Forum Asset Management has launched a new project at 307 Sherbourne Street in Toronto to address the critical demand for student housing and affordable accommodations in the area. The “ALMA @ Cabbagetown” celebrated its official ground-breaking in October, attended by Paul Calandra, Minister of Municipal Housing and Affairs, and other key housing stakeholders.

“Canada is experiencing an unprecedented shortfall in student housing that is affecting rental markets nationwide,” said Aly Damji, Managing Partner, Real Estate at Forum. “The approximately 16,700 student housing beds currently in development represent only 4% of this total shortfall. At Forum, we have demonstrated success in the development of high-quality PBSAs and we are committed to delivering housing solutions that address the shortage. ALMA @ Cabbagetown aims to meet student needs by providing functional, fully furnished, and efficiently sized housing in the heart of Toronto. We believe this project will serve as a model for innovative approaches to addressing rental housing attainability across the country.”

Currently, Canada’s 20 largest universities only offer 170,000 beds for over 1.5 million students, while estimates suggest just 7 per cent of those requiring housing will secure on-campus accommodations. This significant shortage in purpose-built student accommodations (PBSA) forces students into local rental markets, intensifying demand and driving up prices. ALMA @ Cabbagetown aims to address this gap in housing by bringing 192 units and 236 beds to Toronto’s busy downtown market.

Notably, the development will have the smallest average unit-size ever launched in Toronto, complemented by expensive, amenity-rich common areas, including a library, fitness studio, co-working spaces as well as a variety of outdoor terraces. Beyond addressing the shortage of student housing, ALMA @ Cabbagetown will also incorporate geothermal energy systems to significantly reduce the development’s carbon footprint and operating costs.