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The housing affordability crisis in Toronto and the Greater Toronto Area (GTA) has intensified, with 88% of Ontarians expressing concern over current housing costs. A significant 48% are considering relocating within the next five years due to affordability issues, highlighting the urgency for effective housing policies.

​ In response, various political parties have proposed measures to address the crisis. The Conservative Party suggests implementing a two-year ban on foreign investors purchasing homes unless they intend to reside in Canada, aiming to reduce competition for local buyers. They also plan to construct one million homes over three years and release 15% of federal real estate for housing development. The New Democratic Party (NDP) proposes a 20% tax on home sales to foreign buyers and pledges to build 500,000 affordable housing units over the next decade. The Green Party advocates for declaring housing and homelessness as national emergencies and investing in the construction of 50,000 supportive housing units over ten years. ​

Locally, Toronto's administration is taking steps to increase the rental housing supply. The city has launched the Rental Housing Supply Program, aiming to expedite the construction of affordable, rent-geared-to-income, and rent-controlled homes. This initiative includes allocating approximately $351 million in capital funding to 18 affordable rental housing projects, expected to add nearly 6,000 new rental homes, with construction slated for 2024 and 2025. These combined efforts underscore a concerted push from both governmental and political entities to tackle the pressing housing affordability challenges facing Toronto and the GTA.

Read the full article on: CBC