Following the election, Torontonians are eager to see promises for prioritizing housing affordability come to fruition. We’re relaying the housing initiatives set by our newly elected mayor, Olivia Chow. TRREB hopes that these will harmoniously align with our plan to build more homes and make housing more affordable in Toronto.

The mayor’s top three housing initiatives are:

City Homes Plan

• Building 25,000 rent-controlled homes over eight years
• Minimum of 7,500 affordable units
• 2,500 rent-geared-to-income units on land the City already owns

Support for Renters

• Increasing the reach of Toronto’s Rent Bank & Eviction Prevention programs
• Creating a $100-million Secure Affordable Homes Fund
• Establishing a Renters Action Committee

New Housing Taxes

• Increasing the City Municipal Land Transfer Tax (MLTT) on homes selling for $3 million or more
• Increasing the City’s Vacant Homes Tax from one to three per cent to fund affordable housing initiatives

At TRREB, we believe that it is imperative that Toronto keeps fighting for housing affordability. Now is the critical time to move from electoral promises to actual implementation. We must build 285,000 homes over the next 10 years. This will help keep homeownership and rental properties affordable for future generations. To achieve this vision, this is our plan to build more homes and make housing affordable in Toronto:

Double down on the Housing Action Plan

The City’s 2023 Housing Action Plan commits to building 285,000 homes over the next 10 years. Notably, TRREB supports the Expanding Housing Options in Neighbourhoods initiative, which calls for the end of exclusionary zoning rules and more as of right mid-density housing up to a fourplex.

No new fees and charges on housing

Toronto homebuyers pay, on average, more than $350,000 in taxes and government fees on detached homes, and more than $180,000 on every condo. In the GTA, this adds up to 31 per cent of the purchase price. In the effort to address the housing affordability crisis, the City must begin with no new fees or taxes on housing.

Hand-up for first-time homebuyers

In our current housing market, young people are struggling the most and they need a hand up to achieve their dreams of owning a home. Toronto should waive the Municipal Land Transfer Tax for first-time homebuyers or increase the rebate and encourage the province to follow suit.

Fair property tax increases

Property taxes are crucial to good quality public services that benefit all Torontonians. To mitigate their impact on housing affordability going forward, increases should be fair to ensure everyone is contributing adequately.

End the reliance on the Municipal Land Transfer Tax

Toronto is the only city in Ontario that charges both provincial and municipal land transfer taxes. This double taxation adds almost $38,000 in tax on the average priced Toronto home ($19,000 in MLTT) and must be paid upfront. TRREB continues to disagree with this, and believes that prudent budgeting should make the City less dependent on this revenue which fluctuates with the market.

Investments in critical infrastructure

New transit and transportation investments will allow for higher-density and mixed-use communities; which means more housing options. Inadequate essential services will have a negative effect on real estate in Toronto.