Toronto Mayor Champions Housing Initiatives

In mid-October, Toronto Mayor Olivia Chow and Federal Housing Minister Gregor Robertson announced that discussions were being held on lowering development charges as a catalyst for boosting the housing market. Mr. Robertson said the actions to come would be a combination of investment in infrastructure to help with the lowering of development charges. The federal government has committed to providing Toronto with $283 million to help the City of Toronto upgrade the badly dated sewer infrastructure in the Black Creek area. In turn, this will enable the building of approximately 63,000 new homes. The Liberal government’s logic is that development charges greatly affect the cost of infrastructure, so combined with the City of Toronto contributing $425 million to the upgrade, this level of investment should have a direct effect on affordability.

The federal government is also investing in Downsview in the Parkdale neighbourhood, where affordable housing units will be constructed by fall 2026 (http://bit.ly/4qpaYiX). Mayor Chow said the city continues to work with federal Minister of Housing Gregor Robertson to build 25,000 new affordable homes in the city, which currently has a target of 18,000 new supportive homes approved by 2030. This is part of Toronto’s public developer delivery model, which is designed to quicken affordable rental home builds. It is also only part of her 2023 promise to build 65,000 rent-controlled and affordable homes by 2030 if she was elected Mayor.

When completed, the Don Summerville complex will comprise nearly 800 units (for condominium owners, geared-to-income tenants, affordable rentals and market-rate rentals) on Eastern Avenue, near Queen Street and Coxwell. It is great news that private developers worked with the City to build these units. Mayor Chow said this neighbourhood is a model the City will replicate to keep the momentum going.

Although Mayor Chow deserves kudos for her efforts in these initiatives, there is still little mention of market condominiums, which Toronto needs desperately. Inventory is being sold, and demand continues with immigrants continually choosing Toronto as their destination. Remember that the dream of homeownership is still strong for both Canadians and immigrants. The Mayor’s original promise of 65,000 affordable and rent-controlled homes by 2030 seems like a pipe dream, but at least we are seeing action in that direction. Now, to pre-construction market housing –  let’s see more action from the City in that arena!