February 2017
A new housing concept originated in California around 1965 called strata housing.
By 1968, strata housing made its way to Ontario in the form of condominiums. The first condominium in Toronto was a project in Rexdale. Back then many viewed condominiums as affordable housing. Among young urban professionals condos were viewed as a viable alternative to rentals and single family homes.
Since this time Toronto has undergone a transformation fueled by high-rise condo buildings. Many view condos as luxury housing due to a combination of construction, quality finishings and amenities.
Today, 50 years later and as condos are now less affordable to so many, the beginnings of a resurgence in rental accommodation is now evident. We now describe this as purpose-built rental.
Rental properties fell out of favour partially due to rent controls. It was difficult to charge sufficiently high rents to deliver a profit for those who developed rental properties. Low interest rates and higher rents are making rental properties more attractive to developers.
In New York City 70% of all housing is rental. In other cities rental housing has become increasingly popular among the many that lost their homes in the US housing meltdown.
In Toronto rental housing may be transformed, as was condo living, by the inclusion of quality amenities and finishings.
