TORONTO, Canada – Prime Minister, Justin Trudeau, today announced that the federal government has reached an agreement with the City of Toronto, Ontario, to fast-track nearly 12,000 new housing units over the next three years. This work will help spur the construction of more than 53,000 homes over the next decade and help meet the demand in Toronto.
“Right now, in communities across the country, building the housing we need, especially affordable housing, is too hard. That’s why the federal government is working with municipalities to break down barriers and build more homes, faster so Canadians – from young families, to seniors, to newcomers – can find a place to call home, at a price they can afford,” Prime Minister’s Office – Communications said in a press release Thursday.
Under the Housing Accelerator Fund, this agreement will provide over $471 million to eliminate barriers to build the housing we need, faster. It will allow for more housing options in the city, including multiplexes of up to four storeys and four units. City council has also committed to considering six units as-of-right in the new year. The agreement will allow for more apartment buildings, encourage below-market rentals, speed up development processes, and help build new affordable rental units near public transit stations.
As part of the agreement, Toronto will work to streamline zoning bylaw approvals, expand affordable rental programs, cut red tape, and unlock non-market housing. It will also take action to address “renovictions”, whereby a landlord can evict a tenant for the sole purpose of undertaking renovations or repairs on a home. These initiatives are going to significantly improve the way affordable housing is built and delivered in Canada’s largest city.
The Housing Accelerator Fund is helping cut red tape and fast-track the construction of over 380,000 new homes for people in towns, cities, and Indigenous communities across Canada over the next decade. It asks for innovative action plans from local governments, and once approved, provides upfront funding to ensure the timely building of new homes, as well as additional funds upon delivering results. Local governments are encouraged to think big and be bold in their approaches, which could include accelerating project timelines, allowing increased housing density, and encouraging affordable housing units.
The government of Canada is supporting the middle class – and housing is key to that work. Our plan to double the rate of housing construction over the next decade will help build the housing supply we need. We will continue to work with provincial, territorial, and municipal governments, as well as Indigenous partners, to keep building more homes for Canadians, faster, and make life better for everyone.
