Ontario's provincial government has put forward a new housing plan for the province, known as the More Homes Built Faster Act, that aims to build 1.5M homes in the province by 2031, including 285K homes in Toronto.
Toronto has approved about 28,000 homes per year over the past five years and an average of 15,000 units per year have been built. As of 2020, there were 167,757 proposed homes in the city's development pipeline, meaning the units had their first planning approval, building permits or were under construction but not yet built.
The proposed housing legislation would reduce development charges on purpose-built rental construction but would offer deeper discounts of up to 25% for family-sized units.
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