[URBAN NOTE] “High-end rental towers are on the rise”
The National Post features Suzanne Wintrob’s article describing the emergence of high-end rental units in Toronto, as an alternative to condos.
Gary Spira spent his entire life living in houses in or around Toronto’s tony Forest Hill Village.
Six months ago, with his two children off to university, the computer consultant decided it was high time he traded in his snow shovel and lawnmower for a more carefree lifestyle. But rather than pour his money into a condo, Spira banked the cash from the sale of his house and moved into a two-bedroom, 1,500-sq.-ft. unit on the 27th floor of the neighbourhood’s brand new rental tower.
He’s not alone. As Toronto’s population grows and condo vacancies decline, there’s a growing demand for purpose-built rentals, according to condo research firm Urbanation Inc. The number of proposed purpose-built rentals in the city increased to 27,812 in 2016, up from 10,513 in the year-earlier period. And it’s a trend the organization expects to continue, said Pauline Lierman, director of market research.
Spira’s new address is The Heathview, comprising two 30-storey towers by Morguard Corp. with 586 units ranging from 450 sq. ft. to two-storey, 2,070-sq.-ft. townhouses. He liked the fact that it was a new building because “I didn’t have to go in and clean up someone else’s mess.”
“I wanted to get out of the market,” says Spira, 60. “I didn’t want to own. I wanted to just put the money away and enjoy myself.”