Developer makes his pitch: Renting our way out of the Canadian housing crisis
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Fitzrovia CEO Adrian Rocca, who has 20 years of real estate experience and has led over $20 billion in transactions across Canada, U.S. and the European Union, maintains that governments need to take certain steps to incentivize more building.
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Fitzrovia has nearly 9,000 purpose-built rental suites — meaning, not condos — completed or in development in Toronto and Montreal, with 3,000 new homes on track for next year. The company says about a third of Toronto's households have the financial means to rent with them.
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Housing accounts for almost one-fifth of Canada's GDP, making it a key driver of economic growth. Facilitating investment in domestic housing is a catalyst for broader economic development, says Rocca. Each avoidable fee or delay represents lost opportunities for Canadian workers, subcontractors, and suppliers to benefit from that investment.
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I saw home ownership rates are actually quite low in Germany. 70 per cent of the households rent, versus own. When I came back, it felt like there is a negative stigma around renting, and I almost felt empowered or passionate around changing that stigma.
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I think the quality of rental housing could look vastly different if you put some TLC behind the design, the implementation, the programming, the quality of the materials. We could functionally make that product look uniquely different and bring a sense of pride of rentership, versus home ownership. It doesn't mean that you're a failure if you rent.
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Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events, or performance (often but not always using phrases such as "expects", "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budgets", "schedules", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events, or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, the Company has made certain assumptions, including that the Private Placement will be completed on acceptable terms and all applicable shareholder and regulatory approvals for the Qualifying Transaction will be received. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to: availability of financing; delay or failure to receive board, shareholder, or regulatory approvals; and general business, economic, competitive, political, and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information, or otherwise. For further information, please contact: AIM6 Ventures Inc. Aaron Unger aunger@ 416-808-0050 ElevateDesign Ventures Inc. David Berman dberman@ Harjit Brar All information provided in this press release relating to Elevate has been provided by management of Elevate and has not been independently verified by management of the Company. Completion of the Qualifying Transaction is subject to a number of conditions, including but not limited to TSXV acceptance. Where applicable, the Qualifying Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement (or other applicable disclosure document) of AIM6 to be prepared in connection with the Qualifying Transaction, any information released or received with respect to the Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of AIM6 should be considered highly speculative. The TSXV has in no way passed upon the merits of the Qualifying Transaction and has not approved or disapproved of the contents of this news release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the " U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
