, which includes numerous recommendations of “urgent actions” for all levels of government in an effort to provide affordable housing across all of Toronto’s neighbourhoods., with nearly 5,500 of them created as affordable rentals and 12,000 as “purpose-built rental homes.”
Council first approved of the Housing Now initiative in 2019 to use City-owned lands as grounds for developing affordable rental housing in transit-oriented and mixed-income communities. “The current residential vacancy rate is around 1.7%, there are over 10,800 people experiencing homelessness each night, about 40% of the city’s renter households are living in unaffordable housing, and home ownership rates are dropping as affordability falls to the lowest level on record,” the report reads.