The Toronto City Council approved around 19,700 affordable rental units since 2017, but only 8 percent or approximately 1,617 have been constructed, according to the Housing Data Hub. Launched on March 21, the project monitors the city’s housing creation progress and includes all affordable rental homes approved for development by the city council, including those that received funding through city programs like Housing Now or Open Door. The database aims to enhance accountability and transparency while tracking the city’s advancement towards building 40,000 affordable rental and supportive residences as stated in the HousingTO 2020–2030 Action Plan. Although almost 19,567 affordable rental units were approved since 2017, only 1,617 have been completed to date, with 2,964 currently under construction, and more than 15,000 are yet to start. The data highlights the delays in the city’s affordable housing projects due to the COVID-19 pandemic and rising construction costs. The City of Toronto’s housing secretariat, Abi Bond, noted that affordable housing projects encounter even more obstacles than others due to increasing interest rates. Toronto defines affordable rentals broadly, ranging from heavily subsidized units to rental units with average market rates. The city’s average market rent for a bachelor apartment is $1,317 each month, $1,538 for a one-bedroom apartment, and $1,811 for a two-bedroom unit as per city hall data.
Toronto approved 19,700 affordable rentals, but less than 10% were built.
