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Ontario is transforming surplus provincial land into a new residential community with plans to build hundreds of mixed-income housing in the Thistletown neighborhood of Toronto, allowing more people to access a safe and affordable home.

 

Minister Kathleen Wynne joined Mayor John Tory at the YMCA of Grosvenor Street to announce that land will be available for development and plan to begin the process to secure a developer.

 

The provincial property space on Kipling and Finch avenues will become the home of a new mixed income community with a combination of affordable rental and / or sale housing as well as homes for sale at current market prices. The rest of the site will be protected as a green space for the enjoyment of future residents. The new community will be fully accessible by transit, and the development of Thistletown will also be convenient for Finch West LRT, whose inauguration is scheduled for 2022.

 

As part of the Ontario Fair Housing Plan, the government is taking advantage of the surplus provincial land value in Ontario to develop new housing units for individuals, families and seniors, starting with the Toronto sites. Up to 35% of the units will be dedicated to several types of affordable housing that are so needed at this time. The development of these types of sites will increase the supply of housing and open the way to create thriving mixed income communities in areas close to traffic and employment.

Ensuring that everyone in Ontario has a safe and affordable place to live is part of the province’s plan to create equity and opportunity during this period of rapid economic change. The plan includes a higher minimum wage and better working conditions, free tuition for hundreds of thousands of students, easier and affordable access to child care and free prescription drugs for all under-25s.

 

Quick Facts:

  • Turning surplus land into new housing is one of the 16 measures of the Ontario Fair Housing Plan to provide stability to the real estate market, protect homeowner investments and ensure that more people can find a home that fits their budget.
  • In September, Ontario announced it will partner with the City of Toronto to create new mixed-use housing on surplus provincial land in West Don Lands and near Yonge and College streets.
  • Last December, Ontario passed legislation to create more affordable housing. This includes allowing municipalities to implement inclusive zoning, which requires residential developments to include affordable housing units.
  • The city of Toronto lists Thistletown as one of the 31 areas of neighborhoods with improvement capacity that require special attention.

 

If you have any questions or would like to know more about the real estate market in Toronto, contact me and I will be happy to help you.