Item - 2024.PH11.22

The Planning and Housing Committee recommends that:  

1.  City Council adopt the confidential instructions to staff in Confidential Attachment 1 to the report (April 2, 2024) from the Executive Director, Housing Secretariat.

2. City Council authorize the public release of Confidential Attachment 1 and Confidential Attachment 2 to the report (April 2, 2024) from the Executive Director, Housing Secretariat at the discretion of the Executive Director, Housing Secretariat.

This report pertains to financial support for an affordable home ownership development by Habitat for Humanity Greater Toronto Area. Confidential Attachments 1 and 2 of this report will be released publicly at the discretion of the Executive Director, Housing Secretariat.

Affordable homeownership is an important part of the housing spectrum. When people are unable to move into homeownership, it leads to increased demand for rental homes, reduces availability, and results in increased cost of rents. In order to ensure that Toronto has a diverse range of housing opportunities, creating homeownership options for more renter households is an important action in the HousingTO 2020-2030 Action Plan.  However, with the average home price of $1.072 million (as of February 2024), more middle-and moderate-income households continue to be priced out of ownership opportunities.

Stimulating ownership opportunities for low-and-moderate income households, particularly first-time home buyers, has been a long-standing City commitment. Since 2007, the City has dedicated a portion of its funding allocation under federal/provincial housing programs to support affordable home ownership in Toronto through partnerships with both non-profit and private sector developers.