Good news for those of you who would rather pay rent then put down a small fortune for 400 sq feet in the sky. Rental is making a comeback. As of 2020, 12,500 rental units were under construction in Toronto.
The Problem: Most of the new units won’t be affordable for lower income residents in the city.
Solution(ish): Building developer Daniels Corp is offering 34 affordable units in its soon to be completed downtown Toronto project.
- The developer has agreed to assign 10% of the building’s units to WoodGreen Community Services in a 40-year lease.
- WoodGreen provides a variety of social services. These units will be dedicated to graduates of their Homeward Bound program for single mothers.
- The units will be offered at 80% of the Canada Mortgage and Housing Corp. average price for Toronto.
Under Construction: Currently, there are over 80,000 families on a waitlist for affordable housing in Toronto. The city set a goal of 22,000 affordable units by 2030, which would require 2,500 units each year. The Daniels project is a good start, further incentives are needed to catch-up.