's conference shed light on the deepening challenges facing Canada's real estate industry," says Henry Louis, Founder, Insolvency Insider. "The event highlighted the need for creative and collaborative solutions between lenders, developers, and restructuring professionals."
As the event's media sponsor, STOREYS had an opportunity to sit in on the conference, alongside some 250 professionals in attendance. Here are our main takeaways.
Panel 2: Builders in Trouble – Workouts, Surety Claims, and Insolvencies in Construction
Not A Collapse, But A Cyclical Reset
As painful as it may be for industry players, the Toronto real estate market is going through a correction — but on the bright side, experts seem to be in agreement that it’s not collapsing. They say that strong fundamentals, well-positioned players that are still invested and intrigued, and pent-up demand all suggest that what we’re seeing is more of a cyclical reset.
“We haven’t seen the distress manifest the way that we would have expected... given that we're three years into what we call a downward cycle," said panelist Casey Gallagher, Vice Chairman of CBRE Capital Markets’ National Investment Team. "And it's because these developers are well capitalized, they've got great banking relationships, they've been here for a long time, and they've got strong equity partnerships as well. So they're weathering the storm."
Plus, this is not the worst downturn we’ve seen in recent history, according to Robert Goodall, President and CEO of Canadian Mortgage Capital Corporation. “I’m less concerned [today]; there's nothing like [the early '90s]. You've got to remember, the REITs didn't exist, they came out of the early '90s as a liquidity measure to allow companies to survive,” he said. “I look at the tier-one developers today — they're really strong; it doesn't matter whether you're talking Vancouver or Toronto."
"I don't care if this goes on another two to three years," Goodall said, "it'll be nothing like the early '90s.”
Looking ahead, Jared Menkes, Executive Vice-President of High-Rise Residential for Menkes Developments, emphasized that it's a waiting game; the market will eventually digest the oversupply. “We keep talking about 'two to three years,' [as a timeline for] when this is going to recover,” he said. “We have enough product that’s going to get us well past three years, probably five years. From a developer standpoint, we're saying: 'I don't see that pre-construction market coming back for at least three years'.”
Attendees enjoyed numerous networking breaks between panels
In Distressed Scenarios, Buyers Are Exposed
As the residential real estate sector is pulled down by waves of builder insolvencies, protections for consumers — the homebuyers — are limited and slow, leaving them exposed and unprotected. That’s not to say that there aren’t entities created to soften the blow for buyers who purchase into a project that's not what it was cracked up to be. However, at this point in time, there’s only so much that can be done.
“Right now, there's a bit of a misconception from purchasers, because purchasers think that we can solve all of their problems. And so we spend a lot of our time educating homeowners [on] what we really are,” said Kevin Brodie, Vice President of Underwriting at Tarion Warranty Corporation. “We backstop that warranty. We cannot complete a project. We can't compel a builder to complete the project.”
Partner at Paliare Roland LLP Jeffrey Larry added that many purchasers aren’t aware that there are limits to what an entity like Tarion can deliver on depositinsurance.
“So on a condo, it's only $20,000 — which is a surprise to everybody. And then on a freehold, it's 10% of the purchase price, but up to $100,000. So, in many cases for developments in the GTA, the actual deposits exceed that. In addition, any deposits on finishings, none of those are included,” Larry explained. “So in almost all cases that I see… you've got purchasers that are shocked to learn that they're not going to get [deposits] back. They really have, unfortunately, limited rights.”
Panel 3: Inside the Workout – Financial, Legal, and Operational Battles in Real Estate Restructurings
Real estate receiverships are by no means a positive thing, but they can have some semblance of a silver lining as far as the distressed asset is concerned — especially when you’re dealing with over-leveraged developers, stalled construction, and poor transparency. A successful restructuring process can bring some clarity into the equation, while attracting new investors with the ability to bring the project to completion. But that success ultimately depends on information flow, trust, and collaboration across all stakeholders.
“A lot of times, when you're dealing with a distressed developer, especially someone you know that is in a bind, the flow of information stops, and the lenders start to panic a little bit because they're not getting the right information. They can't make decisions, they can't react,” said Murtaza Tallat, Director, KSV Advisory. “Putting in a receivership, we lift the blanket, and we can basically see right away what the issues are. And we have a team in place to decide how we're going to tackle those challenges.”
In the case of the One Bloor West — long known as The One — the restructuring process has resulted in Tridel being chosen to complete the construction in “a very rational process,” according to Brendan O'Neill, Partner at Goodmans LLP. “In some of these cases, it's incredibly important to get the project out of the hands of the current developer… and get it into a receivership. And this case is certainly one like that,” he added.
In addition to Tridel, the project is now linked to a new lending entity that is committed to building the project with cost-effectiveness in mind, said O'Neill. “Notwithstanding that we're in a receivership, we are saving at least a million dollars a month over the prior costs because the prior costs were out of control, and they were chaotic. So the receivership has actually proven to be a cheaper means of completing the project.”
