GTAAonline Magazine December 2021 by Marc Cote

Vol. 1 No. 1 December 2021

Toronto Development Pipeline 2021

highlights that are useful for our industry

New Rental Supply Need Right-Sizing Housing & Generational Turnover report

Foundation Donates Celebrating 16 years

Housing & Federal Agenda Housing affordability for the middle-class

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PRESIDENT’S Message It was only a matter of time – perhaps accelerated by the pandemic and the associated apprehension towards touching and handling anything unnecessarily – here we are with our inaugural digital only, GTAAonline. Aside from the obvious (not printed on paper, no staples, no plastic envelop on your desk, no stamp to lick) the two main improvements are frequency and freshness. Our goal is a monthly edition, which by default means you will always receive prompt, relevant information. We will continue to share in depth material to help you make informed decisions as well as the current news. We found the best publisher – RHB Inc. – and together with your input we will tinker with the content over the next several months to figure out what you – our audience – wants. Or maybe we will mash it up every now and again, a bit of flux to keep your attention. Organic evolution. This inaugural edition is perfectly timed with the end of the year. As we close out 2021, we recall similar sentiments at the send of 2020 … farewell to the past and bring on the new. Speaking of new, our website was redesigned over the past few months in coordination with the launch of this digital magazine. If you haven’t visited it for a while, please browse through it and let us know what you think. It is and shall remain a work in progress as the online world is in a state of continuous change. Amid the virtual flux, one thing that remains is our need to stay in touch in the real world – with colleagues, friends, and family. While we approach a much-needed break, I wish you all a wonderful holiday season.

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CHAIR’S Message We’ve made it though another year! One of many ups and downs, anticipation of things getting better to close the year out, and the let down of Omicron sneaking in and crushing the dreams of fully opening. Is this our new normal? I feel like my message this year is similar to 2020…we and our teams have worked long hours taking care of our residents, we’ve been on everlasting Zoom and Teams calls and seminars, our holiday networking events have been cancelled and now we are being advised to limit our family gatherings. I’d like to say goodbye to 2021 and welcome 2022 in hopes that things will change for the better. I’m thinking positively! Another whirlwind year, I’m looking forward to some quiet time with my family as well as some outdoor time, skiing and hiking. My daughter, Avery, will be back home from university for the holidays and I am looking forward to some special time with her. I hope you all get to enjoy time with your families or that special someone. I’d like to thank the GTAA Board Members for their contributions to our organization this year. They all spend a great amount of time on our Member’s behalf discussing industry issues and providing input for our direction. A special thanks to Daryl Chong and Kornelija Culic for their work this year. From my family to yours, Happy Holidays / Merry Christmas / Happy New Year! Cheers to 2022!

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VOL.1 NO.1 2021

In this ISSUE Development 8 Toronto Pipeline 2021

Publisher RHB Inc. info@rentalhousingbusiness.ca

Director of Sales Nishant Rai

Right-Sizing Housing & Generational Turnover

Account Executive Justin Kreslin

Editorial Daryl Chong

Creative Director / Designer Scott Clark

Rental in 20 Purpose-Built Toronto

Office Manager Geeta Lokhram

GTAAOnline is published monthly by RHB Inc. on behalf of the Greater Toronto Apartment Association (GTAA) and is distributed online through controlled circulation to the GTAA membership.

Charitable Foundation announces $120,000 in donations at AGM

ousing is now at the 26 Hforefront of the federal agenda

Please contact the Publisher for advertising dates and rates. Opinions expressed are those of the authors and do not necessarily reflect the views and opinions of the GTAA Board or management. GTAA accepts no liability for information contained herein. Opinions expressed in articles are those of the authors and do not necessarily reflect the views and opinions of the GTAA Board or management. GTAA and RHB Inc. accept no liability for information contained herein. All rights reserved. Contents may not be reproduced without the written permission from the publisher. P.O. Box 696, Maple, ON L6A 1S7 416-236-7473 All contents copyright © RHB Inc.

