Broccolini has changed course on The Riv, its tower on River Street between Queen and Dundas streets in Toronto's east downtown. First marketed as a pre-construction condominium in 2023, it is now being built as a purpose-built rental, RENX reported. Construction began in August 2026, according to Daily Commercial News, with completion targeted for 2029.
From condo pre-sale to rental
- The original plan (2023): a 34-storey condo with 388 suites at River Street and Labatt Avenue, announced with prices from the mid-$500,000s (RENX, September 2023).
- The new plan (2026): a 37-storey rental building with more than 350 suites. RENX reports that the condo design averaged about 570 square feet per unit, while the rental suites are roughly 100 square feet larger, from 395-square-foot studios to 1,390-square-foot four-bedroom units.
- Why it changed: Broccolini decided after an 18-month study, pointing to the removal of GST/HST on new rental construction, deferred development charges and lower trade costs, according to RENX. A company vice-president told RENX that pre-construction condo "doesn't really exist beyond certain niche areas."
Part of a wider shift
The Riv is not an isolated case. Urbanation counted eight GTHA condo projects, totalling 2,189 units, that switched to purpose-built rental in 2025, within a record 28 cancelled condo projects that year. Condo starts fell 63% in 2025 while rental starts rose 24%, and Urbanation recorded no new condo launches in the GTHA in the first half of 2026.
What it means if you are buying pre-construction
- Fewer new condo launches. As more developers choose rental, there are fewer pre-construction condos to choose from, particularly smaller downtown units. It is worth comparing projects that are actually selling with completed units still on the market.
- Confirm a project's status before you register. Listing sites can lag behind changes like this one. Ask the builder or your agent whether a project is still proceeding as a condo and where it stands on construction.
- If you hold an agreement on a project that changes course, read the termination and deposit-return terms and speak to a real estate lawyer. The reports we reviewed do not say whether any condo suites at The Riv had been sold.
We have updated our The Riv listing to reflect the change. For condo launches that are still selling, browse new condos in Toronto.
Looking for a pre-construction condo in downtown Toronto? Contact Royale Realty Brokerage for Platinum VIP access to current GTA launches.