The start of a new decade is right around the corner, and with the housing affordability crisis still looming in Toronto, real estate is on a lot of people’s minds.
On December 3rd, the City of Toronto released the proposed HousingTO 2020-2030 Action Plan, which aims to fight homelessness, and improve social housing, rental housing, long-term care, and homeownership.
A few key highlights of the Action Plan are listed below (sourced from the City release):
• “Adopt a revised "Toronto Housing Charter: Opportunity for All"
• Enhance measures to prevent evictions and people becoming homeless
• Preserve the rental homes that currently exist
• Adopting a new program definition of affordable housing based on income
• Create a multi-sector land bank to support the approval of 40,000 new rental and supportive homes
• Engage the federal and provincial governments to implement the new Canada Housing Benefit and support the creation of supportive and affordable rental homes.”
There are approximately 341,000 households in Toronto that can benefit from a decade long strategy. The estimated cost of the Action Plan is $23.4 billion over 10 years, with the City of Toronto providing $8.5 billion. The rest will depend on the provincial and federal government.
"I will be working hard with the other orders of government to ensure the entire HousingTO Action Plan is fully funded,” said Mayor John Tory. “This has to be a priority -- we have to come together to support households who are struggling to pay the rent and keep, or put a roof over their heads. Ensuring that residents in our city have access to housing will benefit our entire city. It gives people the opportunity to meet their full potential and to participate in our city’s success. Together we can make a difference and make Toronto a place that anyone who wants to, can call home."
In addition to new housing initiatives for all levels of government to support in an effort to build more affordable housing, there will also be many opportunities for partnerships and collaboration with residents, the new housing industry, and community groups.
"The proposed HousingTO 2020-2030 Action Plan sets out a bold vision for Toronto where the City works to progressively realize the right to housing for all residents,” said Deputy Mayor Ana Bailão, (Ward 9 Davenport), Planning and Housing Committee Chair. “It also sets out the specific targets and resources required to assist residents stuck in Toronto's housing crisis. Thank you to all Toronto residents who have had a hand in shaping the Action Plan – moving forward your participation in implementation will remain essential."
The Action Plan will be considered by City Council on December 17th and 18th. Hopefully, we can start 2020 with a well funded strategy to improve housing in Toronto!