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Toronto Development Pipeline 2021

In June 2021 Toronto City Planning published their annual “Development Pipeline report (formerly “How Does the City Grow”). or Zoning By-law Amendments, which may or may not have applications for Site Plan Control submitted or approved;

Here are some of the highlights that are useful for our industry. The Development Pipeline includes any development activity in the five-year window, between January 1, 2016 and December 31, 2020. This provides a lens through which to monitor Toronto’s near-term housing supply which in turn provides an extensive representation of development activity within the city. A development project is the collection of Planning and Building Permit Applications having to do with a single site. Development activity refers to progress at any stage of the approvals and development processes, including: Planning application submission, review and approval; Building Permit application and issuance, construction, occupancy, and completion. • Built projects are those which became ready for occupancy and/ or were completed during the period. • Active projects are those which have received at least one Planning approval but which have not yet been built, including:



projects with their first Planning approval such as approved Official Plan Amendments and/

8 | December 2021



projects with some Planning approvals and for which Building Permits have been applied for or have been issued but for which construction has not yet started; and projects which are under construction but are not yet built.

• Under Review projects are those which have not yet been approved or refused, and those which are under appeal. Toronto continues to experience strong growth and development activity. The 2020 Development Pipeline is comprised of 2,114 development projects (Table 1). Cumulatively, these projects propose a record 503,362 residential units and 12,853,823 square metres of nonresidential GFA. Despite the fact that not all proposed projects are approved, and not all approved projects are built, the Pipeline provides a good indication of near-term housing supply.

National Apartment Group Sales Representative * Broker ** Personal Real Estate Corporation ***

ONTARIO BRITISH COLUMBIA

VANCOUVER Lance Coulson*** Executive Vice President lance.coulson@cbre.com 604. 662. 5141

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VANCOUVER Greg Ambrose* Associate Vice President greg.ambrose@cbre.com 604. 662. 5178

EDMONTON Thomas Chibri* Associate Vice President thomas.chibri@cbre.com 780. 424. 5475

VANCOUVER Kevin Murray* Senior Sales Associate kevin.murray4@cbre.com 604. 662. 5171

CALGARY Richie Bhamra* Vice President richie.bhamra@cbre.com 403. 303. 4569

BRITISH COLUMBIA ALBERTA

SASKATCHEWAN MANITOBA

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TORONTO David Montressor* Vice Chairman david.montressor@cbre.com 416. 815. 2332 TORONTO Tom Schuster* Associate Director tom.schuster@cbre.com 416. 847. 3257 WATERLOO REGION James Craig* Vice President james.craig2@cbre.com 519. 340. 2330 LONDON Kevin MacDougall** Associate Vice President kevin.macdougall@cbre.com 519. 286. 2013

ONTARIO

OTTAWA Nico Zentil* Senior Vice President nico.zentil@cbre.com 613. 788. 2708

NOVA SCOTIA

HALIFAX Robert Mussett* NEWFOUNDLAND Executive Vice President robert.mussett@cbre.com 902. 492. 2065

QUEBEC

MONTREAL Marc Hetu* Senior Vice President marc.hetu@cbre.com 514. 906. 0891

HALIFAX Chris Carter* Vice President chris.carter@cbre.com 902. 492. 2085

QUEBEC NEW BRUNSWICK NOVA SCOTIA

$19B

OFFICES ACROSS CANADA

SALES PROFESSIONALS

SOLD SINCE 2000

June 2021

Average 2016-2020

in this bulletin reports on newly proposed uses, units and spaces.

