[innsertnamehere]

Perhaps what you see as a non-issue of leasing, I do see as an issue. There is a lot of availability at both Birch and Maple…when I have to scroll through a list of available units, I’d say there’s a lot of unit available, not like it’s a handful only. And if brand new rentals have to entice new tenants with months free + additional means to entice, I see that as an issue. There are a ton of other rentals coming up far earlier than 49 Ontario, you honestly think 1,700+ units are going to rent easily when a building with a fraction of that many units is, in my opinion, struggling?

I mean I'm seeing over 90% occupancy, likely higher. Birch House has 21 units available, that's about a 91% occupancy rate in a building which started lease-up less than a year ago.

As I said - new buildings also have the challenge of leasing out an entire building. They offer incentives to drive down vacancy in new buildings and get cash flow moving. Once occupancy stabilizes they typically drop the incentives.. Having 200 units sit empty burns a hole in the developers pocket worth putting incentives out. A stabilized rental building only needs to lease out 5-10% of their units a year as tenants turn over.. new buildings need to get hundreds of units leased very quickly.

it's all a very normal process of occupying a new market-rate rental building.

49 Ontario is also likely not going to enter occupancy until 2029 or 2030. We are in a down rental market right now which will more than likely have stabilized at that point.

 

[Northern Light]

Perhaps what you see as a non-issue of leasing, I do see as an issue. There is a lot of availability at both Birch and Maple…when I have to scroll through a list of available units, I’d say there’s a lot of unit available, not like it’s a handful only. And if brand new rentals have to entice new tenants with months free + additional means to entice, I see that as an issue. There are a ton of other rentals coming up far earlier than 49 Ontario, you honestly think 1,700+ units are going to rent easily when a building with a fraction of that many units is, in my opinion, struggling?

@innsertnamehere is correct.

The incentives here are normal for the current market, and they are getting uptake on the larger units which exceed $4,000 per month in rent, they aren't discounting that heavily.

When you're looking at uptake rates, most rental builders in the market currently, on larger builds, are seeing ~18-24 months to lease up, on ~ 600 units, so about 30 units per month.

Some are a bit faster, some a bit slower, usually there's a small surge at the beginning for people who were wait listed for a unit, then it slows down to a steady uptake rate.

When I look at the vacancy level at Canary, I don't see anything alarming.

****

As to the current proposal, it is large, and some of the unit sizes are a bit small. It would not surprise me to see a variance tweaking that up to or during the early construction process; the market for 2029 is something we just cant' be sure about yet....

However, I don't expect they will have any problems leasing out the full sized units, particularly 2 bdrm and larger.

Given the number of units, a lease-up period of 2 full years would not be unreasonable.

 

[ProjectEnd]

@innsertnamehere is correct.

The incentives here are normal for the current market, and they are getting uptake on the larger units which exceed $4,000 per month in rent, they aren't discounting that heavily.

When you're looking at uptake rates, most rental builders in the market currently, on larger builds, are seeing ~18-24 months to lease up, on ~ 600 units, so about 30 units per month.

Some are a bit faster, some a bit slower, usually there's a small surge at the beginning for people who were wait listed for a unit, then it slows down to a steady uptake rate.

When I look at the vacancy level at Canary, I don't see anything alarming.

****

As to the current proposal, it is large, and some of the unit sizes are a bit small. It would not surprise me to see a variance tweaking that up to or during the early construction process; the market for 2029 is something we just cant' be sure about yet....

However, I don't expect they will have any problems leasing out the full sized units, particularly 2 bdrm and larger.

Given the number of units, a lease-up period of 2 full years would not be unreasonable.

30 units / month is way too aggressive an assumption. I use 12-15 as baseline for all underwriting these days.

 

[FormerTorontonianBackInTO]

This is B+H Architects now.

As much as I complain re AA making generic designs, I loved AA's last design for this site (best I have every seen from them) and worry that the change in architect changes that design, which does look a bit different on the October 1, 2025 (AIC posting date) site plan application associated architectural plans....if AA could only take their last design aesthetic proposed here and adopt it for Sugar Wharf Phase 2

 

[citylights]

 

[msboosh]

anyone got new photos of the demo?

 

[Mihairokov]

Went by this AM and the building on the corner of Berkeley/Adelaide is gutted and still standing

 

[msboosh]

Went by this AM and the building on the corner of Berkeley/Adelaide is gutted and still standing

those are heritage buildings that are being retained

 

[DSCToronto]

those are heritage buildings that are being retained

Last week they remove the rear sections of the houses on Berkeley but the fronts and front half of them was still there.

 

[Mikachu]

What a mess

 

[Ohman416]

What a messView attachment 705875Feel bad for those that are directly in front of this construction. The banging starting at 7am must be giving some PTSD. Been a great way to spend the holidays.

 

[Koops65]

All part of the growing city...

 

[Ohman416]

All part of the growing city...

They. should not be building if there isn’t infrastructure to support it. In the past 3 months the area has experienced 4 power outages. And if the Ontario Line is anything like the LRT, even the new infrastructure being built won’t support the needs of the people. To add, the number of for lease signs in the area is just plain sad! There aren’t any businesses moving into the area so why are people moving to the core? They killed an amazing area and businesses for these buildings that nobody wants. Just look at the reviews of the recently completed Canary District - same builders of 49 Ontario and with those kind of reviews, I wouldn’t expect people to be looking to move here.

 

[Koops65]

Well... it seems to me that you are against this particular development, and against development in general. You are going to get a lot of push back from the folks on this site I think. The people at Centrecourt are building this because they expect hundreds of people to move in... and if they didn't expect that, they wouldn't be building it. They expect to make a profit here.

 

[rdaner]

They. should not be building if there isn’t infrastructure to support it. In the past 3 months the area has experienced 4 power outages. And if the Ontario Line is anything like the LRT, even the new infrastructure being built won’t support the needs of the people. To add, the number of for lease signs in the area is just plain sad! There aren’t any businesses moving into the area so why are people moving to the core? They killed an amazing area and businesses for these buildings that nobody wants. Just look at the reviews of the recently completed Canary District - same builders of 49 Ontario and with those kind of reviews, I wouldn’t expect people to be looking to move here.

No comment on project but dozens of new businesses have opened in this area over the last while. I work near here.