Purpose Build Apartments in Demand
While sky-high house prices have dominated headlines for years (and especially during the spike in 2017), the worrying state of the rental market has not gone unnoticed.
And while all levels of government are working to create more affordable rental housing (the province is looking to use more land for housing and the City of Mississauga has already implemented—or is in the process of introducing—a number of measures to protect the existing housing supply, streamline development approvals and increase new housing development opportunities), the problem is seemingly getting worse.
Still, the problem isn’t being ignored.
The city has moved to preserve its current rental stock (which is imperative in a city with a very low rental vacancy rate of 0.8 per cent) through its rental housing protection bylaw. It’s also preventing the removal of housing through a demolition control bylaw (a bylaw that requires developers to replace any rental stock they demolish and/or convert to an owned condominium).
Read More Here on why we need more Purpose Build Apartments