Federal government commits to augmenting Toronto affordable housing

With demand for low-cost housing heating up in Toronto, the federal and Ontario governments have pledged a multi-million-dollar investment in the renewal of a large-scale affordable housing building in the downtown core.

Hunger for affordable housing has intensified amid punishing price levels. During the first seven months of this year alone, condo prices in the Greater Toronto Area shot up by 9.1% annually, ending up at $743 per square foot.

“Low inventory levels are putting upward pressure on price per square foot in the Greater Toronto Area, especially for entry-level properties like condos,” according to Tom Storey of Royal LePage Signature Realty.

In comparison, single-family detached housing had a mere 1% year-over-year increase, up to $486 per square foot. The overall aggregate price across every residential asset class increased by 6.1% annually, up to $782 per square foot.

Last week, CMHC and the provincial government committed $2.2 million for the urgent repairs and retrofitting needed by the 78-unit Harmony “B” Housing Co-operation Corp. rental complex.

This is a vital addition to a market that has seen a consistent degree of unaffordability over the last few years, according to Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development.

“With this funding, we are able to give a helping hand to individuals in need, and in doing so, we are contributing to the economic and social well-being of the entire community.”

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