Toronto is getting two new affordable housing sites, one to be located in Chinatown, and the other one in Rosedale, one of the city’s most upscale neighbourhoods.
The two separate projects are located at 222 Spadina Ave. and 877 Yonge St., which will provide, respectively, 84 and 250 homes with support services for seniors, Indigenous peoples, women and individuals who are experiencing homelessness or at-risk of experiencing homelessness.
Today, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development and Minister responsible for CMHC, and John Tory, Mayor of Toronto, announced details of an approximately $143 million investment for the immediate purchase and renovation of these approximately 334 units of affordable housing for Toronto.
“I want to thank the Government of Canada for coming forward with this investment which will help us continue to meet our housing goals,” said Mayor Tory. “We have remained committed to increasing the number of affordable housing options in Toronto and ensuring that we are providing support to those who need it the most. The housing we are announcing today will create a more well-rounded, full-service support system for vulnerable residents in our city. Supportive housing has proven to work and is the type of housing we need to create for people in need of a stable, long-term and welcoming place to call home.”
The Spadina Avenue site was formerly a Super 8 Hotel, while the Rosedale site was at one-time a seniors’ residence.
The Davenhill Senior Living home at 877 Yonge St. closed down in 2019 with some controversy when 150 residents were basically evicted including one who was 100 years old.
The purchase price of this building was $94.9 million of which $88.6 million is for the residential portion and will be covered by RHI Funding. The additional $6.3 million was for the commercial portion of the building and was paid for from the City’s Land Acquisition Reserve Fund.
Recently, another affordable housing project announced for the Willowdale neighbourhood garnered some criticism from local residents.
The projects will be delivered by the Canada Mortgage and Housing Corporation under the National Housing Strategy. The homes will remain affordable in perpetuity and future residents of these homes will pay no more than 30 per cent of their income (or the shelter allowance of their income support benefit) on rent.
“Our government is working hard to ensure that every Canadian has a safe and affordable place to call home,” said Toronto MP Adam Vaughan. “Investments with municipalities under the Rapid Housing Initiative will go a long way to effectively support those who need it most by quickly providing new affordable homes to vulnerable individuals and families to keep them safe.”