15,631

35,240

44.4%

Source: Canada Mortgage and Housing Corporation, Monthly Housing Now - Greater Toronto Area Reports Note: Completions are for whole calendar years

Table 7: Proposed Residential Units in Active Projects by Stage

Table 1: Proposed Projects in City of Toronto by Status

City of Toronto

Built

Active

Under Review

Total in Pipeline

% of Total

584

756

774

2,114

100.0

335

471

513

1,319

62.4

122

175

170

467

22.1

Centres

105

5.0

Avenues

124

187

211

522

24.7

Growth Areas Downtown and Central Waterfront

Recent years of data maintenance by residential units are proposed and Mixed Use Areas 59are retained from 78 88 225 10.6 City Other Planning staff have enabled the the remaining 7% inclusion of Table 4a and Table 4b, the previous uses. total All Other Areas 249Over 92% of 285 261 795 37.6 which represent both retained and residential GFA is proposed and 8% is Source: City of Toronto, Planning: Land Use Information System65% II of total proposed residential unitsCity as well as retained, whereas almost residential and non-residential GFA in non-residential GFA is proposed while Development projects with activity between January 1, 2016 and December 31, 2020. Built projects are those which square metres. Over 93% of the total 35% is retained uses. became ready for occupancy and/or were completed. Active projects are those which have been approved, for which Building Permits have been applied or have been issued, and/or those which are under construction. Projects Under Review are those which have not yet been approved or refused and those which are under appeal.

Table 2: Proposed Residential Units in City of Toronto by Status Built

Active

Under Review

Proposed Residential Units in Active Projects

Active Residential Projects

Stage

Stage Description

Number

Percent

Number

Percent

Delegated / Council Approval*

62,238

38%

276

37%

Permit Application

17,540

11%

Issuance of a Permit

6,130

Work Started

76,849

47%

354

47%

162,757

100%

756

100%

Total

Source: City of Toronto, City Planning: Land Use Information System II Active residential units and development projects with activity between January 1, 2016 and December 31, 2020. Active projects are those which have been approved, for which Building Permits have been applied or have been issued, and/or those which are under construction. *Delegated approval refers to Site Plan or Plan of Condominium approvals that have been granted by

Total in Pipeline

Projects Under Review

the Chief Planner. % of %12 of-Total Growth Toronto City Planning - June 2021 Areas

As average size of development Despite246,769 the fact that not all proposed City the of Toronto 93,836 162,757 503,362 100.00 145,717 204,787 434,086 and not 86.2all 100.0 so does the 83,582 projects are approved, Downtown and Waterfront approved 41,685 61,922 55,395 159,002 31.6Pipeline 36.6 magnitude ofCentral development approved projects are built, the 9,799 17,612 52,113 12.0 provides24,702 a good indication of10.4 near-term byCentres Council. Over the five years from Avenues 20,216 32,600 68,063 120,879 24.0 27.8 2016 to 2020, Council has approved housing supply. Other Mixed Use Areas 11,882 33,583 56,627 102,092 20.3 23.5 more residential units than were built All Other Areas 10,254 17,040 41,982 69,276 13.8 Built Projects (see Table 5). City Council approved Source: City of Toronto, City Planning: Land Use Information an average of 28,170 residential units System IIMany projects with development Proposed residential units in development projects withwhile activity between January 1, 2016 and December 31, 2020. Built projects are per year between 2016 and 2020, activity 2016 andapproved, 2020 have those which became ready for occupancy and/or were completed. Active projectsbetween are those which have been for which Building Permits haveon beenaverage applied or have beenbuilt issued, and/or those which are under construction. Projects Under Review are those 15,303 units were become which have not yet been approved or refused and those which are under appeal. occupied or have completed annually. This is a surplus of 12,867 construction during this period. In the units on average or 84% of the average current Pipeline, 584 projects (28% of Built annual Projects production through the Pipeline. the total) have completed construction 2 ) in City of Toronto by Status Table 3: Proposed Non-Residential GFA (m This surplus helps to ensure a steady or received a Partial Occupancy Permit. % of supply ofprojects approved housing be Many with will development activity between Underrepresent Total inan addition % of 2016 These projects Built Active Growth Review Pipeline Total available for construction and eventual Areas of 93,836 newly constructed residential and 2020 have become occupied or have completed occupancy. City of Toronto 2,413,647 5,561,590 4,878,586 12,853,823supply 100.0 and units to the city’s housing Growth Areas 1,373,936 3,113,509 7,791,031 Pipeline, 60.6GFA 100.0 construction during this period. In 3,303,586 the 2,413,647 m2 ofcurrent non-residential Downtown and Central Waterfront 926,222 2,175,222 1,774,008 37.9 62.6 (see Tables 2 and 34,875,452 on page 7). Growth Areas projects increases,

