Getting to 8,000

October 2017

Building a healthier rental market for the Toronto area.

Summary

The Toronto area’s rental market is under considerable pressure and getting squeezed. The vacancy rate in the Toronto area has consistently been below 3.0%, and average rent for available units has been rising at more than 3% per year. With low vacancy and above-inflation rent increases, our rental market, much like the home-ownership market, is not healthy. This report examines the policy actions necessary to improve the state of the rental market for the Toronto area by adding 8,000 new purpose-built rental units to the market per year.

Produced in collaboration with Evergreen. Research was supported by the Government of Ontario.

Acknowledgments

Written by Andrew Cohrs, Michelle German and Graham Haines.

Ryerson CBI thanks the key informants who generously provided their knowledge and perspectives on this subject. Special thanks are due to Sarah Cameron and Phinjo Gombu for their input and guidance.

“...consensus is emerging that a critical piece of the housing puzzle is incentivizing more development in Toronto’s stable designated neighbourhoods.”

Daniel TaylorNovae Res Urbis