The decision to expedite the second phase of Mayor John Tory’s signature housing program, Housing Now, was made during city council’s virtual meeting on Thursday, the second such virtual meeting during the COVID pandemic.
Through the second phase of Housing Now, the six new sites will create between 1,455 and 1,710 new residential units including between 1,060 and 1,240 purpose-built rentals, of which half (530 to 620) will be affordable rental units.
The City says the approved sites are located close to transit, commercial, and employment areas and will provide opportunities to further develop complete communities by bringing benefits to existing and future residents.
“Housing – and making sure we are building more affordable housing – was a priority before the pandemic and we can’t let our foot off the gas pedal. That’s why today, I am proud City Council has approved the next phase of Housing Now,” said Mayor John Tory.
“This is critical for the advancement of our growing and successful city. We know that COVID-19 has had great impacts on Toronto and its economy but we also know that we will recover from this. And when that happens thanks to initiatives such as Housing Now, we will be ready to push ahead on more affordable housing.”
Mayor Tory first introduced Housing Now in 2018 and it leverages City-owned land for the development of affordable housing within mixed-income, mixed-use, transit-oriented communities.
The expansion of Housing Now will increase and accelerate the creation of affordable housing opportunities for households with diverse income levels. The City says the affordable rental units will be available to families earning between $21,000 and $56,000 a year.
The approved site locations are:
- 158 Borough Drive
- 2444 Eglinton Avenue East
- 1627 & 1675 Danforth Avenue
- 1631 Queen Street East
- 405 Sherbourne Street
- 150 Queens Wharf Road
Housing Now is one component of the HousingTO 2020-2030 Action Plan, which calls for the creation of 10,000 affordable homes on City-owned lands. Through the two phases of Housing Now, along with the Modular program, Council has now approved 47% of that 10-year target.