Toronto developer spending $1B to convert single-family homes into rentals says it won’t take part in bidding wars
CAMBRIDGE — A Toronto development company with big plans to buy and convert single-family housing units into rental properties in Cambridge and other cites across Canada says it will “not participate in bidding wars.”
Core Development Group, as first reported in the Globe and Mail this week, intends to spend $1 billion to acquire existing Canadian housing stock and convert the homes into affordable rental units. The ambitious plan — with a target of 4,000 units — will encompass properties in Ontario, Quebec, B.C. and Atlantic Canada.
As part of the $1 billion investment, the company said it will spend $250 million on new built-to-rent properties.
The group is targeting specific cities in Ontario including Hamilton, London, Kingston, St. Catharines, Barrie, Peterborough, Cambridge and Guelph. It plans to branch beyond Ontario in 2026.