Introduction
You know how we’ve been hearing about the “missing middle” in Toronto and how the city wants to bump up density in our neighbourhoods?
Well, guess what? The city is finally walking the talk! Next up – the city is turning a Green P parking lot at Woodbine and Danforth into a four-storey building with 18 apartments plus 2 stacked laneway suites.
Overcoming By-law Hurdles for Missing Middle Housing
To make this project a reality, the city must navigate several regulatory challenges.
Current by-laws require the city to seek approvals from the Committee of Adjustment for various modifications, including improved setback, increased lot coverage, and permission to construct more than four units in the main building and more than one laneway suite.
These unconventional projects often face lengthy approval processes and potential opposition from neighbours, adding to the complexity and time required for completion.
Toronto's Pro-Housing Shift: More Density on the Horizon
Despite these challenges, it is evident that Toronto is becoming more supportive of new housing developments. The city’s proactive approach signals a shift towards a more build-friendly environment, even in the face of potential complaints from local residents.
This initiative could pave the way for additional density measures, such as permitting two stacked backyard houses. The financial implications are significant, with development charges for 20 units potentially nearing $1.5 million.
This highlights the need for further reducing bureaucratic obstacles and providing financial assistance to streamline the development process and promote higher-density projects.
Investing in Toronto's Multiplex Projects
The current trend towards 4+1 setups, where a main building hosts four units and an additional laneway suite, is gaining traction among investors. These configurations have already received approval and offer solid financial returns, attracting increasing interest.
For those interested in exploring multiplex projects in Toronto, our real estate sales brokerage specializes in this area. We can help you identify properties and projects that align with your investment goals.
If you’re ready to explore these opportunities, connect with us today and take the first step towards successful real estate investment in Toronto’s growing housing market.
What Toronto Real Estate Investment Is Right For You?
Check out our complete Toronto real estate investment guide for all the details and real-life examples. If you’re ready to dive in, just book a call with us!
