Big Money Moves In

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💰 Big Funds Bet On Condos

Source: RENX

The 411: High Art Capital is launching a $1.3 billion fund to buy unsold GTA condos and convert them into long-term rentals.

• High Art Capital plans to raise at least $1.3 billion to acquire blocks of newly built unsold condos across the GTA.

• The initiative aims to deliver roughly 2,200 rental units in the near term.

• About 550 of those units will be designated as affordable rentals with long-term protections.

• Affordable rents will be set at either 25% below market rent or 30% of median household income, whichever is lower.

• The fund is backed by up to $300 million in mezzanine debt from Ontario’s Building Ontario Fund.

• Another $300 million is expected from private equity, with roughly $733 million from bank financing.

• Eligible buildings must have at least 10 vacant units and be completed on or after Jan. 1, 2023.

• The target market includes Toronto plus Durham, Halton, Peel, and York regions.

Why This Matters: Funds are starting to buy up unsold condos because prices have dipped and they see Toronto’s long-term demand coming back. For developers, it clears stuck inventory and keeps projects alive. For everyone else, it shows big money is treating today’s condo slump like a buying opportunity, not a permanent crash.

💸 Ottawa Drops $5B On B.C. Housing

Source: Prime Minister’s Office

The 411: Ottawa and B.C. are rolling out a $3.2B developer subsidy and plan to buy unsold condos to unfreeze the province’s housing market.

• The federal government is investing more than $5 billion in B.C. infrastructure over the next 10 years.

• Nearly $1.6 billion in federal funding will be matched by B.C. for a total of up to $3.2 billion to lower development charges for multi-unit housing.

• Development charges could fall by up to 50%, saving builders as much as $40,000 per unit in priority communities.

• Ottawa and B.C. are launching a condo conversion partnership through Build Canada Homes and BC Housing.

• More than 2,200 vacant condo units will be converted into affordable housing in priority growth areas.

• The federal government is also committing $2.5 billion over 10 years for transit projects in B.C.

• An additional $284 million one-time transfer will help reduce barriers to new construction.

Why This Matters: This is one of the biggest government interventions in Canada’s housing market in years. Ottawa is not just trying to boost supply, it is actively stepping in to reduce developer costs and absorb unsold condo inventory. The big question is whether this improves affordability, or simply helps stabilize a market that has become increasingly difficult to sustain on its own.

📦 Storage Gets A $1.67B Bet

Source: RENX

The 411: Public Storage is buying Public Storage Canada for $1.67 billion, making a major bet on Canada’s growing self-storage market.

• Texas-based Public Storage is acquiring Public Storage Canada for $1.67 billion.

• The portfolio includes 68 self-storage facilities across Toronto, Vancouver, Montreal, Calgary, and Ottawa.

• The assets total 5.3 million square feet of storage space.

• Public Storage says Canadian markets have lower storage supply per capita than the U.S.

• The company sees strong long-term growth in major urban markets.

• The deal includes cash, operating units, and potential earn-out payments tied to performance.

• The transaction is expected to close in the second half of 2026.

Why This Matters: Self-storage keeps quietly attracting big institutional money. It is one of the most resilient asset classes in commercial real estate, benefiting from population growth, downsizing, and urban density. A $1.67B deal like this shows investors still see strong long-term value in Canada’s storage market.