Brian Crombie Radio Hour - Epi 1475 - Purpose Built Rental Properties with Tony Irwin

Tonight on The Brian Crombie Hour, Brian interviews Tony Irwin about Purpose Built Rental Properties and the housing crisis in the GTA. Tony Irwin, President and CEO of Rental Housing Canada and Federation of Rental Housing Providers of Ontario, discusses the challenges and opportunities in transitioning from condominiums to purposeful rental housing development. He explains that while the two types of housing may look similar to consumers, the economic models are fundamentally different, with condominiums benefiting from pre-sales for financing while purposeful rentals require significant upfront equity and may not be profitable for the first decade. Tony highlights that pre-construction condos were often sold as investments based on expected appreciation, while purpose-built rentals are sold as homes. We discuss the advantages of professional management in purpose-built rental buildings, emphasizing the creation of community and long-term resident satisfaction. He discusses the challenges in the housing market, emphasizing the need for government intervention to address declining building starts and permits. Tony highlights the importance of combining government action with factors like lower interest rates and economic confidence to stimulate development. He expressed concern about job losses in the industry and the long-term implications of not planning adequately for future housing demands.