2025.PH21.4

Background

“Toronto's housing affordability crisis is impacting residents across the housing continuum, from low-income, marginalized residents in need of a deeply affordable, rent-geared-to-income home to middle income earners, key workers, and families trying to afford to live in the city. Toronto’s housing crisis and lack of sufficient rental housing has been decades in the making and requires concerted tri-government action to correct. Despite a rise in the purpose-built rental vacancy rate in 2024 to 2.3%, Toronto’s rental housing market remains unaffordable to many. New tenants looking for a rental home continue to face high asking rents, increasing 15% from 2023 to 2024. In 2024, asking rent for a vacant two-bedroom unit was $2,744 a month, putting this home out of reach for the median two-person renter households earning approximately $87,900. In Toronto, about 48% of households (557,970 households) are renters with 40% of them living in unaffordable housing.”

Source: City of Toronto

Item Description

This item “establishes policies in 12 key areas to guide the development of new housing on City land” and “requests Council authority to release three development sites under the Toronto Builds Policy Framework in 2025 through a market offering process. These projects will create approximately 1,523 new rental homes, including 504 affordable rental homes, at 970 Kipling Ave (Bloor-Kipling Block 5), 158 Borough Dr., and 931 Yonge St. Additional information and authorities to deliver future Toronto Builds sites will be provided in the Q3 governance and delivery report to Council.”

Source: City of Toronto

Proposed by

Planning and Housing Committee