ULI Multiplex TAP: The Financial Feasibility of Homeowners Creating Multiplexes in the City of Toronto

In March 2022, ULI Toronto was invited by the City of Toronto to convene a probono multi-disciplinary professional working group to consider how financially feasible it would be for a typical homeowner to adapt or build more residential units (including affordable and sustainable) based on the Multiplex zoning policy under consideration by the City. The policy would allow as-of-right multiplexes (2-4 residential units) in residential neighbourhoods across the city as one component of ongoing efforts to increase housing choice and access and create a more equitable, sustainable city.

ULI Toronto’s Multiplex Technical Assistance Panel (TAP) was Chaired by Scott Wilkinson, Director, Cost Management at BTY Group, and included experts in design, construction, finance, and real estate. The TAP undertook a cost-benefit analysis of adapting/reusing or building multiplex housing within three specific housing types/parcels, from the perspective of a typical homeowner and/or small-scale builder. Their work was enabled by a financial model developed by Abbas Harawala, CFA and Student, York University, Schulich School of Business – Master of Real Estate & Infrastructure. They also reflected on the qualitative factors impacting project feasibility such as code requirements and approval processes. The report included conclusions and recommendations along with a ‘parking lot’ of challenges and opportunities that fell outside the scope of the TAP but that should be investigated as part of next steps in advancing low-rise housing in residential neighborhoods.

                                                                  Read the full report