Toronto pivoting to purpose-built rental buildings and the Home of the Week: Canadian real estate news for the week of Apr. 4

This week, Trump’s tariff news continues to put a chill on the Canadian housing market, and one writer pleads for more attention on housing in the federal election. Plus, the lowest fixed and variable mortgage rates in Canada and one home worth a look.

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Rental market

Toronto’s housing sector seeing change amid pivot to purpose-built rentals

Once dominated by condo development and buildings built for investors, realtors and developers in Toronto have been seeing a shift toward increased interest in purpose-built rentals. As major cities become increasingly unaffordable for prospective condo buyers, developers say there’s been a move toward simpler, more cost-effective designs, where they plan on owning and managing their building for decades to come, writes John Lorinc. However, Lorinc reports that the continued expansion of the new rental segment isn’t guaranteed, especially as rents plateaued in the last year.

Deals gone bad

Mizrahi’s Ottawa insolvency case highlights perils of secret real estate loans

A recent court judgment against a company controlled by Toronto-area real estate developer Sam Mizrahi over a $12.9-million loan made against an Ottawa condominium project includes allegations of secret loans not initially disclosed to other lenders. The ruling from Justice Charles Hackland rejected claims by Mr. Mizrahi that one of his lenders, V2 Investment Holdings Inc., had acted in “bad faith” in attempting to register a previously unsecured loan against a development property, Shane Dingman writes. Mr. Mizrahi is no stranger to complex financing deals and court battles over defaults. His name has been splashed across the business pages for his role in the insolvency and receivership of The One, a luxury condo project which has been under construction at Bloor and Yonge streets in Toronto since 2015.

Tariffs, again

Home buyers and sellers rethinking plans amid economic uncertainty, tariff tumult

After a roller coaster of tariff news this week, buyers continue to sit on the sidelines as they wait for prices to drop, writes Carolyn Ireland. Rishi Sondhi, an economist at Toronto-Dominion Bank, recently cut his forecast for home sales and prices this year after a weak first quarter for real estate in many Canadian cities – predicting a 3.2 per cent dip in the average price this year, while sales will edge down 0.9 per cent. Purchasing a home is often the biggest purchase Canadians will make in their lives, and realtors say that buyers are willing to wait until the time is right.

This week’s lowest fixed and variable mortgage rates in Canada

Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday April 3.

Opinion

No party can fix housing without compensating millennials and Gen Z

As Canadians focus on what’s going on south of the border, University of British Columbia professor Paul Kershaw argues that we should be focusing on our own issues this election, especially housing affordability. Kershaw writes about the need to have a national conversation around housing, and how Canada’s politicians need to look after prospective millennial and Gen Z homebuyers.

“Since younger Canadians are already doing their part, the question now is whether political leaders are ready to do theirs by making compensation part of the election conversation.”

Home of the Week

Trucking magnate’s Toronto condo with a view

200 Cumberland St., unit Suite 3802, Toronto – Full gallery here

In 2020, Tom Dellamaestra was looking to move his family to something more central in Toronto, in part to be close to his daughter as she finished university. Believe it or not, the almost-4,000-square-feet luxury apartment on the 38th floor of Cumberland Tower in Toronto’s Yorkville neighbourhood was a downsizing option for them – they were moving from an 18,000-square foot-home in the GTA. The unit opens onto slabs of marble flooring along a hallway framed by brushed-brass casing on the way to a set of sliding door windows that open to the south-facing terrace. In the kitchen, a slab of marble appears to be suspended by brass rods to form a breakfast bar on the western window wall next to the kitchen millwork. In the middle of the room is an unusual polygonal island in grey stone. And in true Bruce Wayne fashion, the apartment comes with six underground parking spots.