*** Our Tour is Fast Approaching!***
As seems to be the trend, more positive changes in the local real estate markets have come into effect to support missing middle housing. Recently, an amendment of the official plan was brought to the council to allow 5-6 units as of right on residential lots in north Scarborough.
Why is this so exciting
1. Further expansion- This is a pilot program for expanding these permissions throughout Toronto. The city is incentivized to see these permissions come through as it is a requirement to receive their full funding from the housing accelerator fund and is a key piece they are relying on to meet their housing targets.
2. Reduced timelines- Currently, to build 5 units in Toronto you need to put four units in the main building and one in the garden suite. To avoid Development charges the garden suite must be submitted once the main building is complete. This submission sequence essentially adds months to your completion timelines. Allowing builders to build all five units at once, bringing units to market at an increased rate.
3. Commercial financing- Once you have five units or more you can get commercial financing. With commercial financing investors have available to them better financing options and do not have a maximum property limit. Without a restriction on property number this strategy becomes a repeatable business model investors can build their portfolios around.
Map of Ward 23
The outlined area in the picture above shows the area where these new permissions are now being allowed.
Ward 23 was selected for this pilot program for several reasons. It has been identified as having a large number of multi-family households already in the region. There is currently a population decrease happening in the area which has been a cause of concern and lastly, a significant number of the lots have been identified to be able to support 5-6 unit projects.
Below is an example of a multiplex of how they envision these on the lots. In order to achieve the desired amount of parking use a mix of off-street parking at the front and a drive aisle at the rear.
If any of you are interested in pursuing this opportunity here is a link to the multiplex study for ward 23
Want to learn more about what we are involved in?
Check us out through the links below!
For any concerns or inquires you can reach us at info@northlakesdevelopments.ca or through our website contact page.