The city reaffirms its commitment to deliver more housing supply, choice and affordability for current and future residents.
The City of Toronto outlined a work plan this week for the Housing Action Plan 2022-2026 which identifies a strong “made-in-Toronto,” multi-pronged and transparent approach to increasing housing supply, housing choice and affordability for current and future residents.
The Housing Action Plan aims to increase the supply of housing to achieve or exceed the provincial housing target of 285,000 new Toronto homes by 2031. The Executive Committee will consider a city staff report recommending Housing Action Plan priorities for the 2022-2026 term of City Council. The report includes aggressive timelines for approving and implementing a wide range of actions, and policies and programs to increase the housing supply within complete, inclusive and sustainable communities with the critical infrastructure to support growth. While many of the initiatives will be reported to City Council for consideration and approval over the life of the Plan, the adoption of this report is within Executive Committee’s authority.
As per the City’s website, this report outlines specific actions City staff will focus on starting this year and over the next three years, including:
- removing policy and zoning barriers to building housing
- leveraging public lands to increase the housing supply
- preserving existing rental homes
- supporting the development of a range of purpose-built rental homes (including market and non-market) through new and strengthened housing policies and programs
- supporting the community sector (including non-profit and co-op housing providers) to modernize and grow their stock
The report also features an ambitious plan to support students, newcomers, low- and moderate-income households, renters, equity-deserving communities and individuals and families looking for more housing options across Toronto.
The report also highlights several key deliverables which are being brought forward in March and April to advance the Housing Action Plan, including:
- a recommendation to enable as-of-right zoning for multiplexes (up to four housing units) in all neighbourhoods citywide
- a new publicly accessible data dashboard to track affordable rental homes, approved, under construction, built homes, as well as homes demolished and replaced through rental replacement policies
- a clear and cohesive approach to meeting the Province of Ontario’s housing pledge for 285,000 homes in Toronto by 2031
- a framework to support the growth and modernization of the community housing (including co-operative housing) sector
This is very welcome news for investors and would-be landlords. Building multiplexes from scratch in the past has been difficult in Toronto and has been fraught with red tape. It is nice to see that planning and zoning are looking to streamline the process and finally help and foster, rather than hinder, the development of purpose-built rentals.