Canada will spend $89 million on affordable housing in Toronto
How about an $89-million infusion of cash from the federal government to brighten up your day?
The City of Toronto is finally starting to see the spoils of Canada's new National Housing Strategy, which was announced last year and will see the feds spend $40 billion on housing accessibility projects across the country over a 10-year period.
"More middle-class Canadians — and those working hard to join it — will find safe, accessible and affordable homes in communities where their families can thrive," said Minister of Families, Children and Social Development Jean-Yves Duclos when announcing the news this morning.
"Our Government is committed to increasing the supply of rental units for Canadians through projects like the one we are announcing today."
Soon 259 families living in #Toronto will have an affordable place to call home! The Terraces of Princess Garden is under construction & received funding from our Rental Construction Financing initiative! #NationalHousingStrategy https://t.co/LKkxChyunX pic.twitter.com/zr2Y37c0eJ
— CMHC (@CMHC_ca) March 14, 2019
Duclos says the government's $89-million investment will be used to fund and construct a new 16-storey building in Toronto's west end.
Called the "Terraces of Princess Gardens," the Etobicoke complex will contain 259 rental units, the majority of them with rents at or below 30 per cent of the median household income in the area.
At least 10 per cent of these units will be accessible and the building will be close to public transit, schools and what the government describes as "services for middle-income families."
"This is a major win for affordable housing in Etobicoke," said Etobicoke Centre MP Borys Wrzesnewskyj in a release. "By increasing access to affordable housing, we are building stronger and healthier communities in a difficult Toronto housing market."
I firmly believe that these are times that require swift & bold action on housing & that's why I welcome the federal government's investment here. Toronto residents should know we are taking action to get affordable housing built & to fix social housing. pic.twitter.com/4OCyqMwwYz
— John Tory (@JohnTory) March 14, 2019
A difficult housing market, indeed. Toronto has been struggling in recent years to accomodate its fast-growing population amidst skyrocketing rent and home prices.
Rental vacancies are low, prices are too high for most to afford, homelessness is on the rise and community housing projects are falling into disrepair across the city.
The situation is growing ever more desperate, even as Mayor John Tory moves forward with his Housing Now initiative, which promises 40,000 new affordable rental units within the next 12 years.
With the GTA's population expected to reach 9.7 million by 2041, we're in desperate need of places for people to live. The Terraces of Princess Gardens project moves us slightly further toward a solution.
