A striking new figure was released: Toronto has 258,397 “active projects” representing “90% of units required to achieve the Municipal Housing Target by 2031.” Sounds like we’re ahead of schedule, right? Well, yes, but also no.— a five-year report of the City’s commercial and residential growth — a striking new figure was released: Toronto has 258,397 residential units labelled “active projects” representing “90% of units required to achieve the Municipal Housing Target by 2031.
Additionally, of these 258,397 active projects, only 28% are currently under construction, with the majority having yet to receive a building permit. “These are projects that could have all kinds of additional steps before they even get a building permit, and many of them may not even get to that stage,” says Moffat.
Interestingly, however, the reverse may be true when it comes to Toronto. “We looked at regional numbers as well, and our estimate for how many homes Toronto has to build by 2031 was 282,000,” says Moffat. He explained that this was because too much of the onus was placed on the City, when in reality, it makes more sense for municipalities in the GTA to shoulder a larger portion of growth than the MHBFA has assigned to them.
But that's not to say the results of the 2023 Development Pipeline aren't encouraging. “I do think the city is doing better than most in Ontario when it comes to meeting housing demand,” Moffat added.With white oak hardwood flooring, exposed concrete, and a quaint cobblestone backyard, this 2,226 sq. ft home is super chic — and compact enough to easily maintain.The Evoke tower by Reid's Heritage Properties was planned for 1546 Scott Street in Ottawa and was set to include 230 units.
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