Toronto’s condo market has seen a significant shift, prompting developers like Clifton Blake Group to strategically pivot towards purpose-built rental (PBR) developments. According to a recent article in the Toronto Star, this move comes as the presale condo market faces challenges due to rising interest rates. Clifton Blake, with $1.6 billion in assets, plans to add 1,500 PBR apartments by 2028. The company secured a $100 million operating line of credit with BMO, signaling confidence in their rental portfolio. Urbanation reports that over 27,000 apartments in the GTHA initially slated for condos switched to rental in 2025, highlighting a major trend. KC Daya, CEO of Clifton Blake, emphasizes the importance of long-term operational commitment and strategic partnerships in navigating this evolving market. For a deeper dive into Clifton Blake’s strategy and the future of Toronto’s rental market, read the full article on thestar.com.
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