CMHC Research: Purpose-Built Rental and Condo Development: Market Perspectives

The key objective of this project was to shed light on any systematic or general factors or differences that might dissuade developers from building purpose-built rental (PBR) or incentivize condominium development (condo). This project examines the issues from the view of market participants and the calculus they perform. Areas of interest included inquiry into considerations of:

  • Financing, debt and equity;
  • Land costs;
  • Construction costs;
  • Local regulatory approvals processes;
  • Rental operational processes;
  • Taxation

Under the agreement of anonymity, information was collected by way of interviews with industry professionals which included developers, general contractors, real estate advisors, financiers and private equity funds. Interviews followed a pre-determined structure (Appendix A) that was provided to the participant prior to the interview. In all, seventeen participants contributed to our findings. Participation had a regional bias in that Ontario and Vancouver were the sole source of respondents.

The findings were also fortified by direct observation of regional differences and trends.

Download report: CHMC_PBR_findings – 20190412



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