The City of Toronto’s dedicated housing agency, CreateTO, recently provided an update on the ‘Housing Now’ initiative, revealing significant involvement from some of the city’s biggest developers. This collaboration aims to address the city’s housing shortage and affordability crisis. Notable developers like KingSett Capital, Greenwin, Tridel, Kilmer-Tricon, Ellis Don, and Windmill are key players in this ambitious project.
According to the June 5 update from CreateTO’s CEO, Vic Gupta, the initiative focuses on three priority housing sites: 5207 Dundas Street West, 140 Merton Street, and 50 Wilson Heights Boulevard. Additionally, the update highlights four sites with secured proponents and seven sites on track to secure proponents. Since the program’s launch, the city has identified 22 sites, expected to produce over 16,000 new homes, with around one-third designated as affordable rentals.
Priority Sites and Developer Partnerships
5207 Dundas Street West
Partners: Kilmer Group, Tricon Residential
Construction is now underway at this site, marking a significant milestone for the Housing Now initiative. This project will deliver 725 new residential homes, including 218 affordable rentals. Completion is anticipated by 2027. The site is part of a larger development at Bloor Kipling, which will provide at least 2,781 homes, with 904 being affordable rentals.
140 Merton Street
Partners: Missanabie Cree First Nation, Ellis Don Community Builders
Plans for this site include a 29-storey tower with 294 new rental homes. Construction is set to begin in September 2024. The project aims to expedite the formal site plan review process, with the CMHC credit committee approving the application on March 20, 2024.
50 Wilson Heights Boulevard
Partners: Greenwin, Tridel, KingSett
This site will accommodate 1,484 new homes, including 520 affordable rentals, 520 market rentals, and 444 market condominiums. The project will also feature a childcare center, commercial space, a park, and community spaces. Construction is expected to start in 2024.
Other Notable Developments
2444 Eglinton Avenue East
Partners: Windmill, Civic Developments, Co-operative Housing Federation of Toronto
This site will see the construction of three towers, including a 31-storey building and two co-op buildings (19 and 41 storeys). The development will provide 919 new units, including 306 affordable co-op units, 306 non-profit market co-op units, and 307 condos. It is poised to be one of Ontario’s largest affordable housing projects in the past 25 years.
777 Victoria Park Avenue
Partners: Alterra, Mahogany
The site will deliver 705 new homes, with 256 affordable rentals. Management is currently negotiating business terms, with a target for construction to begin in Fall 2024.
705 Warden Avenue
Partners: Greenwin, KingSett
This project plans to include 600 homes, with 250 affordable rentals. Development partners are pursuing a zoning amendment to add market density. Negotiations are ongoing, with approval targeted for Q4 2024.
263 Queen’s Wharf
Partner: Hines
This site aims to provide at least 498 rental homes, including 234 affordable rentals. Negotiations with Hines Canada are progressing, with a final business case expected by September 27, 2024.
Progress and Future Outlook
The ‘Housing Now’ initiative is a critical step toward addressing Toronto’s housing crisis. With the support of prominent developers and strategic planning by CreateTO, the city aims to significantly increase affordable housing availability. Despite initial delays, the material progress at sites like 5207 Dundas Street West marks a promising start. As these projects advance, Toronto residents can look forward to more housing options, aiming to balance the supply and demand in the real estate market.
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