In 2018, vacancy rates in Ontario fell to just 1.8%, the lowest in the country.
In Toronto, vacancy rates are just 1.1%.
Ontario needs an additional 10,000 new rental units each year for the next decade to address this crisis. Read more
“Purpose-built” refers to a building in which all of the units are intended for renters, not buyers.
Many people in Ontario choose to rent. People want to live where they work, while others looking to downsize want a better lifestyle in the neighbourhoods they know and love. Home ownership is becoming more expensive and rental units are being less available – and in many cases, not affordable.
The solution is simple: We need to build more rental units so Ontarians have more choice.
Not just condo rentals, which can come and go, but purpose-built rental apartments that provide quality, affordable housing choices for Ontario renters.
A recent report from Urbanation revealed that Ontario needs at least 6,250 new rental units to be built each year over the next decade just to address the crisis. Let’s start now.
A healthy stock of rental supply is also about making sure that the purpose-built rentals are kept in good shape so that they don’t fall into disrepair.
Rental-housing providers are serious about preserving their buildings. It’s their legal obligation to keep buildings safe, well-maintained and in good working order.
Critical upgrades, like concrete foundations or parking garages, security systems, elevators, fire safety, balcony replacements and roof repairs are all essential to maintaining the lifespan of the building – and improve renters’ safety and comfort.
These upgrades are major capital expenditures that typically cost millions of dollars.
Without these investments, buildings can deteriorate to the point where the only option is demolition – which decreases the overall supply of rental housing, and adds to Ontario’s rental crisis.
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