Effort targets faster renovations and tenant retention as Toronto grapples with housing shortages
Choice Renovations Canada has entered a strategic partnership with a major Toronto-based developer to overhaul aging purpose-built rental housing across the Greater Toronto Area (GTA), the company announced.
The unnamed developer, described as a multi-billion-dollar player and a key force in Toronto’s rental housing market, will work with Choice Renovations Canada to streamline large-scale unit upgrades. The initiative is positioned to support the city’s rental sector at a time when affordability challenges and rising demand have intensified the pressure to modernize aging rental properties.
“We’re entering a new era in multifamily real estate,” said Josh Wilson, CEO of Choice Renovations Canada. “Institutional players want more than just construction, they want strategic execution, predictable returns, and elevated tenant experiences. That’s exactly what we deliver.”
The partnership focuses on speeding up unit turnovers, improving tenant retention, and boosting return on investment per suite without compromising quality or timelines, the companies said.
Choice Renovations Canada specializes in multifamily rental renovations, including unit overhauls and common area improvements. Its clients include REITs, hedge funds, and publicly listed real estate firms operating across North America.
The announcement comes amid softening rent growth across Canada. According to Rentals.ca and Urbanation, the average asking rent in May was $2,129, up just 0.1% from April but down 3.3% compared to the same month in 2023, marking the eighth straight annual decline.
Purpose-built rental units averaged $2,117 in May, a 2% year-over-year decrease. Rents for condo apartments declined more sharply, dropping 3.6% year-over-year to an average of $2,192.
As affordability pressures persist, institutional landlords are taking advantage of incentives and land-use strategies to expand the rental supply.
Read next: CAPREIT taps government incentives to build housing amid Canada's shortage
Canadian Apartment Properties REIT (CAPREIT) recently announced plans to build 170 new rental homes in Mississauga and convert underused non-residential space into 50 more units across its portfolio.
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