Now, Canada is embarking on an ambitious plan to create more moderately priced rental units. Fuelled by a booming tech industry, Toronto’s economy has produced an all-too-familiar problem: soaring housing prices beyond the reach of the middle class. Building affordable housing can be fraught. For property developers, building affordable housing is typically a low-margin proposition, especially amid rising construction costs, land prices and interest rates. “Developers are telling us they’re still many years away from delivering new rental units,” said Anne McMullin, CEO of Vancouver-based Urban Development Institute, referring to the prior efforts.

Source: thestar May 09, 2018 16:18 UTC