New affordable housing units open in Toronto as major gap remains

As Toronto continues to deal with a housing crisis, registration is open for two buildings with affordable housing units andadvocates say the city needs many more.

Mark Richardson, technical lead at the city's HousingNowTO,celebrates the two lotteries open for residents to land affordable rental units, but also notes agap.

"We're really happy to see these buildings online,we just need to create thousands more opportunities like this," said Richardson."Ifthere are 100 units available,then there aretens of thousands of people who are applying for those units."

Toronto has been making progress on itshousing targets. Last year, the city increased its targets for new housing supply from 40,000 to 65,000 rent-controlled homes, including 6,500 rent-geared-to-income (RGI),41,000 affordable rental and 17,500 rent-controlled market units by 2030.

But the rate of housing starts and completions aren't keeping pace with the rate of approvals, the city said in its recent annual report outlining its progress onthe Housing Action Plan and the HousingTO Plan.

Now, 90 affordable rental units are available through a random public draw at 223 Redpath Ave.and24 units will be availableat 175 Oak St.in Regent Park early next year.

Situated at Yonge and Eglinton, the Redpath Avenue affordable rental options include studio, one, twoand three-bedroom units ranging in size from 360 sq. ft. to 950 sq. ft., according to the building's website.

The monthly rent for a bachelor is listed at$1,373 with an annual household income limit set at$65,904. For a three-bedroom, the rent is listed at$2,241with an annual household income limit of$102,624.

According to the website, thehousehold must include a minimum of one person per bedroom, and couples must share a bedroom. There cannot be more than two people per bedroom.

The deadline to register for the public drawis Nov. 17at 11:59pm.

Though the chances of getting one of these units may be slim, the lottery system is a way forpeople to access affordable housing who would have otherwise waited years to get into one of these units,said Cheryll Case, founder and executive director of CP Planning.

"People when they're on the waiting list they're there for many many years, and so by the time they get chosen, going through the order, they actually may have found alternative housing and may no longer need the housing," she said.

"So this system actually works quite well considering the huge, huge list that exists and is always constantly growing."

But the fact that households with anannual income of just over six figures would be eligible shows how stark the housing crisis has become, Case said.

"It's not something that's only experienced by people who are low and moderate income. We're actually seeing those who are above average incomes also struggling to find affordable housing."

24 units available in Regent Park

At 175 Oak St., 24 one and two-bedroom affordable housing rental units will be ready for occupancy in early 2025. The income limit for a one-bedroom there is$65,568 and for a two-bedroom, it's$76,512. The monthly rent for an affordable one-bedroom islisted at$1,366 and$1,594 for a two-bedroom.

Coun. Chris Moise for Toronto-Centre welcomes the news.

"As you know, we're in a housing crisis here in Toronto and every additional unitthat we canbring online is an amazing process for us," Moise said.

The online form for that building will close onDec. 13at 11:59 p.m. According to the website, the form must be completed in one sitting, and only one submission will be acceptedper household.

In both cases, the names arepicked at random.

"We're trying to increase our TCHC stock as well, particularly Regional Park. And this is just one of many initiatives that we're taking to increase that housing stock," Moise said, adding in the coming years hundreds more units will be built.

"We're very satisfied with the pace, you know, and the breadth of this work."

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While much more housing is needed to meet the demand, Richardson is also hopeful about the pace that units are becoming available.

"We're starting to see a lot of them, some of the Housing Now sites have finally broken ground in the last year," he said.

"We have to just keep moving these projects forward all the time. Sometimes it's 90 units, sometimes it's 25 units, sometimes it's 300 units,but every one of them moves us down the path toward creating more housing affordability for people who are looking for rental housing near transit in the city of Toronto."