City of Toronto and Riverdale Co-op Unveil 26 Affordable Homes on National Housing Day

TORONTO – On National Housing Day, the City of Toronto, in partnership with Riverdale Co-operative Houses (Riverdale Co-op), celebrated the opening of 26 new affordable rental homes at 685 Queen St. E. The redevelopment has transformed the site from its original nine units into a modern housing complex, providing accessible and affordable options for a broader community of residents.

The revamped property now offers a mix of studio, one-, two-, and three-bedroom self-contained homes, including six universally accessible units and 10 barrier-free units. Designed with accessibility and aging in place in mind, the redevelopment emphasizes inclusivity while preserving the heritage character of the building, which dates back to 1904.

The $8 million project was funded and incentivized by the City of Toronto, with additional support expected from the provincial and federal governments. Features of the updated property include a large community room with a kitchenette, a rooftop patio, bicycle storage, and a common laundry facility. Five of the new units are exclusively reserved for professional artists, fostering creativity within the community.

This National Housing Day we’re celebrating the opening of 685 Queen St. E. with Riverdale Co-op. These 26 new affordable and accessible homes will allow Co-op members to age in place and support individuals with physical disabilities.

The property now features one-, two- and… pic.twitter.com/Wes1WEl1wo

— City of Toronto (@cityoftoronto) November 22, 2024

The housing charges for the new units are set at 80 percent of the Average Market Rent (AMR) and will remain affordable for a 99-year period. Federal rent supplements are also available to offer deeper affordability for some residents.

Mayor Olivia Chow praised the redevelopment, stating, “Co-ops create more than just an affordable home; they create community. In the midst of a housing crisis, it is heartwarming to see members of Riverdale Co-op who were previous residents of this building return to a fully revamped home and welcome new members to settle in this beautiful space. As we mark National Housing Day, let’s remember that we need to work together and work diligently to ensure housing for all.”

Supporting Co-op Housing Growth

The redevelopment aligns with Toronto’s broader HousingTO 2020-2030 Action Plan, which targets the creation of 65,000 new rent-controlled homes, including 41,000 affordable rental units, 6,500 rent-geared-to-income (RGI) homes, and 17,500 other rent-controlled units. While over 23,000 such homes have been approved since 2020, the City is working to accelerate housing starts and completions to meet demand.

In June, Toronto launched the Rental Housing Supply Program to support the construction of affordable and RGI rental housing on city-owned and community housing sector lands. Additionally, the Community Housing Modernization and Growth Strategy is helping non-profit and co-operative housing providers maintain affordability and meet repair needs.

Toronto City Council has also partnered with the Co-operative Housing Federation of Toronto (CHFT), authorizing $500,000 in funding for capacity-building and pre-development activities. This collaboration aims to enhance governance, training, and redevelopment opportunities to expand co-op housing across the city.

To further these efforts, the City launched the Community Housing Pre-Development Fund (CHPF) on November 8, providing $15 million in interest-free, repayable loans to support community housing providers in pre-development work for new projects. Applications are open until February 13, 2025.

Preserving Housing Heritage, Building Futures

By combining heritage preservation with modern housing solutions, the redevelopment at 685 Queen St. E. serves as a model for inclusive, sustainable urban living. It reflects Toronto’s commitment to tackling the housing crisis and supporting the non-profit housing sector to create vibrant communities for residents of all ages and abilities.

More information about the Riverdale Co-op and its redevelopment can be found at Riverdale Co-op. Details on the City’s housing initiatives are available on the HousingTO Plan webpage.