City Of Toronto-Led Development Model Raises Questions

Despite some skepticism, industry stakeholders agree the model is a move in the right direction given the severity of Toronto’s housing crisis, and could be an opportunity for the private and public sectors to come together.A public development model that, theoretically, could help to fast-track affordable housing creation in Toronto is being met with some skepticism and many questions from industry stakeholders.

With the necessary funding, Lester says the model is promising and reflects the City’s well-intentioned desire to pave a new — and perhaps more effective — path to affordable housing development.The city does have a lot of land, so taking that land and trying to build more capacity is an initiative that we're willing to support,” he says. “I think, at the end of the day, given the crisis that we're in, that we need multiple models.

Fleming also says that this is an opportunity for the private and public sectors to come together. Echoing Blonder’s points, he notes that those immersed in private development understand the economics of housing, including how to ensure housing is “an asset that performs over time.” And while there are certainly lessons to take from Housing Now — which potentially, could set the City up for better success with respect to this latest public building model — Lyall says there are too many unknowns at this stage in the game, including but not limited to the private sector’s involvement. In the event that the City goes at this latest development model without the private sector’s help, Lyall has concerns.

On another note, Haider questions the long-term viability of a model like this one. Getting affordable housing built is one thing, but ensuring it remains liveable in the years to come is another matter entirely. Home sales in the Greater Toronto Area refused to budge in October as buyers kept to the sidelines amid a lack of both uncertainty and affordability.60% Of Canadian Mortgages Are Set To Renew In The Next 3 Years

Source: Real Estate Daily Report (realestatedailyreport.net)

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