The funding comes amid ever-decreasing affordability in the red-hot market
The federal and Ontario governments have announced a multi-million-dollar commitment for the rejuvenation of a large-scale affordable housing complex in downtown Toronto.
Last week, CMHC and the provincial government pledged $2.2 million from the federal coffers to fund urgent repairs and retrofitting of the Harmony “B” Housing Co-operation Corp., a 78-unit rental cooperative deep within the heart of Toronto.
This is a crucial addition to a market that has seen housing units become much less affordable over the last few years, according to Adam Vaughan, Parliamentary Secretary to the Minister of Families, Children and Social Development.
“With this funding, we are able to give a helping hand to individuals in need, and in doing so, we are contributing to the economic and social well-being of the entire community,” Vaughan said.
Low-cost housing is an increasingly vital need in the region. During the first seven months of this year alone, condo prices in the Greater Toronto Area swelled by 9.1% annually, up to $743 per square foot.
“Low inventory levels are putting upward pressure on price per square foot in the Greater Toronto Area, especially for entry-level properties like condos,” according to Tom Storey of Royal LePage Signature Realty.
In comparison, single-family detached housing had a mere 1% year-over-year increase, up to $486 per square foot. The overall aggregate price across every residential asset class increased by 6.1% annually, up to $782 per square foot.
