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Part 2 - Toronto Housing Accelerator Funding

Sun Apr 21 2024

5 min read

With interest rates at their highest point in decades, population growth exceeding 3% annually and home prices up by more than 20% in the past three years, it's no wonder Canada is facing a housing crisis [1]. The Canadian Housing Accelerator Fund (HAF) has emerged as a pivotal solution to combat these forces. As outlined in our previous post, this significant federal investment aims to reshape the city's housing landscape by fostering the creation of more homes at an accelerated pace to meet the rapidly growing demand. But when will the residents of Toronto start seeing housing relief and what is Taurus Contracting going to do to support? In this blog post, we will delve deeper into these questions and much more. If you haven’t done so already, check out our first blog on the “Toronto Housing Accelerator Funding”.

How is Taurus Contracting Supporting the Toronto Housing Supply?

At Taurus, we are proud to be committed to supporting the fight against the Canadian Housing Affordability Crisis and want to make sure we’re doing our part to help. In the coming weeks, we have an exciting announcement of a new initiative to help increase the supply of living accommodations within the Scarborough community. Stay tuned to learn more!

What is the Housing Accelerator Fund and what is its importance to the GTA?

The Canadian Housing Accelerator Fund (HAF) is a key component of the Federal Government's National Housing Strategy, aimed at addressing Canada’s housing affordability crisis. It provides financial assistance to municipalities and other stakeholders to speed up the planning and delivery of affordable housing projects. Toronto is set to receive $471 million, which will fast-track the creation of approx. 12,000 new homes within the city over the next three years. This funding aims to foster a mix of Rent-Geared-to-Income (RGI), affordable, and market rental homes in diverse, transit-connected communities, contributing towards the federal government's ambitious goal of generating 100,000 new homes across Canada. The city's initiatives under the HAF encompass a broad range of actions, including expediting development approvals, revitalizing housing buildings, developing city-owned land for affordable homes, and expanding the Multi-Unit Residential Acquisition (MURA) program. These efforts align with Toronto’s “HousingTO 2020-2030 Action Plan”, targeting the construction of 65,000 rent-controlled homes by 2030 [2] [3].

HAF Key Objectives & Targets

The Canadian Housing Accelerator Fund as 5 main objectives:

  1. Increase Housing Supply: The primary goal of the HAF is to significantly increase the supply of affordable housing across Canada.
  2. Accelerate Housing Projects: The fund is designed to expedite the planning, development, and construction phases of housing projects.
  3. Promote Sustainable and Inclusive Communities: The HAF aims to encourage the development of housing that is not only affordable but also sustainable and inclusive.
  4. Leverage Technology and Innovation: There's an emphasis on adopting innovative construction methods, materials, and technologies to reduce costs, improve energy efficiency, and make housing more accessible.
  5. Focus on Vulnerable Populations: An important objective of the HAF is to ensure that vulnerable populations, including seniors, Indigenous Peoples, people with disabilities, and those experiencing homelessness, have access to affordable and suitable housing.

When will the people of Toronto see an impact?

While the $470M in funding was announced recently on December 21st 2023, the majority of the impact is expected to take place over the medium term. The acceleration of housing projects and the creation of the targeted 12,000 new homes, is targeted to unfold over the next 1-3 years. This timeline will be crucial for implementing the various initiatives outlined in the city's application to the HAF and will hopefully mark the beginning of tangible increase in housing availability and affordability​ [2]​.

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