Purpose-built rental tower projects heat up as Toronto condo market stays cool

Toronto is seeing a rise in purpose-built rental (PBR) towers as the condo market slows and housing demand intensifies. A proposed 57-storey tower near Dundas and University highlights this shift, offering over 700 units in a prime downtown location. Supported by government incentives and faster approvals, developers are increasingly turning to rentals as a long-term investment strategy. While financing challenges remain, PBR projects are expected to become a dominant model for new residential construction in the coming years.