[innsertnamehere]

And this actually serves as a useful reminder: "AMR" is confusing terminology because the "M", which is for "Market", doesn't actually really correspond to market rents in a geographically specific area. So in some places, 80% of AMR is going to be way lower than what an actual average market rent is.

the big differentiator is that AMR is calculated on the average rent paid by all tenants across the city, including tenants who have been living in their rent controlled unit for 20+ years and have ridiculously cheap rent.

Even a 100% of "AMR" apartment would be well below the market rent that it would otherwise go for, as 100% AMR is $1,538 right now. Anyone who has been in the rental market recently knows that's a solid 30-40% below actual market rent.

80% of AMR is effectively almost half of what actual market rent for a comparable unit is.

 

[Jedijome]

Seems like a small update. Clearly i don't know what i'm doing

also

 

[Paclo]

The variances posted above by @Jedijome have been approved with conditions, one of which is for 30 affordable rental units. Office GFA reduced from ~23k to 5k m². Total residential units increased from 446 to 594. Total vehicular parking decreased from 180 to 161. Total bike parking increased from 594 to 807.

Application Details

www.toronto.ca