Thank you so much.
Our analysis in our community is quite clear that for the acquisition of an existing rental unit the costs come to around $200,000 to $300,000 per unit. To produce the same unit new would cost between $450,000 and $600,000 per unit. The costs are significantly more.
In addition, the timelines are significantly faster. We can identify a property that's for sale, get a deal, undertake due diligence and acquire that building within a three-to-four-month period, whereas in new construction projects we're looking at a minimum of a two-year period. Even with the rapid housing type of projects, they have generally been delayed and are taking one and a half to two years.
We can act much quicker. Of course, if the cost of the projects are lower, what it means is that with the government funding we have, we can produce more units.