A large surface parking lot near the Legislative Assembly of British Columbia in Victoria. / Mario Hagen, Shutterstock
Two years after signalling that it was going to make a change, the City of Victoria has unveiled a suite of changes to its parking regulations that would "shift away from the car-centric regulatory model to one that better aligns with City policy, responds to different mobility demands across specific geographic areas and addresses a more diverse range of mobility needs through a range of options."
"The current regulatory approach for off-street parking is largely focused on the provision of motor vehicle parking, setting minimum supply rates that are based on estimated off-street parking demand," said the City in a staff report that's set to be received by Council later this week. "Minimum supply rates vary between geographic area (lower rates downtown and in community villages), tenure (lower rates for market rental and affordable rental housing) and unit size (larger dwelling units require more parking than smaller units)."
"This regulatory framework adds time, cost, uncertainty, and potential inconsistency to the development process if proponents seek to reduce off-street parking stall requirements," the report continues. "In such instances, applicants are required to submit permits for variances and negotiate TDM measures with staff on a case-by-case basis. In some cases, where the size of the variance is significant, an applicant is required to provide a parking study to determine whether the amount of parking and/or TDM measures being proposed are satisfactory."
The new proposed approach has several "key foundational elements."
Establishing A Baseline Parking Supply Rate
According to the City, car ownership in Victoria is trending downwards, with 25% of Victoria households not owning a vehicle and 41% of households in downtown not owning a vehicle. The City has not updated its off-street minimum parking rates since 2018 and has now outlined an update to supply rates, which are expressed as the amount of parking stalls provided per residential unit, with higher rates for larger units.
The new proposed supply rates have been lowered across the board, regardless of residential type and unit size, and in some cases have been completely eliminated, such as for affordable housing. (A full list of the changes, including for non-residential uses, can be viewed here.)
Of note is that, as is the case with all minimum parking requirements, applicants can still opt to provide more parking than what is required under policy and developers do see some value in providing parking.
Proposed Residential Baseline Parking Supply Rates. / City of Victoria
Maximum Parking Supply Rates
While many municipalities across North America are focused on eliminating minimum parking requirements, some have also started to look at or introduce maximum parking requirements to prevent the possibility of parking oversupply.
"With respect to setting a maximum supply rate, it is recommended that a consistent city-wide rate be set at 10% above the baseline parking supply requirements," said City staff in the report. "Given that the baseline rate is generally reflective of actual parking demand and developments in the City typically don’t provide more than the required number of parking stalls, it is considered that requests to provide more than 110% of the baseline will be relatively rare."
Although the concept hasn't quite gone mainstream yet, the City notes that maximum parking supply rates exist in the District of Saanich, City of New Westminster, and City of Kelowna.
Provision Of TDM Measures
Although municipal governments set minimum parking requirements, many have also traditionally allowed applicants to reduce the amount of parking they have to provide through transportation demand management (TDM) measures, which entails the applicant providing residents with things such as enhanced bicycle parking, subsidized transit passes, and/or car share access.
"Current processes allow applicants to apply for a parking variance where they are not satisfying minimum parking supply requirements and, in these instances, the provision of TDM measures is negotiated to provide alternative transportation options for residents," said staff in the report. "Rather than continuing to require variances and negotiate TDM on a case-by-case basis (which adds time, cost and uncertainty to applications), it is recommended that the provision of TDM measures to offset a reduction in parking stall supply be formalized in the form of regulations. The City currently does apply a similar regulatory approach, but only with respect to the Missing Middle housing regulations."
According to the City, the new proposed measures were developed based on a review of industry best practices and other municipalities. The City also notes that providing TDM measures instead of constructing underground parking often reduces construction costs for developers and that those cost savings could potentially be passed on to residents. (Full details of what the individual TDM measures entail are available here.)
Transportation Demand Management Measure Options. / City of Victoria
Cash-In-Lieu Of Parking
As another alternative, municipalities often also allow developers to provide cash contributions to reduce the amount of parking they have to provide. Cash secured that way must go to a reserve fund that can only be used towards things like parking infrastructure and other transportation-related infrastructure.
Victoria does not currently have a cash-in-lieu policy, but is now set to establish one, with rates the City says are in line with those in other municipalities.
The staff report also notes that similar to TDM measures, the cash-in-lieu option generally provides savings to developers compared to constructing underground parking, which could again be a benefit to residents. (A report published by the Metro Vancouver Regional District earlier this year found that constructing parking can cost over $200,000 per stall.)
No changes to requirements are being proposed for accessible and visitor parking and both are also not eligible to be reduced via TDM measures of cash-in-lieu.
Proposed Cash-in-Lieu Rates. / City of Victoria
Area-Specific Regulations
The aforementioned changes are city-wide, but would be adjusted for different areas of Victoria. For example, in the downtown core, there would be no baseline parking supply rate, a maximum parking supply rate would be established, and a minimum set of TDM measures will be required.