4 - Toronto City Planning - June 2021

584 projects (28% of the have213,546 completed Centres 77,257total) 129,593 420,397 3.3 5.4 Avenues 190,949 284,894 644,069 1,119,912 8.7 14.4 construction or received a Partial Occupancy Permit. Other Mixed Use Areas 179,508 523,800 671,963 1,375,271 10.7 17.7 All Other Areas 1,039,712an2,448,082 1,574,999 5,062,793 39.4 These projects represent addition of 93,836 newly Source: City of Toronto, City Planning: Land Use Information System II constructed residential units to the city’s housing Proposed non-residential GFA in development projects with activity between January 1, 2016 and December 31, 2020. Built projects are those which became ready for occupancy and/or were completed. Active projects are those which have been approved, for which supply m2 Building Permits and have been 2,413,647 applied or have been issued, and/orof thosenon-residential which are under construction. ProjectsGFA Under Review are those which have not yet been approved or refused and those which are under appeal. Gross floor area values are expressed in square metres.

TORONTO - 7 Table 5: Residential Units Approved and Built byprofile Year

Year

Units Approved

Units Built

2016

17,992

16,684

2017

27,526

10,939

2018

38,371

19,024

2019

35,641

13,043

2020

21,318

16,823

Total

140,848

76,513

Average

28,170

15,303

Source: City of Toronto, City Planning: Land Use Information System II. Proposed residential units in development projects with activity between January 1, 2016 and December 31, 2020. Units approved are units in projects that received their first planning approval in the year listed. Units built are units in projects that became ready for occupancy and/or were completed in the year listed. Note: the number of units built in Table 5 may differ from the number of units in built projects listed in Table 4, as some projects became ready for occupancy before 2016 but had other development activity (such as an application for a Draft Plan of Condominium) during the pipeline window of January 1, 2016 to December 31, 2020. These figures are different than those in Tables 5 and 7 because units in the planning process are recognized as completed when the building is ready for occupancy or substantially complete, whereas CMHC recognizes units as built once the building is fully complete.

Active Projects

In the current Pipeline, 32% of projects are active with at least one Planning approval, accounting for 162,757 residential units and 5,561,590 m2 of non-residential GFA. Residential projects that are approved but not yet built represent approximately 10 years of potential housing supply, given the average pace of completions reported by CMHC. At any given time, there are active residential projects at different stages of development from an initial approval to the beginning of construction. Table 7 shows all proposed residential units in active projects broken down by the stage of activity.

10 | December 2021

Stage as of December 31, 2020

In the current Pipeline, there are 246,769 residential units and an additional 4,878,586 m2 of non-residential GFA in projects currently under review. Across the city, more than three-quarters of the residential units and non-residential GFA proposed in the Development Pipeline are not yet built. There are 409,526 residential units and 10,440,176 m2 of nonresidential GFA that are either under review or active, indicating a continuation of strong construction activity in Toronto in the coming years. If all of these units were eventually built, the total number of dwellings in the city would increase by over one third. Toronto’s Official Plan is intended to contribute to a future in which the private sector marshals its resources to help implement public policy objectives, one in which housing choices are available for all people in their communities at all stages of their lives. The 2020 Development Pipeline shows that 86% of proposed residential units and 61% of non-residential development is proposed in areas targeted for growth by the City’s Official Plan, including Downtown and the Central Waterfront, the Centres, the Avenues, and other Mixed Use Areas. Notable non-residential activity in Downtown Toronto: • The ongoing Union Station Revitalization at 61 Front Street West; • The built project at 18 York Street includes the Delta hotel and other commercial uses connected to the PATH among residential and office components; • The approved new courthouse at 11 Centre Avenue for which construction work has started; • The project at 333 King Street East which retains the Globe and Mail Centre, while the Coca Cola/ George Brown College property also proposes office uses in addition to a 1,000 square metre POPS (privately owned, publicly accessible open space); These projects are in addition to 19 other development projects in Downtown, proposing 2,598,056 m2 of non-residential floor space in total.

