Legislation Aims to Increase Toronto Housing Supply
With the housing shortage in Toronto not getting any better, the Ford Government has tabled new legislation that will signal the end of zoning for single-family homes. The legislation’s aim is to increase housing supply in Toronto and select other jurisdictions. Another objective of the changes is to help drive down housing costs.
Once the bill is passed, triplexes, for example, would be allowed on residential lots across cities. This is currently not allowed across Ontario municipalities due to exclusionary single-family zoning. As a result, up to three household units will be allowed on one residential property. This could mean a basement apartment, a garden house, or another small dwelling could be built on your property.
In addition to the zoning changes, the Ford Government is waiving a number of fees that provincial municipalities charge to developers in order to build.
While some cities currently allow small apartments or coach houses on individual properties (and in Toronto, Garden Suites and Laneway Housing), this will increase the number of possible units to three. There will no longer be lengthy applications or fees for zoning changes to build these new units on your property either: it’ll all be allowable without permits under the new legislation.
Furthermore, affordable housing, non-profit housing, and inclusionary zoning units (new developments with affordable housing) will be excepted from a host of current charges that presently fund services provided by municipal governments.
The bill will correspondingly increase housing density near public transit stations, a highly-desirable living area. Property taxes are to be reduced for those in multi-residential apartment buildings as well, and new rent-to-own programs will be introduced.
In particular, the province pinpointed 29 municipalities where new housing is needed the most. It’s in these areas where the bulk of new builds are required in order to achieve Ontario’s goal of 1.5 million houses built in ten years. Among them are Toronto (285,000 new homes), Ottawa (151,000), Mississauga (120,000), and Brampton (113,000).
Basically, it will be easier to expand living space adjacent to your home once the legislation is passed. For full details on all of the changes included in More Homes Built Faster Act (Bill 23), click here.
Do you have room on your property to build a new unit? Focus Construction would be happy to provide a free consultation on what a new income property or living space would look like and how we can customize it to your needs. Reach out to us today!
