Item - 2025.EX22.1

The Executive Committee:

1. Received the report (March 31, 2025) from the Deputy City Manager, Development and Growth Services for information.  

This report provides an interim update on the work done since the adoption of the Quayside Business Implementation Plan in 2022 to realize the significant housing objectives in Quayside-Phase 1.

In partnership with Waterfront Toronto (WT), Quayside Impact Limited Partnership (QILP), and Canada Mortgage and Housing Corporation (CMHC), the City has been able to:

- maximize the number of affordable rental homes and prioritize delivery of purpose-built rental homes;

- establish a delivery model that will result in the City retaining the ownership of land where affordable rental homes will be located in perpetuity;

- advance the funding and financing plan for the affordable rental housing component from the City, WT, and CMHC; and

- accelerate timelines to start construction in 2026 and have affordable rental homes reaching completion starting in late 2030.

With the softening of the condo market, the City, QILP, and WT have worked on an accelerated plan to maximize the number of affordable rental homes that can be delivered in the first phase, prioritizing the delivery of purpose-built rental homes on an expedited basis. As the result, it is estimated that approximately 550 affordable rental and 1,267 purpose-built rental homes will be delivered by 2030-31 (final home count dependant on final design). This is an improvement upon the number of affordable rental homes that were identified in the July 2024 re-zoning application, which was 458. 

This report responds to a commitment under the federal Housing Accelerator Fund to provide an update on the delivery plan for the affordable rental homes in Quayside in April 2025.