Graywood Developments announced its expansion into the build-to-rent sector. The move responds to current market demands and a diversified approach to addressing Toronto’s housing needs.

The developer earmarked five residential communities as rental projects. They are currently under construction and total about 3,000 suites. These include 241 Church Street in downtown Toronto and 3201 Highway 7 in Vaughan, in partnership with Phantom Developments.

While the Greater Toronto Area has experienced a softening of condominium sales since 2022, there remains a demand for quality rental housing as well as a long-term solution for the housing shortage in Canada.

“Our strategic move into rental addresses the growing demand for professionally managed, well designed rental buildings in triple A locations, and responds to the supply-side pressures in Canada’s housing market over the long-term,” said Gregory Sweeney, Graywood’s COO. “We already have shovels in the ground at 241 Church Street which is well under construction, and we recently started demolition in Vaughan at 3201 Highway 7.”

Graywood intends to develop, construct, lease, operate, and manage its rental properties in-house, supported by a leadership team with deep rental expertise.

“We’ve been studying rental as an opportunity for several years, and we see it as a long-term complement to our condominium portfolio,” added Sweeney. “Build-to-Rent is not a temporary pivot for us—it’s an integral part of our strategy to meet housing demand in urban neighbourhoods where people are increasingly choosing to rent. At the same time, we believe both pre-construction condos and homes will continue to be an attractive option for buyers, in key markets.”