City of Toronto Provides Annual Progress Update on HousingTO 2020-2030 Action Plan and 2022-2026 Housing Action Plan

Toronto — Today, the City of Toronto released its 2023-2024 annual progress report on the HousingTO 2020-2030 Action Plan and the 2022-2026 Housing Action Plan. The report highlights both key achievements and areas where progress has been slower than anticipated, emphasizing the need for increased support from federal and provincial governments to meet long-term goals.

The report focuses on five primary outcomes:

• • Creating new rental housing supply
  • Protecting and preserving existing rental housing
  • Supporting renters and improving housing stability
  • Responding to diverse housing needs
  • Transforming housing policies

City of Toronto provides annual progress update on the HousingTO 2020-2030 Action Plan and the 2022-2026 Housing Action Plan

News release: https://t.co/GQSazGkbm8 pic.twitter.com/DFUq1KtbRG

— City of Toronto (@cityoftoronto) September 19, 2024

Progress Made in 2023

Toronto has made significant strides in housing development and preservation. Highlights include:

• Exceeding the provincial housing supply target by 51%, with 31,656 new housing starts, including 1,562 affordable rental homes.
• Securing 368 permanent affordable homes through the Multi-Unit Residential Acquisition Program (MURA), which launched in 2022.
• Preventing evictions for over 2,200 low-income households through the Toronto Rent Bank and Eviction Prevention in Community (EPIC) programs.

While these achievements are notable, the housing crisis continues to worsen, affecting people across all income levels, with disproportionate impacts on those experiencing homelessness, low-income individuals, and equity-deserving groups such as Indigenous and Black communities.

Revised Targets and New Initiatives

In response to ongoing challenges, the City increased its 10-year HousingTO targets in 2023 to deliver 65,000 rent-controlled homes, including:

• 41,000 affordable rental units
• 6,500 rent-geared-to-income (RGI) homes
• 17,500 rent-controlled units

Despite approving over 23,000 homes towards this goal, the completion rate lags behind approvals. To address this, the City introduced the 2024 Rental Housing Supply Program, which provides capital funding and financial incentives for affordable and RGI housing on City-owned land.

Additionally, the Community Housing Modernization and Growth Strategy is underway, aimed at maintaining and expanding affordable homes in the non-profit and co-op housing sectors. This initiative is bolstered by a $100 million investment in the MURA program, approved as part of the 2024 budget.

Looking ahead, Toronto plans to focus on:

• Strengthening homelessness response efforts
• Improving renter stability and eviction prevention policies
• Advancing a public development delivery model
• Establishing partnerships to boost the creation of affordable homes

Urgent Call for Federal and Provincial Support

The report underscores the urgent need for increased financial support from the federal and provincial governments. The City requires an estimated $7.6 to $8.1 billion in funding and $6.4 to $7 billion in low-cost financing from the federal government, along with $9.1 to $9.6 billion in funding and $6.4 to $7 billion in financing from the provincial government over the next six years to meet its housing targets.

Specific programs requiring funding include the Rapid Housing Initiative (RHI), the Canada-Ontario Housing Benefit (COHB), and the MURA program. These initiatives are vital for building new affordable and supportive housing, maintaining existing units, and ensuring greater housing affordability for Toronto residents.

For more information on the annual progress report, visit the City of Toronto’s official webpage: HousingTO 2020-2030 Action Plan.

SOURCE City of Toronto