Toronto is receiving a major injection of federal funding to tackle its housing crisis. Prime Minister Trudeau announced a $471 million grant from the Housing Accelerator Fund, enabling the city to expedite the construction of nearly 12,000 new homes in just three years. This initiative aims to address the city’s pressing demand for affordable housing, with over 10,000 people currently experiencing homelessness.
Streamlining regulations: Simplifying rezoning requirements, modernizing outdated rules, and streamlining the planning approval process will expedite construction and encourage denser zoning, particularly near transit.
Expanding affordable housing options: The funds will be used to develop city-owned land for affordable rentals, cater to the “missing middle” segment, and expedite the delivery of new, permanently affordable rental units.
Toronto Mayor Olivia Chow hailed the agreement as a “hopeful new beginning,” acknowledging the city’s significant challenges. This initiative marks a significant step towards addressing Toronto’s housing crisis, but its effectiveness remains to be seen. The success will hinge upon efficient implementation and continued commitment from both the federal and municipal governments.
