1.7K 
Living in a condominium often involves much more than just a long term investment. Rising real estate prices and ever-inflating condominium maintenance fees can be a dealbreaker for those looking to move into a new home, leading many to consider rental housing. In the past few years, the housing market has been inundated with new-build condominiums, many of which are purchased by investors and rented out to tenants, while new purpose-built rental towers have been few and far between ever since the introduction of rent control in Ontario in 1975.
Times have changed though, and with rental vacancy rates near historic lows, rental high-rise towers are once again being built in Toronto. Forest Hill, one of the city's most affluent locales, is home to a number of rental properties located on medium to high density side roads such as Heath Street. Many of these rental properties were constructed in the 1960s and 70s, the heyday of rental construction in Toronto, and in the time since, residential development in the area has been limited largely to luxury condominiums and single family homes. This is all soon to change though, with construction of The Heathview by Morguard, now in its late stages.
The project, which consists of two Page + Steele / IBI Group Architects-designed 30-storey rental towers, provides a new alternative to Toronto’s condo market with purpose-built luxury rental apartments in the heart of Forest Hill. Construction on The Heathview got underway in 2010 with the demolition of a mid-century modernist apartment block by architect Peter Dickinson, and the new towers are now practically topped out with the final residential floors structurally complete and work ongoing on the steel-framed roof features above.
The Heathview is the first new high-rise rental to be built in the Forest Hill community in forty years. With construction now in its late stages, the development held a preview event last month, and the overwhelming reception at the event proves that rental is back and in high demand in Toronto. “We expect strong demand for purpose-built rental product in this market,” says Brian Athey, VP Residential at Morguard. “The Heathview is the first new development in mid-town Toronto to provide an alternative to condominiums in a prime location with historically low vacancy rates.”
The Heathview’s two 30-storey towers feature studio, one, two and three bedroom luxury suites in sizes ranging up to 2,400 square-feet. With Toronto’s strong rental occupancy profile currently sitting well above the national average, The Heathview will meet an untapped need for rental housing in a growing midtown neighbourhood.
Energy efficiency is a rising trend in new build condominiums, and The Heathview is applying that trend to the rental market with a range of sustainable design features including water-saving fixtures, a natural rainwater containment system for irrigation, a green roof system to reduce heat load and lower energy consumption, heat recovery units, and improved indoor air quality through use of low VOC materials during construction. The development is a LEED Gold Candidate currently pursuing certification by the Canada Green Building Council.
The Heathview's nearly 600 units will be equipped with high efficiency oversized windows, filling the units with natural light while providing excellent sightlines across the city. Alex Chapman, principal of the interior design team at UNION31 says, “We paired classic, contemporary design with open living spaces. Kitchens feature sleek stainless steel and quartz finishes and custom cabinetry. All suites feature an in-suite washer and dryer. ”
The location is just steps from Forest Hill Village with ample shopping, schools, parks and dining along the St. Clair West strip. Multiple forms of transportation will be accessible to residents, including the TTC St. Clair West subway station and the right-of-way separated St. Clair West streetcar line. The Heathview will also feature an on-site car share service, free bike parking and hybrid car charge stations. “Toronto’s rental market is on the rise and we are delighted that Morguard has chosen Forest Hill for this model development. More people are choosing to rent and this increased density supports additional retail and new businesses, ultimately creating more jobs in the community" says Toronto City Councillor Joe Mihevc. "The Heathview will provide new rentals and contribute to keeping St. Clair West a strong, vibrant neighbourhood.”
Those interested in renting in the area are encouraged to check out The Heathview’s four model suites, located at 320 Tweedsmuir, south of Heath Street between Spadina and Bathurst. Or visit the web site at www.theheathview.com.
Additional information and renderings can be found at the associated dataBase file, linked below. Want to get involved in the conversation? Check out the Forum threads, or voice your opinion in the comments section provided at the bottom of this page.
| Related Companies: | PCL Construction, U31 |
