Toronto is tackling its rental housing crisis by utilizing city-owned land at 275 Merton Street in Midtown to build 447 new purpose-built rental homes, with 30% designated as affordable. This project, driven by CreateTO, is in partnership with Collecdev-Markee. The development merges city-owned property with an adjacent site, which will be transferred to city ownership and leased back to Collecdev-Markee for 99 years.
CreateTO fast-tracked the project, completing it in five months instead of the usual five years. The location is close to a subway station and various amenities, promoting a pedestrian-friendly lifestyle and reducing car dependency. Construction is set to start in the second half of 2025, with occupancy beginning in mid-2028.
Mayor Olivia Chow and Councillor Gord Perks emphasize this initiative’s role in meeting Toronto’s housing goals and offering affordable options for low- and moderate-income residents. Given Toronto’s soaring rent prices, such projects are essential. This effort aligns with the city’s HousingTO Plan, which focuses on using city lands and partnerships to boost housing supply. Additionally, Toronto has recently passed a motion to ban renovictions, further safeguarding tenants.
