Unlocking viability: Policy changes needed to facilitate purpose-built rental housing supply

The Greater Toronto Area faces a severe shortage of purpose-built rental (PBR) housing, with a current deficit of 114,000 units and a projected shortfall of 235,000 over the next decade. Rising construction costs, high interest rates, and municipal fees hinder new developments. While some municipalities offer incentives, Toronto lags behind. Coordinated federal, provincial, and municipal action is essential to address this crisis and boost PBR supply.