Developer Tells Canadians Priced Out of Home Ownership: It's OK to Rent [BNN Bloomberg (Canada)]
Tricon Residential Inc. (TCN)
Company Research
Source: BNN Bloomberg
Adrian Rocca is deploying rooftop pools, coffee-to-cocktail cafes and dog spas to get his country out of it. The company Rocca founded and runs, Fitzrovia, has 8,500 rental units under development, more than any other builder in Canada, in what amounts to an unprecedented bet on high-end apartments in the country. With higher rates of homeownership than many of its developed peers, renting in Canada has traditionally been seen as a transitory state for young people, or one reserved for those on lower incomes. But now that home prices and borrowing costs have spiraled out of reach even for many big earners, that may be changing. Rocca is looking to build an empire off that shift, and perhaps alleviate Canada's broader housing shortage while he does. “We feel passionately about changing that stigma,” he said on a visit to a finished building in midtown Toronto, after showing off a two-story gym with complimentary cold-pressed juices, and a sky lounge tenants can book for entertain
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TCN
News
- Tricon Residential Inc. Announces Receipt of Investment Canada Act Approval for Take Private by Blackstone Real Estate [Yahoo! Finance]Yahoo! Finance
- Tricon Residential Inc. Announces Receipt of Investment Canada Act Approval for Take Private by Blackstone Real EstateBusiness Wire
- Blackstone (BX) Q1 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Canadian Investment Regulatory Organization Trade Resumption - TCNPR Web
- Canadian Investment Regulatory Organization Trading Halt - TCNPR Web
TCN
Sec Filings
- 4/25/24 - Form 6-K
- 4/11/24 - Form 6-K
- 4/5/24 - Form 6-K
- TCN's page on the SEC website