The City of Toronto is adopting a new Inclusionary Zoning policy for affordable housing following a city council vote on Nov. 9.
The zoning plan was brought forth by Toronto Mayor John Tory after it was approved to move forward during a housing committee vote in October.
Toronto is the first city in Ontario to implement inclusionary zoning – this means requiring a certain percentage of future developments to be designated as affordable housing in the new plan.
“This comprehensive Inclusionary Zoning policy will get more affordable housing built in our city,” Tory said prior to the city council vote. “Toronto’s plan supports its hard-working residents with low-to-moderate household incomes, builds inclusive communities and helps to ensure that affordable housing remains available well into the future.”
In the vote, city council approved an Inclusionary Zoning official plan amendment, a zoning bylaw amendment and draft implementation. This makes it mandatory for certain new developments around major transit stations to include affordable rental and ownership housing units, according to a recent press release.
The plan states that zoning will secure five to 10 per cent of condominium developments as affordable housing, and gradually increase those numbers to between eight to 22 per cent by the year 2030.
The city’s goal is to create 40,000 affordable rentals and 4,000 new ownership homes, with developments set to begin in early 2022.
The threshold for annual income is between $32,000 to about $91,000.
The highest requirements for affordable housing outlined in the plan include the downtown core, midtown and Scarborough Centre.
Additional market analysis will be conducted in other communities including Little Jamaica in Eglinton West and the Sheppard Subway corridor, around Sheppard west and Sheppard-Yonge stations.
More details to follow.
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