High Art Capital Announces GTA Rental and Affordable Housing Initiative, in Partnership with Building Ontario Fund
Toronto, Ontario--(Newsfile Corp. - March 10, 2026) - High Art Capital today announced the launch of its GTA Rental and Affordable Housing Initiative, a fund expected to be capitalized with a minimum of $1.3 billion, to acquire blocks of newly completed, unsold condominium units across the Greater Toronto Area and convert them into long-term rental housing.
The initiative is designed to deliver approximately 2,200 rental units in the near term, including approximately 550 affordable rental units intended to be protected in perpetuity through title-based protections and related agreements. Affordable rents are expected to be set at the lower of 25% below local market rent or 30% of median gross household income across the GTA.
The affordable units are intended for the GTA's workforce, who may be priced out of market rents, yet do not qualify for rent-geared-to-income or other subsidized programs. High Art Capital will engage a not-for-profit organization to allocate the affordable units to eligible applicants.
The fund is anchored by a commitment from Building Ontario Fund ("BOF") of up to $300 million in mezzanine debt financing and a nominal equity investment, which closed on February 13, 2026.
"Timing matters in this market. There is a rare opportunity right now to convert newly completed but unsold housing into long-term rental supply at scale," said Ryan Roebuck of High Art Capital. "This initiative is designed to create real housing availability in the near term, preserve a meaningful affordable component and help stabilize a critical segment of the GTA housing market, all of which has become possible through our partners at BOF."
"This partnership demonstrates the power of collaboration between the public and private sectors to address housing challenges. By working together with High Art Capital and our service providers, we're creating rental housing options in the near-term, and securing affordable homes for generations to come," said Michael Fedchyshyn, CEO, Building Ontario Fund. "This project was made possible by BOF's participation, requiring no development charge, tax waivers, or direct subsidies to realize its affordability objectives. This type of innovative approach, a first of its kind at this scale, is exactly why BOF was created."
High Art Capital will run an open and competitive market process to acquire eligible units. Eligible submissions must contain blocks of at least 10 vacant units in registered residential or mixed-use condominium buildings, which have been completed on or after January 1, 2023, and are located in Toronto or the regional municipalities of Durham, Halton, Peel or York.
The portal for submissions is now open and further details are available through High Art Capital's website. High Art Capital has reached agreements in principle with Del Condominium Rentals Inc., a member of the Tridel Group of Companies, and Menkes Condominium Rentals to manage leasing and tenancies, and to work with a not-for-profit partner to support eligibility and allocation for the affordable units.
Advisors
Canaccord Genuity Corp. is acting as exclusive financial advisor and sole agent to High Art Capital. Wildeboer Dellelce LLP is acting as legal advisor to High Art Capital, with Bennett Jones LLP acting as legal advisor to Canaccord Genuity Corp.
About High Art Capital
High Art Capital is a private investment firm focused on real estate across Canadian markets. We partner with government, institutional and private capital to acquire, manage and create value in underserved or overlooked segments of the market. The firm creates value through thematic ideas which require ingenuity. High Art was founded by experienced investors with backgrounds spanning capital markets, construction, private equity, and real estate operations.
About Building Ontario Fund
Building Ontario Fund (BOF) is a board-governed Crown agency with a mandate to catalyze investment in revenue-generating infrastructure projects across Ontario. Backed by $8 billion in funding from the province, BOF supports transformative projects in six priority areas: affordable and student housing, long-term care, energy, transportation, critical minerals, and municipal and community infrastructure. Through innovative financing and partnerships with institutional investors and Indigenous communities, BOF helps unlock private capital to deliver high-impact infrastructure. Established under the Building Ontario Fund Act, 2024, BOF is building a stronger, more resilient province for today and future generations. Learn more at buildingonfund.ca and follow us on LinkedIn @buildingontariofund.
Disclaimer
This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Any investment opportunities will be made only to qualified parties pursuant to definitive legal documentation. Certain statements in this press release may constitute forward-looking information, including statements regarding anticipated capitalization, acquisition activity, unit counts, affordability outcomes and timing. Forward-looking information is based on current expectations and assumptions and is subject to risks and uncertainties that could cause actual results to differ materially. High Art Capital undertakes no obligation to update or revise any forward-looking information, except as required by applicable law.
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Source: High Art Capital
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