Toronto passes inclusionary zoning policy for new residential developments
New rules have been approved by the City of Toronto that will require certain residential projects to include affordable housing units.
On Tuesday in a 23-2 vote, Toronto City Council adopted a new inclusionary zoning policy framework that will make it mandatory for some developments to incorporate affordable units in an effort to boost attainable housing in the city.
Council approved an inclusionary zoning official plan amendment, a zoning bylaw amendment and draft implementation guidelines which require new developments around protected major transit stations areas to include affordable rental and ownership housing units starting in 2022.
Toronto is the first city in Ontario to implement inclusionary zoning according to a press release issued on Tuesday.
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New rules have been approved by the City of Toronto that will require certain residential projects to include affordable housing units.
On Tuesday in a 23-2 vote, Toronto City Council adopted a new inclusionary zoning policy framework that will make it mandatory for some developments to incorporate affordable units in an effort to boost attainable housing in the city.
Council approved an inclusionary zoning official plan amendment, a zoning bylaw amendment and draft implementation guidelines which require new developments around protected major transit stations areas to include affordable rental and ownership housing units starting in 2022.
Toronto is the first city in Ontario to implement inclusionary zoning according to a press release issued on Tuesday.
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Pandemic trends reduce housing supply, heat up rental markets
Looming interest rate hikes have spurred sales and reduced inventory, heating up housing and rental markets on both sides of the border.
The buyers are expecting interest rate increases due to recent inflation data, which is pushing them toward buying sooner than later.
It’s a trend market watchers have also been noticing in Canada, with inventory levels low across the country and buyers anxious to get in ahead of higher rates.
Reduced inventory levels persist south of the border, with both new home and resale listings down 20 per cent from a year ago – a number that mirrors the Canadian situation.
Zonda chief economist anticipates supply increasing after the winter: “I think there are a lot of sellers that are trying to be opportunistic and trying to time the market correctly, and think that entering next year during the spring selling season will be a really good time.”
.
Looming interest rate hikes have spurred sales and reduced inventory, heating up housing and rental markets on both sides of the border.
The buyers are expecting interest rate increases due to recent inflation data, which is pushing them toward buying sooner than later.
It’s a trend market watchers have also been noticing in Canada, with inventory levels low across the country and buyers anxious to get in ahead of higher rates.
Reduced inventory levels persist south of the border, with both new home and resale listings down 20 per cent from a year ago – a number that mirrors the Canadian situation.
Zonda chief economist anticipates supply increasing after the winter: “I think there are a lot of sellers that are trying to be opportunistic and trying to time the market correctly, and think that entering next year during the spring selling season will be a really good time.”
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Here’s how developers are making new construction homes more family-friendly
The number of families living in Ontario is anticipated to increase over the next decade, meaning home developers will need to build new residences to meet the impending wave of demand.
According to a recently published research paper by the Smart Prosperity Institute, the province needs to provide about one million net new homes within the next 10 years to keep up with the formation of young families and housing supply shortages. Of the 910,000 net new families that will form during the decade-long timeline, the Ottawa-based think tank predicts that 195,000 families will live in high-rise apartments and 715,000 will live in all other forms of housing.
New construction builders are already exploring and executing family-oriented projects that will provide future Ontario households with the amenities and conveniences they desire.
.
The number of families living in Ontario is anticipated to increase over the next decade, meaning home developers will need to build new residences to meet the impending wave of demand.
According to a recently published research paper by the Smart Prosperity Institute, the province needs to provide about one million net new homes within the next 10 years to keep up with the formation of young families and housing supply shortages. Of the 910,000 net new families that will form during the decade-long timeline, the Ottawa-based think tank predicts that 195,000 families will live in high-rise apartments and 715,000 will live in all other forms of housing.
New construction builders are already exploring and executing family-oriented projects that will provide future Ontario households with the amenities and conveniences they desire.
.
How to build a condo investment portfolio that’s enticing for downtown Toronto dwellers
With increased immigration targets planned into 2023, experts have predicted that Toronto housing is set to boom in the post-pandemic era. This means now is an advantageous time for pre-construction investors to buy property that will be enticing to future downtown Toronto residents in city communities that are slated to expand.
Returning immigrants and students provides “needed assurance” to those who may have lost faith in downtown living during the pandemic. Rising pre-construction prices shows that Toronto’s normal growth curve is back on track and is progressing as normal. Should supply levels keep up with market demand, Toronto’s landscape is poised for future growth.
The impediment to more growth is supply, so as long as that stays a topic and the governments comply and speed up some of the bureaucracies for land development, then the population and city scape will continue to grow as Toronto.
.
With increased immigration targets planned into 2023, experts have predicted that Toronto housing is set to boom in the post-pandemic era. This means now is an advantageous time for pre-construction investors to buy property that will be enticing to future downtown Toronto residents in city communities that are slated to expand.
Returning immigrants and students provides “needed assurance” to those who may have lost faith in downtown living during the pandemic. Rising pre-construction prices shows that Toronto’s normal growth curve is back on track and is progressing as normal. Should supply levels keep up with market demand, Toronto’s landscape is poised for future growth.
The impediment to more growth is supply, so as long as that stays a topic and the governments comply and speed up some of the bureaucracies for land development, then the population and city scape will continue to grow as Toronto.
.