Headlines this year have described Toronto’s condo market as a ghost town, but recent data on purpose-built rental developments suggests the industry is on the cusp of a significant reset.

“There’s a wall of purpose-built rentals coming, particularly around transit nodes,” says Wes Myles, president and chief investment officer at Toronto’s Clifton Blake Group, a vertically integrated developer and REIT (Real Estate Investment Trust) that builds and manages upmarket purpose-built rental (PBR) communities.