(57) Mid-Rise Purpose-Built Rental: Underwriting Rent, Absorption, and Exit Risk - Mathieu Fleury -Leader Lane

Send us Fan Mail

Mid-Rise Purpose-Built Rental - Mathieu Fleury on Leader Lane’s Mid-Rise Mass Timber Rentals, Market Risk, and What Toronto Needs to Build More Housing Payam interviews Mathieu Fleury, partner at Toronto mid-rise developer Leader Lane Development, focused on purpose-built rental, including a nine-storey, 60-unit mass-timber project at 230 Royal York nearing occupancy, plus other Etobicoke projects and partnerships with Windmill, Elm, and the One Planet Living Fund. Fleury recounts his path from Montreal to Cambridge’s real estate finance program, early roles at Loblaw Properties, Great Gulf, Dream Unlimited, and private equity at ForgeStone, where he underwrote 100+ deals annually and identified a gap for repeatable urban infill “missing middle” projects. He describes using site plan/minor variance to avoid rezoning, the challenges of small floor plates and code thresholds, and shifting from condos to rentals as the investor market weakened. They discuss purpose-built rental risks (rent levels, absorption, servicing debt), a looming supply cliff, innovation like mass timber and modular, balcony/amenity tradeoffs, and his top policy wish: reduce government fees and taxes that drive housing costs. Fleury also notes interest in multiplex housing as a complementary solution.

• Policy Tailwinds And Bottlenecks
• Big Developer Playbook
• Condo Vs Rental Risk
• Purpose Built Rental Uncertainty
• Rent Underwriting Caution
• Supply Cliff and Immigration
• Affordability and Salaries
• Purpose Built Rental Shift
• Condo Presale Model Breaks
• PBR Returns and Alternatives
• Approvals and Underwriting Sites

For more information, please refer to RealEstateDevelopmentInsights.com

Join Our Workshop: MultiplexWorkshop.com