Global News shows that Toronto-based condo developer Core Development Group is under fire for its plan to buy $1 billion worth of single-family homes and convert them into rental properties. This comes as housing prices have climbed rapidly during the COVID-19 pandemic.
The company has said it intends to buy 4,000 rental units in Ontario, Quebec, B.C. and Atlantic Canada, as first reported by the Globe and Mail. The company hasn’t provided an overall timeline for its acquisitions, but the idea is to buy homes that can be split into two units (for example, with a second unit in the basement) and turn both over to the rental market.
As Anne Gaviola reports, reducing the supply of homes for sale could make the affordability crisis even worse for those trying to get into the market.
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