Graywood Developments, a Toronto-headquartered real estate investment management company, announced its strategic expansion into the Build-to-Rent sector.
As part of the move, Graywood has earmarked five residential communities under development in Toronto as rental projects, totaling approximately 3,000 units. The company stated its expansion comes in response to the need for quality rental housing amid Canada’s ongoing housing shortage.
“Our strategic move into rental addresses the growing demand for professionally managed, well designed rental buildings in triple A locations, and responds to the supply-side pressures in Canada’s housing market over the long-term,” says Gregory Sweeney, Graywood’s chief operating officer. “We already have shovels in the ground at 241 Church Street which is well under construction, and we recently started demolition in Vaughan at 3201 Highway 7.”
Sweeney added, “We’ve been studying rental as an opportunity for several years, and we see it as a long-term complement to our condominium portfolio. Build-to-Rent is not a temporary pivot for us—it’s an integral part of our strategy to meet housing demand in urban neighborhoods where people are increasingly choosing to rent. At the same time, we believe both pre-construction condos and homes will continue to be an attractive option for buyers, in key markets.”
