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Yesterday, the City of Toronto released a housing report that ambitiously charts a path to reshape its housing landscape. In the report, the Deputy City Manager presents a series of recommendations to transform Toronto's housing system and ensure the city meets its HousingTO and Housing Action Plan targets.
In response to a Toronto City Council directive, the City aims to boost the HousingTO 2020-2030 Action Plan by adding 25,000 rent-controlled homes, bringing the total to 65,000 by 2030. The report is set to be deliberated upon by the City’s Executive Committee on October, 31 and subsequently by the City Council from November, 8 to 10th. The report emphasizes the need for stronger coordination not just within City divisions, agencies, and corporations, but also with other tiers of government, not-for-profit entities, co-ops, and the private sector.
The City of Toronto spotlights five "housing ready" sites. They project 16,000 to 17,500 new affordable rentals, rent-geared-to-income (RGI), and rent-controlled market homes on City-owned lands, and nearly 2,000 affordable and RGI homes on non-profit plots. Employing a 'public builder model', the City will lead all aspects of these developments. This transformation will also focus on protecting existing rental homes and the acceleration of the development review and approval of new homes. Moreover, the report emphasizes the City's intent to work closely with federal and provincial partners for funding and low-cost financing. A status update on this initiative is anticipated by the third quarter of 2024.
Efficiencies are also being sought in organizational alignments, improved processes, and the use of enhanced technology to speed up planning and building application reviews. In tandem, the City is keen on identifying and activating parcels of land owned by various stakeholders, from the City itself to non-profit housing providers and government organizations, for imminent housing development.
The ambitious targets will not only strengthen the HousingTO Plan but also align with the objectives of both the Government of Canada’s National Housing Strategy and the Province of Ontario’s More Homes Built Faster Act. To bring this vision to fruition, significant investments are essential, with the report estimating costs between $28.6 billion and $31.5 billion over the subsequent seven years.
The report stipulates that all new affordable homes, moving forward, should meet the City's specific income-based definition of affordable housing.
The City is also looking into expanding its housing footprint by conducting due diligence on 40 additional City-owned sites, earmarking them as potential future housing locations.
As part of community engagement, the Executive Director of the Housing Secretariat plans to collaborate with a wide range of stakeholders. From the Toronto Alliance to End Homelessness to Indigenous groups and faith-based organizations, the objective is to identify land that can be repurposed to construct new homes.
Since the inception of the HousingTO Plan, the City has poured approximately $8 billion in land, capital, and operating funding. Over the next seven years, the City seeks between $500 million and $800 million yearly from both governments. Additionally, the City is requesting a sum between $6.5 billion and $8 billion in the form of low-cost loans. From the provincial side, a proposed added incentive would be waiving the PST on all purpose-built rental housing projects.
The comprehensive report, entitled Generational Transformation of Toronto’s Housing System to Urgently Build More Affordable Homes, is accessible on the City’s website.
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