The Toronto housing market has soared up to 33% from a year ago, in which a detached home can cost up to $1.6 million. However, in recent news, Ontario has several plans to support housing across the province. Ontario has invested in more than 450 new affordable housing units in Toronto. It is an ongoing plan that will happen over the next 3 years. With this plan, Ontario will earn up to 2 billion in affordable housing across the province while Toronto will earn $600 million. This will mean more opportunities for the youth and the homeless to find affordable housing in the GTA.
Despite the rising cost of housing, there a several opportunities for Ontarians to find affordable housing within Toronto. According to the The Globe and Mail, companies such as Daniels Corps and Tridel Enterprises Inc. will provide rent-to-ownership mortgage subsidy programs targeted towards individuals with lower wages and Toronto Community Housing residents. Moreover, Options for Homes have launched a 21- story condo in the Weston area. This newly planned apartment will include at least 640 units for individuals searching for new and affordable condos.
This movement for affordable homes is part of the Ontario Fair Housing Plan. This plan will protect the investment of homeowners and increase stability within the housing market. The fair housing plan has a total of 16 measures to ensure the equality of real estate in Ontario. There are an additional 12 measures, that will be incorporated in future plans.