Toronto expands multiplex permissions and cuts parking minimums

Our take: Zoning upside is quietly becoming zoning baseline in Toronto. That helps conversion economics, but it also means the 'scarce fourplex' premium erodes as more supply becomes legal.

In your underwriting: Pay for income in place, not for intensification optionality that every neighbouring lot now shares. Optionality only has value where you can execute faster or cheaper than the street.