New affordable housing units open in Toronto as major gap remains
CBC
As Toronto continues to deal with a housing crisis, registration is open for two buildings with affordable housing units — and advocates say the city needs many more.
Mark Richardson, technical lead at the city's HousingNowTO, celebrates the two lotteries open for residents to land affordable rental units, but also notes a gap.
"We're really happy to see these buildings online, we just need to create thousands more opportunities like this," said Richardson. "If there are 100 units available, then there are tens of thousands of people who are applying for those units."
Toronto has been making progress on its housing targets. Last year, the city increased its targets for new housing supply from 40,000 to 65,000 rent-controlled homes, including 6,500 rent-geared-to-income (RGI), 41,000 affordable rental and 17,500 rent-controlled market units by 2030.
But the rate of housing starts and completions aren't keeping pace with the rate of approvals, the city said in its recent annual report outlining its progress on the Housing Action Plan and the HousingTO Plan.
Now, 90 affordable rental units are available through a random public draw at 223 Redpath Ave. and 24 units will be available at 175 Oak St. in Regent Park early next year.
Situated at Yonge and Eglinton, the Redpath Avenue affordable rental options include studio, one, two and three-bedroom units ranging in size from 360 sq. ft. to 950 sq. ft., according to the building's website.
The monthly rent for a bachelor is listed at $1,373 with an annual household income limit set at $65,904. For a three-bedroom, the rent is listed at $2,241 with an annual household income limit of $102,624.
According to the website, the household must include a minimum of one person per bedroom, and couples must share a bedroom. There cannot be more than two people per bedroom.
The deadline to register for the public draw is Nov. 17 at 11:59pm.
At 175 Oak St., 24 one and two-bedroom affordable housing rental units will be ready for occupancy in early 2025. The income limit for a one-bedroom there is $65,568 and for a two-bedroom, it's $76,512. The monthly rent for an affordable one-bedroom is listed at $1,366 and $1,594 for a two-bedroom.
Coun. Chris Moise for Toronto-Centre welcomes the news.
"As you know, we're in a housing crisis here in Toronto and every additional unit that we can bring online is an amazing process for us," Moise said.
The online form for that building will close on Dec. 13 at 11:59 p.m. According to the website, the form must be completed in one sitting, and only one submission will be accepted per household.
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