Tackling housing affordability in the City of Toronto will be a priority for the city’s mayor and council.
Mayor John Tory said Monday that there are many people using the city’s shelter system because they can’t afford a home, with many more forced to move out of the city for lower cost homes.
Speaking to the Scarborough Business Association, the mayor said that there will be an increase in affordable housing targets especially for rental properties.
And he said that there must be more centralized thinking and collaboration between council departments, something that the city’s new CreateTO real estate agency should address.
The pledge has been welcomed by the Toronto Real Estate Board.
"Toronto Realtors understand that municipal government policy plays a direct role in housing affordability and in protecting the investments of existing home owners. We are glad that Mayor Tory recognizes the important role that the City plays in this regard,” said Tim Syrianos, TREB president.
“TREB looks forward to working with the City and the Mayor to move forward on this very important issue, and to ensure that challenges faced by all aspects of the market, including renters, home buyers, existing owners, and sellers, are considered,” added Syrianos.