New Affordable Housing Initiative For Torontonians
Creating and preserving affordable housing in the city.
1.5 min read
Toronto is often known as the city where rent prices continue to rise year after year due to increased demand, little supply of properties and other factors. However, to protect all parties involved in the rental market, the City of Toronto continuously introduces new initiatives that give renters, property owners, and investors a fair advantage.
The Multi-Unit Residential Acquisition Program focuses on creating and preserving affordable housing. Recent additions to this acquisition program (part of their Phase 3 in this new plan) include 2700 Eglinton Ave W, 470 Bushby Dr, 4040 Lawrence Ave E and East Bayfront.
The City of Toronto is working towards creating 40,000 new affordable rental homes for locals by 2030. They are also expediting this process to keep up with the ever-growing demand for housing in the city. Their primary focus is on lower and/or single-income households who need better accessibility and resources. It also focuses on renovating and improving the physical conditions of existing areas where the new initiative has already been acquired.
The city is also prepared to work with property management companies, major investment corporations and new development projects to integrate better living environments for future and current tenants.
Reference
City of Toronto. (2021, November 12). Toronto City Council adopts new initiatives and programs to expedite the creation and protection of affordable housing. City of Toronto. Retrieved November 15, 2021, from https://www.toronto.ca/news/toronto-city-council-adopts-new-initiatives-and-programs-to-expedite-the-creation-and-protection-of-affordable-housing/.
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