What you need to know about Toronto’s new housing plan
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Planning on making Toronto your new home? Many people do, and that’s why the city is trying to adapt to its growing population. But you’ve likely also heard that housing in the city can be expensive and tough to find. Thankfully, there’s some good news you should know about Toronto’s new housing plan. We will share the news, and if you’re looking to simplify the big move, reaching out to our movers Toronto trusts could make the transition much more manageable.
Background on Toronto’s housing crisis
Housing in Toronto has seen quite a few drastic changes in the past few years – the same as everywhere else. Prices have been soaring, making it difficult for many people to find affordable living spaces. For instance, the average rent for a one-bedroom apartment in Toronto is around $2,500 a month, according to a 2023 report. This high cost has led to what many consider a housing crisis. Also, only a few areas of the city have seen significant growth, leading to fewer choices for potential homeowners.
Toronto’s new housing action plan
Luckily, change is on the horizon. Mayor John Tory has announced a new “housing action plan” to address these issues. This plan is a big deal because it could reshape how housing is done in Toronto. Some main changes include altering zoning laws to allow different types of residences, like multiplexes, on all residential lots. Rooming houses, currently legal in just a few parts of the city, could also be legalized everywhere. The aim is to make housing accessible and less of a headache for everyone involved. Most notably, it aims to increase the number of new homes to 285,000 over the next decade. However, a current bottleneck in the development of affordable rental homes is posing challenges to meeting these targets.
What does the plan mean for newcomers?
Now, let’s talk about what you need to know about Toronto’s new housing plan if you’re planning on moving to the city. For starters, these zoning changes could make it easier to find housing in a variety of neighborhoods. You won’t be limited to the same old options. Instead, you could find a rooming house or even a multiplex, which means multiple housing units in one building. This change should open up the market and give newcomers more options. Also, if you’re concerned about moving all your stuff, local movers in Toronto can help you settle into your new multiplex or rooming house without much fuss.
So far, this sounds promising, but there are a few things you should be aware of. For one, this plan is not set in stone yet. It’s a proposal that still has to be approved by the city council. Even if it gets approved, the implementation will take time. Construction workers and materials are not unlimited, and significant changes like these can’t happen overnight. However, the proposed plan does signal a hopeful shift towards improving housing affordability and options in the city. Most notably, it aims to increase the number of new homes to 285,000 over the next decade. Considering the Ford government had set this as a target, the city is clearly aiming to meet or even exceed these numbers.
As we’ve mentioned, if you’re new to the city or planning a move soon, keeping an eye on these developments could be very beneficial for you. With more options and potentially lower costs, the future of housing in Toronto looks brighter, especially for newcomers like you.
Potential challenges and criticisms
While the new housing plan offers hope, it’s important to look at the other side of the coin. Critics say the project may not be a quick fix for everyone. Some people worry that changing zoning laws could lead to an imbalance in certain neighborhoods. For example, a sudden influx of multiplexes might put a strain on local resources like schools and public transport. Also, the average cost of building a new home in Toronto is from $205 to $280 per square foot. Given the high cost, some wonder if the plan will actually make housing more affordable in the long run.
Is it a fair plan for all?
Similarly, some argue that the plan might not be fair to everyone. Critics point out that while new types of housing may be built, there’s no guarantee these will be affordable for all income groups. This could potentially worsen the existing inequality in the city. For instance, a 2023 report found that the average household income of Toronto residents is about $121,000 per year. However, this varies widely, with some neighborhoods having average incomes as low as $93,000. In contrast, in North York, the average income is closer to $83,000. For those planning a move to the area, hiring movers in North York could be a savvy choice, given the potential for lower housing costs compared to other parts of the city.
The role of moving companies
Interestingly, the proposed changes could also affect moving companies. If more people find affordable housing and decide to move, demand for moving services might increase. This could be especially true for long-distance moves. For instance, a 2022 study showed that 20% of moves in Canada are long-distance. If you’re coming from far away, long distance movers in Toronto can make your move a smoother experience. But be fast and plan in advance, because their availability might be limited!
Community feedback and revisions
Nevertheless, the city is open to feedback. Public consultation sessions have been organized, and city officials are taking input seriously. Some possible changes due to public feedback could include:
- Setting aside a percentage of new homes for low-income groups.
- Introducing tax incentives for developers to build affordable housing.
- Measures to ensure that schools and public transport can accommodate more residents.
What you need to know about Toronto’s new housing plan
So, what should you know about Toronto’s new housing plan? While the proposed plan is a step in the right direction, it’s still just that: a proposal. Many people believe it has the potential to create positive change, but there are still many details to iron out. Yet, the plan’s very existence is a signal that the city is trying to tackle the housing problem. If you’re considering making Toronto your new home, it might be a good time to pay attention to these changes, especially if you want more options and possibly lower costs. Keep an eye out for updates on this plan, and happy house hunting!