The winners of the 2025 FRPO MAC Awards, announced in Toronto during The Buildings Show in December, offer a clear snapshot of how capital upgrades are reshaping the province’s rental housing landscape. Last year’s standout projects highlight a defining reality as we head into 2026: strategic capital improvements are essential to sustaining long-term asset performance in this era of economic uncertainty and heightened competition.
Across the renovation and capital investment categories, leading rental housing operators were recognized for projects that not only modernized their aging apartment buildings but also fundamentally repositioned them. The initiatives demonstrate how targeted spending on suite upgrades, infrastructure, amenities, and building systems can extend asset life, elevate the resident experience, and strengthen competitiveness in a tightening market.
Fitzrovia won two awards for Best Amenities – Renovation for Maddox in Cabbagetown and Best Amenities – New Development for Sloane in Toronto, reflecting the company’s focus on curated, lifestyle-driven spaces that enhance property value.
According to Adrian Rocca, CEO & Founder of Fitzrovia, the company’s modernization efforts reflect a broader industry shift toward capital improvements that enhance functionality, efficiency, and resident appeal.
“We are reimagining the rental housing experience by creating purpose-built rental communities that elevate everyday life,” he said. “The work we do for our valued residents is guided by a clear philosophy: thoughtful design, long lasting quality, and exceptional service drive everything we do. These three pillars represent The Fitzrovia Standard. This commitment has shaped our award-winning renovation program at Maddox Cabbagetown and our standout amenity program at Sloane.”
Greenwin, in collaboration with GWL Realty Advisors, earned the Best Lobby Renovation award for recent work completed at 2160 Lakeshore Road. The revitalized space now features a warm and inviting fireplace, upgraded elevator corridors, contemporary lighting, durable finishes, and a bright, welcoming atmosphere, with the award marking an exciting milestone for its newly established Capital Projects and Asset Enhancement Department. For Best Suite Renovation Over $50,000, Minto Yorkville took home the prize—an achievement that underscores the rapidly rising expectations for upgraded spaces that best meet the needs of today’s residents.
Collectively, these winning projects demonstrate how strategic capital investments are a priority in today’s market characterized by modest growth and elevated operating expenses. Rather than pursuing comprehensive, large-scale overhauls, building owners are advised to consider focusing their efforts on the following key areas:
- Energy efficiency & utility reduction projects
These improvements support the industry’s shift toward disciplined, long-term cash flow management. Common investments include high-efficiency HVAC replacements, LED lighting retrofits, low flow plumbing fixtures, smart thermostats, and building-wide energy management systems.
- Building envelope & structural improvements
As many markets absorb a wave of new deliveries, older assets must compete on durability and comfort. Typical projects include roof replacements, window upgrades, insulation improvements, and exterior repairs. Municipalities such as Toronto continue to emphasize state of good repair (SOGR) spending, further reinforcing this trend.
- Targeted unit interior modernizations (not full gut)
These upgrades are typically completed during natural turnover rather than through large-scale repositioning. Investors are opting for surgical interior improvements that boost rent without overspending—such as upgrading to stainless-steel appliances, solid surface counters, modern cabinet fronts, LVP flooring, and in-unit laundry where feasible.
- Technology & automation enhancements
Driven by labour shortages and the need for operational efficiency, more owners are investing in technologies that help properties stay competitive as renter expectations evolve. Self-guided touring systems, smart locks and access control, package lockers, and delivery management solutions are all gaining traction.
- Amenities that support tenant retention
With tenant retention becoming increasingly valuable, older properties must compete with newer, purpose-built rental developments that offer state-of-the-art amenities. Popular upgrades include fitness centre refreshes, co-working lounges, outdoor social spaces, and improved WiFi infrastructure.
- Safety, security & compliance upgrades
To maintain insurance coverage and meet rising security standards, many owners are investing in enhanced lighting, security cameras, access controlled entries, and modernized fire/life safety systems.
- Affordability driven renovations
In markets facing affordability pressures, some investors are prioritizing upgrades that reduce their long-term maintenance needs, support moderate rent increases, and align with available government incentives.
For the full list of MAC Award winners, click here: 2025 Award Winners | FRPO MAC Awards
