What is The City of Toronto doing to make affordable housing a reality

Thank you for taking time out of your busy day to read my blog. Today’s article will focus on The City of Toronto’s strategy on making housing more affordable. You can access the webinar slides here (Toronto Affordable Housing Office, 2017). The following two bullet points are the most important points from an article I found:

Is there a problem? Lets look at the trends:

  1. Inflation adjusted wages in 1975 were almost identical to those of 2013 (source).
  2. Rent has gone up 24% over the past decade
  3. Vacancy rates are 1.3%, nudging up rental rates
  4. Renters spend 44% of their income on housing
    1. Average 2 bdrm rents are:
      1. $1,341 for rental apartments, and
      2. $2,136 condo rentals.

What is the City of Toronto doing? (many were feel-good phrases that meant nothing to me, thus have been omitted)

  1. In 2016, the City commted 15 surplus City sites with a combined land value of
    $106 million for affordable housing construction.
  2. Council has approved an investment plan (2016-2020) to allocate over $250
    million worth of funding and incentives to implement the Open Door Program. 

Overall, it seems like there are good incentives in place, but the reality is that the numbers need to work. This is something my future posts will focus on.

Thank you for reading my blog. Please let me know how I can improve.

Hadi is Honours civil of engineering graduate with solid project management experience in the construction industry. Solutions-focused, results-oriented with strong business acumen and entrepreneurial spirit. Currently, he is working as an assistant site-superintendant with Darcon Inc. at one of Vaughan's biggest developments, Centro Square.

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