A new report by Toronto city staff called “Launching the Rental Housing Supply Program” addresses council’s goal to support 65,000 rent-controlled homes by 2030. To achieve this, city council has asked for a review and revision of the existing Open Door Affordable Rental Housing program, which has facilitated the approval of over 21,000 affordable rental homes since 2016 on various types of land.
City staff propose a new Rental Housing Supply Program to meet the expanded housing targets, align with recent provincial legislative changes, and support new affordable, rent-geared-to-income (RGI), and rent-controlled homes. The broader economic context makes it challenging to scale up purpose-built rental housing in Toronto. As an immediate measure, the report recommends allocating $351 million in capital funding to kickstart 18 affordable rental housing projects in 2024 and 2025. This investment will facilitate the construction of nearly 6,000 new rental homes, including 2,600 affordable and 3,380 rent-controlled units.
The Planning and Housing Committee will review this report on Thursday, June 13.