"Due to the characteristics of the area and the relevant policy direction, it is recommended that minimum parking requirements do not apply in the downtown," said staff. "This would allow developments to provide parking based on market demand and project considerations. Dependent on development conditions, a proponent could provide between 0% to 110% (maximum parking supply rate) of the baseline parking supply rate."
For major mobility hubs such as the Mayfair, Midtown, Hillside, Jubilee, and Oak Bay Junction town centres, the baseline parking supply rate would be reduced by 50%, minimum TDM measures would be required to offset that reduction, additional TDM measures or cash-in-lieu would be allowed, and a maximum parking supply rate would be established.
For sites along the City's transit priority network (TPN) and within 200 metres of the TPN, the regulations would be similar to those for major mobility hubs, except the baseline parking supply rate would be reduced by 30%.
The downtown area (left) and transit priority network (right) that will have adjusted parking regulations. / City of Victoria
Other Changes
The City has also proposed changes regarding bicycle parking. To account for the increased popularity of large bicycles (such as electric or cargo bicycles), the City has proposed a requirement that 15% of all long-term and short-term bicycle parking stalls be designed to accommodate large bicycles. To ensure accessibility, the maximum percentage of long-term stalls that can be provided as wall-mounted racks would also be decreased from 50% to 30%.
A new regulation would also require 50% of all long-term bicycle stalls to support electric charging (access to a 110v charging outlet) and the City has proposed introducing requirements for end-of-trip facilities in non-residential units in order to support active transportation. Those facilities include showers, change rooms, repair equipment, and bicycle wash stations.
As it relates to electric vehicles, the City is proposing that all parking spaces be required to support EV charging, that the minimum number of parking stalls that support EV charging be increased for non-residential uses, and that new minimum parking requirements be introduced for EV charging stations for industrial, commercial, and institutional uses.
All of the above changes, as well as changes regarding a new proposed Curbside Management Strategy, are set to be considered by Council on Thursday, June 26. If endorsed by Council, staff will then work on drafting bylaw changes and holding public engagement before the changes are presented to Council at a later date for formal consideration.
Ontario Place parking structure/Government of Ontario
Today, the Ontario Government released final designs for the revitalization of the long-neglected Ontario Place, alongside a press release outlining the extensive redevelopment plans envisioned for one of Toronto's most-prized strips of waterfront.
When the provincially-owned destination first opened its doors in May of 1971, Ontario Place served as a tourist attraction to showcase all things 'Ontario.' Over time it became a popular destination for families and school field trips, with the addition of a water park and amusement rides, but by 2012, declining revenue and attendance had caused the park to shutter.
Plans released today constitute a years-long effort to breathe life back into the park through the addition of attractions like public trails, expanded green space, playgrounds, interactive fountains, new beaches, event spaces, and an updated marina.
“We’re rebuilding Ontario Place into a world-class destination for families and tourists, with convenient connections for visitors coming by car, GO train or the Ontario Line’s nearby Exhibition Station,” said Premier Doug Ford in the release. “The investments we’re making will help keep 5,000 workers on the job, despite the economic uncertainty caused by President Trump’s tariffs, and will help protect and grow Toronto and Ontario’s tourism sector for decades to come.”
The park's new design will consist of five distinct zones: The Forum, The Mainland, The Marina, The Water’s Edge, and Brigantine Cove. Highlights of the redevelopment include a new entrance with a 3,500-spot parking structure expected to bring in $60 million in revenue per year, a new Brigantine Cove with a multi-level interactive treehouse, a new forum space for outdoor markets and festivals, a 3,400-sq.-ft Indigenous Cultural Pavilion, Live Nation’s revitalized year-round amphitheatre, and the relocation of the beloved Ontario Science Centre.
“Ontario Place was once an iconic tourist attraction and a cornerstone of our province’s cultural and recreational landscape,” said Stan Cho, Minister of Tourism, Culture and Gaming. “Now more than ever, it is important to support the places and experiences that celebrate our heritage and culture while protecting local jobs and economic growth. This transformation will breathe energy into Toronto’s waterfront while drawing visitors from near and far for generations to come.”
Behind the landscape design for the new Ontario Place is LANDinc., who's designs were shaped by consultations with First Nations and Indigenous groups, over 9,300 residents, the City of Toronto, and other stakeholders.
"Ontario Place holds a special place in our city's diverse heritage and LANDinc is honoured to lead the design of this public waterfront park, establishing the green heart of this world-class destination," said Senior Principal of LANDinc. Patrick Morello.
Once complete, Ontario Place will be one of the largest public parks in downtown Toronto and is expected to welcome more than six million visitors each year.
Ontario Place Renderings
Beach
All renderings courtesy of the Government of Ontario.