Interview With Alain Cogan: Developing Toronto’s Next Generation of Rental Housing - Business Focus
Toronto continues to face mounting pressure to deliver housing that is practical, financially sustainable, and well-connected to existing communities. Alain Coganhas focused his career on addressing that. . .
Toronto continues to face mounting pressure to deliver housing that is practical, financially sustainable, and well-connected to existing communities. Alain Coganhas focused his career on addressing that challenge through purpose-built rental development. As Principal and President of Oikoi Living, he oversees every stage of the development process, including acquisitions, financing, planning approvals, construction, and delivery. His company develops projects across multiple scales, from converting single-family properties into family-sized rental homes to advancing high-rise residential communities containing hundreds of apartments. Before entering real estate development, Alain Cogan built his career in financial services, founding Cogan Financial Capital Group Ltd. Alongside his work in development, he lectures on business and law at the University of Toronto and York University. In this interview, Cogan discusses the economics of rental housing, why neighbourhood-scale intensification deserves more attention, and the decisions that influence successful residential development in Toronto. Q:Oikoi Living works on projects that range from rental homes to towers approaching 70 storeys. Why build across such a wide range of development types?Alain Cogan:Toronto’s housing shortage exists at every scale, so our work atOikoi Livingreflects that reality. A six-home project in Leaside or a five-home development in the Junction Triangle creates housing in established neighbourhoods where very little new supply is added. Those projects move through construction much faster than large towers and introduce rental homes within walking distance of schools, parks, transit, and local businesses. At the same time, larger developments have an equally important role because they deliver hundreds of homes near rapid transit. We currently have applications in progress for projects such as the 879-unit High Park development and the 648-unit Isabella Sherbourne tower. Every project serves a different purpose, yet they all contribute to increasing rental supply across the city. Q:Your recent construction financing brought together three separate developments under one transaction. What did that process involve?Alain Cogan:Earlier this year, we closed$10. 62 millionin construction financing with Vancity Community Investment Bank for our Amelia Street, Symington Avenue, and Bayview Avenue developments. Structuring financing across three projects required extensive coordination because each site has its own construction schedule, municipal approvals, and operating assumptions. The financing was arranged with CMHC MLI Select takeout financing in mind, including a 50-year amortization and 85 percent loan-to-value. Those terms matter because they improve the long-term viability of rental housing projects. Development today requires much more than finding a site and obtaining approvals. Capital structure has become one of the most important parts of making rental projects financially feasible. Q:Many of your smaller developments replace single detached houses with multiple rental homes. What makes that approach attractive?Alain Cogan:Those projects make efficient use of land that is already connected to infrastructure and transit. Our Bayview development, for example, replaces one house with six family-sized rental homes. Our Junction project replaces another detached house with five rental homes steps from Dundas West Station. In Cabbagetown, we are restoring a heritage fourplex while adding a family-sized laneway home. These developments increase housing capacity without requiring new neighbourhoods or major expansions of public infrastructure. They also provide housing options for families who want to remain in central Toronto. Q:Toronto continues to debate how much density should be added around transit stations. How do you view that discussion?Alain Cogan:Transit represents a substantial public investment, so it makes sense to place more housing a short walk from stations. When people can reach rapid transit on foot, daily reliance on cars drops and existing infrastructure is used more efficiently. Current planning proposals across the city show this trend continuing. Housing demand continues to grow, and well-planned intensification near transit creates opportunities to accommodate more residents while supporting local businesses, public transportation, and community services. Q:Looking ahead, what do you believe will separate successful rental developers from the rest?Alain Cogan:Toronto’s market has changed permanently. Developershave to work within today’s financing costs, construction pricing, and approval timelines rather than wait for ideal conditions. Success comes from disciplined underwriting, realistic expectations, and assembling projects that remain financially sound throughout the development cycle. Toronto’s rental demand will persist for many years because the city faces a structural housing shortage, and with an ever-increasing population, there is no way around that reality. Companies that understand long-term ownership, responsible financing, and thoughtful community planning will keep creating projects that add lasting value for residents and for the city.