Toronto City Council approves financial support to build more than 10,800 new homes

Today, Toronto City Council approved recommendations from the City of Toronto staff report, From Concept to Construction: Creating More Homes Across the Housing Continuum, advancing key City-led initiatives to increase the supply of affordable homes in Toronto.  

The report outlines City actions and investments to support 39 projects in 13 wards across the city to build approximately 10,815 new homes including 3,945 rent-geared-to-income (RGI), affordable and rent-controlled homes across Toronto. More than $245 million in City funding, loans and incentives have been allocated to help move these housing projects from concept to construction.   

With City Council’s approval: 

• Nearly $86 million in capital grant funding will be allocated to 14 projects creating more than 3,200 new rental homes including 963 affordable, supportive and RGI homes 

• Nearly $17 million in interest-free loans will be allocated to help community housing providers complete early planning and site preparation work for 13 new affordable housing projects  

• More than 1,000 affordable and community housing-led, rent-controlled homes will benefit from property tax exemptions to maintain rents as affordable for long-term.   

There are more than 230 affordable housing projects currently in the housing pipeline including 43 that are under construction. When completed, these 43 projects will create more than 9,500 new homes, including nearly 7,200 that are purpose-built rental, and nearly 70 per cent of which will be rent-controlled and affordable rental homes.  

Ready to build, ready to partner 

 While the City continues to take bold action to get more homes built faster, Toronto can achieve even greater progress with support from other levels of government. Concerted action and investment from all orders of government are needed to build homes to support Toronto’s future growth and prosperity.  

The City is ready to continue incentivizing purpose-built rental homes and is requesting the Province invest $596 million to unlock almost 20,000 new rental homes through the City’s successful Purpose-built Rental Housing Incentives program. The City requests the federal government increase investment in key Canada Mortgage and Housing Corporation (CMHC) funding and financing programs which are critical in getting projects from approvals to construction start. 

More information about the staff report, From Concept to Construction: Creating More Homes Across the Housing Continuum, is available on the City’s website: 

Streamlining housing delivery on City-owned land and fostering partnerships  

To expedite the delivery of housing, the City has established a new Housing Development Office (HDO) that will advance the Toronto Builds Policy Framework.  

This Framework identifies land owned by the City, its agencies and corporations that can be used for affordable and rental housing opportunities. It identifies 12 key areas, such as mixed-income communities, tenure, affordability, rent control and unit mix and size. The HDO will streamline processes, align resources and help speed up the development of housing. 

The HDO will focus on key Toronto Builds priorities, including:  

• Earmark City land for affordable housing to be developed through cross-sector partnerships.  

• Further collaborate with CreateTO and Toronto Community Housing Corporation (TCHC) to leverage their expertise, capacity and best practices to help deliver housing in a timely and efficient manner.  

• Develop good-quality, affordable housing in complete communities supported by critical public infrastructure such as amenities, community services and facilities, and parks. 

• Oversee a consolidated list of City-led and City-supported housing development projects and their budgets, ensuring full visibility on projects and investments across the entire rent-controlled, affordable and RGI housing portfolio. 

• Assume accountability for the City’s housing delivery framework including unsticking projects by working with other City divisions to resolve issues. 

• Monitor the pipeline of City-led and City-supported housing projects, sequencing projects and leverage new or emerging housing opportunities to optimize staff resources. 

• Ensure consistent application of the Toronto Builds Policy Framework, set policies for mixed-income communities, tenure, affordability, rent control, unit mix and size, and harmonize community benefits across projects to achieve equity targets. 

• Ensure a more seamless transition between the City, CreateTO and TCHC and their housing delivery partners. 

• Implement new tools to enable improved transparency and reporting of progress across all City divisions involved in the delivery of housing. 

The creation of the HDO allows for a singular point of accountability and oversight of the housing development portfolio, and ensures Toronto Builds projects move forward in a timely and efficient manner, resulting in amenity-rich, complete communities where residents of all backgrounds and income levels have access to homes and services that enable them to thrive. 

More information about the staff report, Building Faster: Streamlining Housing Delivery and Strengthening the City’s Development Capacity, is available on the City’s website.  

Quotes: 

“Today, Toronto City Council took another bold step to create more homes in Toronto. We approved actions to speed up development, invest in affordable housing and support community housing projects. This will allow us deliver more than 10,000 new homes in Toronto.”

– Mayor Olivia Chow

“The recommendations and reports adopted by City Council today are proof of the bold action the City of Toronto is taking to build more homes and support Torontonians.”

– Councillor Gord Perks (Parkdale-High Park), Chair of the Planning and Housing Committee

Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture and innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit the City's website or follow us on X, Instagram or Facebook.