During their Tuesday meeting, Toronto City Council approved a new zoning policy that will oblige certain developers to provide affordable housing in addition to market-rate apartments.
Beginning in 2022, new condominium complexes with 100 or more units must set aside 5-10 percent for affordable rental and ownership, according to the inclusionary zoning amendment. By 2030, that percentage will have risen to 8-22 percent.
The amount of affordable space required depends on the building’s location and whether the units will be rented or owned. The downtown region will have the most requirements, followed by Midtown and Scarborough Centre.
“This comprehensive Inclusionary Zoning policy will get more affordable housing built in our city,” said Mayor John Tory. “Toronto’s plan supports its hard-working residents with low-to-moderate household incomes, builds inclusive communities and helps to ensure that affordable housing remains available well into the future.
Toronto is the first city in Ontario to embrace inclusionary zoning, which mandates that affordable housing units remain affordable for 99 years.
Although specific project pricing will be established based on relevant data, the City claims that they will be priced to appeal to households earning between $32,486 and $91,611.
“I’m pleased that City Council adopted this plan, which will help the City achieve its target of approving 40,000 affordable rentals and 4,000 new affordable ownership homes across Toronto by 2030. Policies like this one are the right move forward to get thousands of homes built, and it will ensure that our city remains vibrant and strong as it continues to grow.”