The first step to building a new apartment development is to acquire the land that it is to sit on.
These days, this process is both easier and more complicated. As cities throughout Canada embark on intensifying their urban cores, land which was deemed surplus to development can now be a gold mine for the owners occupying it. The Greater Toronto Area alone expects to add as many as 100,000 new residents per year, and have sought to increase residential densities along major transportation corridors and nodes such as subway and commuter train stations.
Knowing What to Build Helps You Understand What to Buy
This is particularly important since new apartment developers are already in competition with new condominium developers, who are already scouring Canadian cities looking for excess density on which to develop. Land costs have already increased in the past few years, but a developer or a property owner who has a clear idea of what to build and where, who has pulled together the best data or who has been introduced to the best development partner, has the potential to reap considerable rewards for land which would otherwise lie fallow.