If Toronto Council needed any further persuasion of the urgent need to make headway on its housing strategy, it comes in data showing that apartment rents continue to climb out of reach for many residents. StarEditorial
If Toronto Council needed any further persuasion of the urgent need to make headway on its housing strategy,The average one-bedroom listing hit $2,501 per month in February. The Rentals.ca data, analyzed by research firm Urbanation, shows a 21.5 per cent increase in those asking rents over the last year.
On Tuesday, the city’s executive committee will consider a work plan to implement the housing action plan meant to bring some relief to this crisis. It’s important to recognize that the strategy is not a magic elixir. More housing can help ease the market pressures. But targeted investments by all three levels of government are needed to ensure to expand the stock of affordable and supportive housing. The city report notes that government intervention, likely subsidies, are needed for such housing.
There’s another potential political risk to the city’s housing strategy — the politician who introduced it has left the arena. John Tory resigned as mayor in February after it was revealed he had an affair with a junior staff member in his office.
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