Toronto, ON - December 15, 2013 - Due to the economics of real estate and decreased profitability and margins, TTR has decided to follow its business risk management strategy to cease operations in corporate housing rental operations in Toronto.
"Because of the high intensity conflict regarding and fraudulent activities on the part of real estate agents and owners, it quickly became unprofitable with the new level of risk in leasing operations," stated Al Leong, Principal.
"Excess inventory and relatively high prices drove prices down by $50/night in 2013. With owners scrambling to get long term tenants before the inventory and price corrections, owners were more willing to find their own tenants and take on the work of leasing and operations."
Tenants, therefore are more able to find great deals in new buildings and towers. The market quickly became unattractive with nearly perfect competition for accommodations and new entrants tested waters in Toronto.
"Several firms established boutique housing providers began the consolidation process and closed shop in 2011 and consolidation and exit are a part of the normal business cycle with excess supply," he continued. Despite getting an "A" rating from the Better Business Bureau and establishing long-term trusted partnerships and clients, our firm was not able to withstand the negative caustic events in Toronto in corporate housing to deliver on or promise a superior customer care experience to our tenants.
The company website has been taken offline, and customers and owners have been contacted to finalize return of any remaining assets, deposits and securities. The final proper winding-down of the company will be completed between the next three to six months.
"Because of the high intensity conflict regarding and fraudulent activities on the part of real estate agents and owners, it quickly became unprofitable with the new level of risk in leasing operations," stated Al Leong, Principal.
"Excess inventory and relatively high prices drove prices down by $50/night in 2013. With owners scrambling to get long term tenants before the inventory and price corrections, owners were more willing to find their own tenants and take on the work of leasing and operations."
Tenants, therefore are more able to find great deals in new buildings and towers. The market quickly became unattractive with nearly perfect competition for accommodations and new entrants tested waters in Toronto.
"Several firms established boutique housing providers began the consolidation process and closed shop in 2011 and consolidation and exit are a part of the normal business cycle with excess supply," he continued. Despite getting an "A" rating from the Better Business Bureau and establishing long-term trusted partnerships and clients, our firm was not able to withstand the negative caustic events in Toronto in corporate housing to deliver on or promise a superior customer care experience to our tenants.
The company website has been taken offline, and customers and owners have been contacted to finalize return of any remaining assets, deposits and securities. The final proper winding-down of the company will be completed between the next three to six months.
About
Three Towers Residential
Three
Towers Residential was a privately held condominium unit management firm and leading
provider of furnished executive rentals for the corporate relocation industry
in Toronto, Canada.
TTR
tenants and clients include professionals and executives from General Motors,
IBM Global Services, Rogers Communications / Ericcson, Scotiabank, IIROC, TD,
Citibank, RBC, Aon, Porter, National Bank of Canada, University of Ottawa,
Cisco, CIBC, Canadian Tire Corp., Cogeco Data, and Trump International. TTR
also partners with Brookfield GRS to deliver housing search services for the RCMP,
Canadian Armed Forces and Public Works Employees. In the entertainment
industry, executives from Degrassi (TV), AEG Live (King Tut Exhibit at the AGO,
Britney Spears and Michael Jackson Tours), Sony Entertainment / Total Recall
2012, the Toronto Blue Jays and Global TV (Entertainment Tonight Canada) have
called us home. TTR provided superior
price-to-comfort value and concierge services including pet care management,
grocery stocking and delivery service, dedicated driver or limo, personal or
executive assistance, dry cleaning and laundry pick up, errand and shopping
services, enhanced security detail, and personal or private chef service to our
guests stays more convenient and enjoyable. The firm earned an A rating from the
Better Business Bureau within its 5 years of operations.
