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City of Toronto Media Relations has issued the following:
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News Release

December 17, 2024

City of Toronto unlocks more than 7,000 net new rental homes through purpose-built rental housing incentives stream

Today, City of Toronto staff will update Toronto City Council on the outcomes of the call for applications for the Purpose-Built Rental Housing Incentives stream. This transformative initiative aims to unlock 20,000 new rental homes including up to 16,000 purpose-built rental homes and a minimum of 4,000 affordable rental homes, enabling construction to start by the end of 2026.

Announced in November, the first phase of the program aimed to support 7,000 new rental homes including 5,600 purpose-built rental homes and at least 1,400 affordable homes through City resources. This program and investment represent another bold, innovative move from the City to deliver on its ambitious plan to expand rental housing supply and transform the housing system.

The City received 75 applications to support more than 32,600 new rental homes (including more than 7,400 affordable rental homes), far exceeding expectations. This overwhelming response highlights the housing sector's readiness to build and underscores the urgent need for action from all orders of government to accelerate new purpose-built rental developments.

Outcomes of the call for applications
• 17 applications approved in 12 wards across the city
• 7,156 net new rental homes (out of a total of 8,158 rental homes) including:
o 6,109 net new purpose-built rental homes (out of a total of 6,134 rental homes; 25 purpose-built rental homes secured as rental replacement units)
o 1,047 net new affordable rental homes (out of a total of 2,024 rental homes; 977 affordable rental homes previously approved)

Through the Purpose-Built Rental Housing Incentives stream, successful projects will receive financial incentives to build more affordable and purpose-built rental homes, including an indefinite deferral of development charges for the purpose-built rental homes. A minimum of 20 per cent of the homes approved will be at or below the City’s new income-based definition of affordable housing for at least 40 years and up to 99 years.

The City prioritized eligible and complete applications based on the following considerations:
· Financing status of the development project
· Development review status and readiness to start construction
· Financing experience of the organization including Frequent Builder status (as designated by Canada Mortgage and Housing Corporation (CMHC)) - particularly where financing has not yet been secured.

All new rental projects in the city will also benefit from the new Multi-Residential Property Tax Subclass approved by Council in November. This Subclass aims to provide a 15 per cent rate reduction, if approved as part of the 2025 Budget process.

At least 58 additional applications, representing an additional 24,450 rental homes, with at least 20 per cent affordable rental homes, could move forward in the second phase of the Purpose-Built Rental Housing Incentives stream. This is contingent on the Province providing a Build More Homes Rebate to the City. This rebate would cover the value of development charges and 85 per cent of property taxes for eligible projects, over 35 years, for purpose-built rental homes.

Next steps

City staff will continue to work with successful applicants to finalize relevant agreements and facilitate expedited project timelines. Program details and updates are available on the Rental Supply web page: www.toronto.ca/RentalSupply.

Quotes:

“The City’s bold decision to waive costs for builders is a tremendous success. Over 7000 units of rental housing are being approved. And with other levels of government partnership, almost 33,000 homes can get built. One in five of these homes will be affordable. City of Toronto is once again leading the way to stimulate job growth even in a tough economic environment, and with our plan, builders can continue to build desperately needed housing.”
– Mayor Olivia Chow

“The City is thrilled with the interest in this new program and is ready to deliver more than 7,100 new rental homes, including over 1,000 affordable rental homes. This housing crisis has solutions, and the City is leading the way in identifying and implementing these solutions - but to address the scale of the problem, we need resources from and collaboration with the other orders of government.
– Councillor Gord Perks (Parkdale-High Park), Chair, Planning and Housing Committee

Toronto is home to more than three million people whose diversity and experiences make this great city Canada’s leading economic engine and one of the world’s most diverse and livable cities. As the fourth largest city in North America, Toronto is a global leader in technology, finance, film, music, culture, and innovation and climate action, and consistently places at the top of international rankings due to investments championed by its government, residents and businesses. For more information visit www.toronto.ca or follow us on Twitter at www.twitter.com/CityofToronto, on Instagram at www.instagram.com/cityofto or on Facebook at www.facebook.com/cityofto.

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Media contact: Media Relations, media@toronto.ca

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