With Toronto being the most expensive city to rent in, according to a Rentals.ca Rent Report, the federal government
On Jan. 16, the Canada Mortgage and Housing Corporation (CMHC) announced a $200-million investment by the Canadian government and the City of Toronto to create affordable rental units where Honest Ed’s once stood in a media release.
However, with more than 100,000 households in need of social housing in the city, according to the Toronto Housing Market Analysis, one affordable housing expert does not believe the investment will be enough to properly address the city’s housing crisis.
“You would need to more than double the
The development that is now being called Mirvish Village as an homage to Ed Mirvish, the former owner of the iconic discount store that closed its doors in 2017,
Mirvish Village is set to entirely a rental residence, made up of six buildings standing on the corner of Bathurst Street and Bloor Street West, according to the CMHC media release.
The six buildings will apparently contain 916 rental units but only 366 of them will be officially designated as affordable, being offered at or below 30
The median household income for the GTA is estimated to be $78,378 before income taxes in 2016 by the CMHC. This would theoretically place the rent of more than two-thirds of the designated affordable units at $2,612 a month, if offered at 30 per cent of the
Although it has not been released how many bedrooms the rental units will have. But, that monthly rate is higher than the Average Market Rent of a five-bedroom townhouse which sits at $2,548 a month according to a City of Toronto report.
As for the remaining 100 units, 80
Of the Honest Ed’s transformation, Navabi said, “I can’t say that it
Mayor John Tory who has been an advocate for increa
Tory also referred to the Housing Now initiative that
However, Navabi and Housing Matters suggests that to properly address the housing crisis in the city, zoning regulations need to be re-evaluated.
Navabi compared Toronto’s zoning regulations to Canada hypothetically telling Toyota that they could only import one car a year into the country.
“Do you think it would be an affordable Camry or a brand new Lexus?” Navabi said.
Strict zoning laws in Toronto are almost forcing developers to build luxury condos that eventually get resold as rentals at inflated monthly prices because “they only have one shot” to make their investment worth it, Navabi said .
A report by Housing Matters noted the total number of rental units only increased by 15 per cent from 2007 to 2016 in Toronto. It was almost entirely condos repurposed for renting.