Ontario is in the midst of unlocking provincial land to create more than 2,000 new rental housing units in Toronto.
Ontario Minister of Housing, Peter Milczyn made the announcement in Toronto’s West Don Lands, saying the province is in the process of securing a developer that will turn several sites into mixed-income housing, with 30 per cent earmarked for affordable housing. The sites themselves are currently owned by the province. There will be a lot between Trinity and Cherry Sts, in addition to north of the rail line east of Cherry St. int he West Don Lands. There will also be a lot at 27 Grosvenor St. and 26 Grenville St., which is being occupied currently by a parking structure and a provincial coroner’s office.
This announcement is part of Ontario’s Fair Housing Plan, which is meant to address demand for housing and protect both renters and homebuyers.
“We need to do everything we can to build more affordable housing in Toronto and we need to do it much faster,” said Toronto Mayor John Tory in a statement. “Today’s announcement is about the Government of Ontario and City of Toronto working together to speed up the delivery of affordable housing by releasing surplus public land. The City will do everything we can to encourage development of affordable rental homes by providing incentives to developers such as waiving fees and charges. By working together, we can make housing affordable for the residents of Toronto.”
Following this announcement, the Mayor’s office announced the city was on track to create 1,000 new affordable rental homes by the end of 2017. This is the first time the city has been able to meet this yearly goal since 2009.
Toronto will be investing $54.5 million in funding, financial incentives and loans to make sure these homes are built.
