Ontario Creating More Rental Housing in Toronto
Province Stimulating Rental Construction and Creating Vibrant Communities
Ontario is investing in Toronto's rental housing market to encourage the creation of more affordable rental housing.
Peter Milczyn, Minister of Housing, was in Toronto today to announce funding for municipalities to provide development charge rebates to developers who want to build high-rise, mid-rise and townhouse rental housing. The City of Toronto will receive $60 million to encourage the construction of complete communities that are accessible, livable, walkable, and close to transit and other services.
The Minister also announced the successful developers that have been selected to transform surplus provincial land in Toronto into vibrant, mixed-income communities for approximately 2,150 families:
- Dream, Tricon and Kilmer Group will turn two vacant lots in the West Don Lands into mixed income rental homes for nearly 1,450 individuals and families, including retail space and a community hub.
- Canadian Real Estate Investment Trust (CREIT) and Greenwin Inc. will transform a site between Grenville and Grosvenor streets into a family-friendly mixed income community, with approximately 700 rental units, retail space and a daycare.
Each site is close to transit and employment, and will have 30 per cent of the units dedicated to affordable housing.
Providing more affordable and rental housing is part of Ontario's plan to support care, create opportunity and make life more affordable during this period of rapid economic change. The plan includes free prescription drugs for everyone under 25, and 65 or over, through the biggest expansion of medicare in a generation, free tuition for hundreds of thousands of students, a higher minimum wage and better working conditions, and free preschool child care from 2 ½ to kindergarten.
- The funding is part of a five-year program to rebate up to $125 million in development charges.
- Some municipalities collect development charges to help pay for infrastructure – like transit, water mains and roads – to meet the increased demand created by new development.
- Research suggests that, of all the housing built over the last two decades, only six per cent was market rental housing.
- Last year, Ontario announced that it will partner with the City of Toronto to create new mixed-use housing on surplus provincial land in the Thistletown area, West Don Lands, and near Yonge and College streets.
- The Fair Housing Plan is a comprehensive package of 16 measures to help more people find an affordable place to call home, while bringing stability to the real estate market and protecting the investment of homeowners
“It is important that people in Ontario have an affordable place to call home, regardless of their housing needs or where they live in Toronto. More rental housing means more options when looking for a home, all while creating vibrant communities.”
“To keep Toronto affordable for people of all ages and income levels, we need all governments working together to take real action on affordable housing. By answering our call to make surplus provincial lands available for the development of new affordable housing, the Province is demonstrating its commitment to cooperation and helping the City of Toronto address our residents' housing needs.”
“These two projects show that when different levels of government work together, we can deliver much needed new affordable and rental housing on public land near employment opportunities and public transit.”