Toronto is pushing ahead with a plan to build affordable rental units, Mayor John Tory said today.
As part of the second phase of the city’s Housing Now initiative, Toronto will build between 1,455 to 1,710 new residential units. Approximately 1,060 to 1,240 of those units will be purpose-built rentals, of which half – 530 to 620 – will be affordable rental for households earning between $21,000 to $56,000 per year.
The second phase also includes the construction of 470 to 495 ownership units.
The housing will be on six proposed city-owned sites within mixed-income, mixed-use neighbourhoods near to public transit: 158 Borough, 2444 Eglinton East, 1627 and 1675 Danforth, 1631 Queen East, 405 Sherbourne and 150 Queens Wharf.
“The need to increase the supply of permanent affordable rental housing is more urgent than ever and will make a profound contribution towards Toronto’s socio and economic recovery from the COVID-19 pandemic,” Tory said in a statement, adding that the city’s overarching HousingTO 2020-2030 action plan for affordable housing will require support from all levels of government. “I continue to work hard to ensure our plan is fully funded.”
The city’s goal is to build 40,000 affordable rental homes, including 18,000 supportive homes over the next 10 years. Tory wants to accelerate the plan in light of the COVID-19 crisis, as providing housing for people experiencing homelessness and physical distancing makes the need more urgent.
City council voted to approve the plan last year. It will cost $23.4 billion, with the city picking up $8.5 billion. Tory is looking for the province and the federal government to contribute nearly $15 billion.
Phase one will see 10,750 new residential homes built. Of those, approximately 7,800 will be purpose-built rental housing, including 3,900 affordable homes for low and moderate-income households.
