Garden suites in Toronto get slow uptake with none completed one year after program launch

📆 7/20/2023 9:50 PM
📰 calgaryherald

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Garden suites in Toronto get slow uptake with none completed one year after program launch via financialpost

Gregg Lintern, chief city planner, Toronto

“There isn’t one solution to the housing supply challenge,” Lintern said. “We need a variety of solutions to address the complexity of the problem and that’s what a toolkit is all about.” With rapid interest rates hikes coinciding with the introduction of the program, this step has been particularly challenging, she said. Those planning to build a garden suite would have to make sure they have enough equity in their primary home to pull money out to build.

Because of the tighter lending situation, it's tougher for people to pull the trigger on building these things“Once it’s built it fully supports itself. You’re looking at at least $1,400 of positive cash flow ,” she added.

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Garden suites in Toronto get slow uptake with none completed one year after program launchA year after garden suites were made legal in Toronto, not a single project has been completed and only 27 are under construction. Read on.
Source: financialpost - 🏆 7. / 85 Read more »