Toronto will receive nearly half a billion dollars in federal housing funding under a deal announced Thursday that would allow the Canadian metropolis to accelerate the construction of nearly 12,000 additional units over the next few years. next three years.
Visiting Toronto, Prime Minister Justin Trudeau said Ottawa would provide the city with $471 million through the Housing Acceleration Fund.
“With this funding, Toronto will make it easier to launch projects by simplifying zoning change requirements and modernizing regulations,” he said. Toronto will also update old zoning rules, expand existing affordable rental programs and build more units near public transit. »
This work will also help stimulate the construction of more than 50,000 housing units over the next decade, added Mr. Trudeau.
This $4 billion federal fund aims to encourage cities to make changes to municipal bylaws that would further stimulate housing construction, in exchange for more money from Ottawa. In particular, the federal government wants municipalities to modify zoning to increase urban densification and issue building permits more quickly.
Federal Housing Minister Sean Fraser and Toronto Mayor Olivia Chow were present alongside Mr. Trudeau on Thursday for the funding announcement.
Mme Chow called the deal a “hopeful new beginning” in a city where more than 10,000 people sleep in shelters every night. “We will make obtaining permits easier and faster. We will allow more densification and more types of housing. “Today’s announcement is an important step,” said the mayor.
The City of Toronto said it submitted its funding application in June and presented a revised version in August, outlining eight initiatives aimed at creating more affordable housing.
These include developing City-owned land and accelerating the delivery of new permanently affordable rental housing, expanding so-called “missing middle” housing types, and streamlining the plan approval process. to increase the supply of purpose-built rental housing in apartment district areas.
Including Thursday’s announcement, Ottawa has reached agreements with 16 municipalities across the country. The City of London, Ontario, was the first to sign such an agreement under the National Fund in September.
According to the Canada Mortgage and Housing Corporation, Canada will need to build approximately 3.5 million homes by 2030 to restore affordability. Ottawa has so far concluded agreements to build approximately 380,000 housing units over the next decade. Mr. Trudeau admitted Thursday that it was not yet enough.
“Obviously, it takes a lot more, but that’s why our announcements are not simply announcing units that we are financing directly,” he maintained. Our announcements are anchored in the transformation of the way we are building housing here in Canada. We are in the process of changing zoning, densification, the way of issuing permits. »