TORONTO, June 25, 2018 -- The Toronto Real Estate Board (TREB) applauds two recent housing decisions taken by two separate city committees which, if passed by City Council at their June 26 meeting, could have a positive impact on the housing market for all Torontonians: the creation of an all-encompassing Housing Committee, and a separate decision paving the way for permitting, regulating and setting guidelines for laneway suites.
Housing – ownership or rental accommodation – is a major issue for the City of Toronto and its residents. "TREB has always been advocating that no matter the housing mix, from affordable to luxury housing, from single detached homes to 'missing middle' (home types that bridge the gap between detached houses and condominium apartments) options to high-rise towers, housing should be a priority for the success of the City as a whole, to ensure its residents enjoy a better quality of life and continue to live and work here," says TREB President Tim Syrianos.
At their meeting on June 19, the City's Executive Committee unanimously passed Mayor Tory's recommendation to establish a Standing Committee on Housing whose primary focus is the housing and accommodation of Torontonians, with a mandate to monitor and make recommendations on housing and shelter in the City.
TREB is encouraged by this decision and urges City Council to pass this motion as a clear sign that the City is recognizing the importance of housing to the overall economic prosperity of the city.
TREB also applauds the Toronto and East York Community Council's decision to unanimously pass the report "Changing Lanes: The City of Toronto's Review of Laneway Suites," clearing the way for permitting, regulating and setting guidelines for laneway suites across Toronto and East York.
"TREB strongly believes that the supply of affordable housing and long-term rental stock in Toronto must be a priority for City Council and that all options should be considered, including laneway housing," said TREB CEO John DiMichele.
Toronto continues to be one of the most desirable locations to live in the world. As people move to the region, rental demand has remained strong. The result has been heightened competition between renters in an ultra-low vacancy environment, leading to double-digit rent growth in some market segments. This situation could be further exacerbated by the rent control provisions contained in the Ontario Government's 2017 Fair Housing Plan that might have negative implications on the rental supply over the long term.
TREB urges Council to pass this report so that upward pressures on the supply of long-term rental stock and affordable housing can be alleviated through auxiliary housing units such as laneway suites.
If passed by Council, these two recommendations will help ensure that housing issues and supply are given the attention and cross-divisional planning they require in order to ensure prosperity and a better quality of life for all Torontonians.