$1.3B fund buys GTA condos
An investment firm announced a $1.3B fund to buy unsold Greater Toronto Area condos and convert them to rentals — a clear signal of inventory pressure and rising long-term rental demand in the market reported. That move will reshape local lead funnels and investor messaging.
High Art [Capital announced]newsfilecorp.com the GTA Rental and Affordable Housing Initiative on March 10, 2026, with the Building Ontario Fund (BOF) closing a commitment of up to $300 million in mezzanine debt on February 13, 2026 to anchor the vehicle. newsfilecorp.com The initiative targets roughly 2,200 long‑term rental units and about 550 affordable units that will be secured “in perpetuity” through title‑based protections, with affordable rents set at the lower of 25% below local market rent or 30% of median gross household income. newsfilecorp.com Acquisitions will be run via an open, competitive market process that requires eligible submissions to contain blocks of at least 10 vacant units in condo buildings completed on or after January 1, 2023, located in Toronto or the regional municipalities of Durham, Halton, Peel or York. newsfilecorp.com BOF says the program aims to free up developer and lender capital to spur new housing starts, a priority against a backdrop of persistent unsold inventory (more than 25,000 unsold new units reported in Q2 2024), and named service providers on the initiative include Del Condominium Rentals (Tridel) and Menkes — concrete entry points for brokerages seeking bulk‑leasing or property‑management mandates. buildingonfund.ca
