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Toronto approves $351 million to jumpstart 18 affordable housing projects – Ontario Construction News

July 4, 2024

Toronto city council has voted to invest $351 million to “unstick” construction of 18 affordable rental and rent geared to income housing projects, with building to begin this year and in 2025.

The capital spending will speed construction of nearly 6,000 new rental homes including 2,600 affordable and 3,380 rent-controlled units “stuck in pre-development,” a background staff report says.

“This first investment under the program will ‘unstick’ almost 6,000 new rental homes,” and move Toronto closer to its goal of creating 65,000 affordable residences in the city by 2030, the report adds.

Council at its meetings last week also voted to provide up to $260,000 per unit in funding for new RGI and affordable rental homes, an amount coun. Brad Bradford, who supported the motion, said is triple what the city was planning to pay per unit last year under its former Open Door program.

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