A new report by the Ryerson City Building Institute (CBI) and Evergreen examines the shortage of rental housing in the Toronto area and provides several solutions that various levels of government could enact to improve supply for the future.
“All levels of government have a role to play in developing short- and long-term policies that can create a more stable and secure rental market,” says Graham Haines, CBI Research Manager, and one of the report’s co-authors.
Over the past five years, the Toronto Area averaged 1760 rental completions. Over the past decade, it’s averaged just 1500 completions per year. The report’s authors suggest that the Toronto Area needs to substantially increase that number to 8,000 units each year.
“Getting to 8,000: Building a Healthier Rental Market for the Toronto Area,”
finds that a combination of high land values, investor demand for condos, and unequal development financing have resulted in developers favouring condominium construction over purpose-built rental units.
The report received media coverage in The Toronto Star, CP24, Novae Res Urbis, and Metro Toronto. You can join the online discussion on Twitter with the hashtag #GettingTo8000.