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Ontario  + Alberta & Prairies + Canada  + Office  | 
The City of Calgary is investing $50 million in the conversions of three downtown office properties into two rental-housing towers and a hotel.

Potential Toronto Office Conversion Program Moves Forward

A potential City of Toronto office-conversion program has moved forward.

The city’s planning and housing committee recently endorsed a motion from Coun. Brad Bradford to develop a downtown incentive program similar to one used in Calgary. Council will consider the motion later this month.

“The challenges on the housing and affordability front are so steep right now.” Bradford, the planning and housing committee’s vice-chair, told Global News. “We have to put all the options on the table,” 

High vacancies in some major Canadian markets have prompted several investors and developers to contemplate and, in several cases, convert office buildings into rental housing.

“Given the changing nature of work and the ongoing housing crisis, it is time to re-evaluate the need for office space,” Bradford wrote in his motion.

But Brian Rosen, president and CEO of Colliers Canada, told Connect that Ontario is not ready for a large office-conversion program.

Several North American jurisdictions are looking to emulated the highly popular Calgary program, which the city has paused after exhausting the $150-million budget for it.


Inside The Story

Brian RosenBrad Bradford

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

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