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Developer Urges Governments To Provide More Affordable Housing Incentives
Policies Should Make More Efficient Use Of Funds, Developer Says
Toronto - June 9, 2022
By Ephraim Vecina
The president of Spotlight Development has called on governments to provide more incentives to developers when it comes to boosting Canada’s housing supply.
“Incentivizing the developers to provide more housing at lower rates is the way to go,” said Sherry Larjani.
Such measures should make more efficient use of funds that have already been allocated for housing at the municipal, provincial, and federal levels, the executive said.
“I think they all have to come together and I think they have to make this a bipartisan conversation,” Larjani said.
“I’m saying incentivize me in areas where I don’t have to give affordable housing. Help me there and allow me to bring a product into the market that’s lower than what is out there already and help those kinds of projects.”
Larjani said that Spotlight Development is intending to build a four-tower mixed-use housing complex in northwest Toronto, featuring a mix of condo and rental units. An estimated 70% of the development’s residential units are slated to be affordable offerings.
“We have not been mandated to do an affordable housing component to this project. Rather, we decided that we’re going to dedicate this whole project to the idea of affordable housing and creating much-needed affordable housing in the city of Toronto,” Larjani said.
“The housing crisis is because of the lack of supply, and if we can help developers by facilitating in many ways to be able to create more housing, we’re tackling the concept of affordable housing in some way.”
About Spotlight Development
Spotlight Development is a Toronto-based real estate development company dedicated to creating innovative, inclusive, and community-driven housing solutions. Specializing in traditional market condominiums and affordable housing projects, Spotlight combines visionary design with a commitment to sustainability and community impact.
With over 10.5 million ft² of development space, representing more than $2 billion in managed assets, Spotlight Development is reshaping communities through projects that prioritize social impact and sustainability. Guided by the motto Impact Real Estate Empowering People, Spotlight is setting a new standard in the industry.
Learn more at www.spotlightdevelopment.com or connect with us on LinkedIn.
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