National Apartment Group Ontario For more information, please contact: We are currently observing a very strong finish to the year for Ontario’s multi-residential investment market. Investor sentiment remains strong for purchasers and lenders, transaction volumes have surpassed historical levels, and values have appreciated significantly with a strong indication they will continue to increase in 2022. Please see below for a summary of recent deals as of Q4 2021. For additional info on cap rates, current valuations, and market trends, please reach out to a member of our team.

David Montressor* Vice Chairman (416) 815-2332 david.montressor@cbre.com

Tom Schuster* Associate Director (416) 847-3257 tom.schuster@cbre.com

* Sales Representative

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There is a strong north-south trend of recently built non-residential development activity between University Avenue and Yonge Street, with the largest built projects located in this corridor. There has been a shift in the non-residential market towards a more east-west pattern of development, with all of the largest Active and Under Review projects proposed south of Dundas Street. Many of these are large, phased, mixed-use projects, proposed mainly on lands designated as Mixed Use Areas or Regeneration Areas and in Secondary Plan areas that permit both residential and non-residential development. Toronto’s Non-Residential Market The city’s non-residential market, including office, retail, institutional and hotels remained strong during the 2016 to 2020 Development Pipeline period (see Maps 6 and 7 on pages 32 and 33). There was 759,315 m2 constructed in projects larger 50,000 m2 in the Downtown and Central Waterfront (see Table 10 on page 20). All of these projects were built and ready for occupancy before 2020. Five Largest Active Projects • East Harbour at 21 Don Valley Parkway, which proposes to redevelop the Unilever site into a major retail, office, and transportation hub; • 1201 Wilson Avenue, which proposed a mix of uses including an expansion of the Humber River Regional Hospital (HRRH), the Forensics Service and Coroners Complex (FSCC), and Provincial office buildings (subsequent phases of development under Provincial approvals are continuing);

12 | December 2021

• 82 Buttonwood Avenue, a redevelopment of West Park Healthcare Centre campus and other institutional uses; • 440 Front Street West, “The Well”, a redevelopment of the Globe and Mail site with seven mixed use buildings with office and retail uses; and • 45 Bay Street, which includes a major office tower, an elevated park over a rail corridor and the GO bus terminal integrated into the project. Five Largest Under Review Projects • 325 Front Street West, a mixed-use development including residential, office and retail uses in four buildings (2 residential and 2 office) and open space uses over the rail corridor; • 25 King Street West, a 64-storey office-retail building on the Commerce Court site and an addition to Hotel Victoria (approved by Council, appealed to the LPAT which has since been withdrawn); • 433 Front Street West, the development of ten mixed-use buildings over the rail corridor (refused by Council; appealed to the LPAT); • 11 Bay Street, a new project proposed in 2020 which proposes a 54-storey office tower with a mixed use podium, including a conference centre associated with the Westin Harbour Castle; and • 3401 Dufferin Street, a 20+ year phased mixed-use plan for the Yorkdale Shopping Centre site which includes retail, office, hotel, and residential uses.

pandemic” ten-year period 2009 to 2019, the City’s employment grew by 27,661 jobs per annum. This is 2.6 times the rate of growth anticipated by the forecasts supporting the Growth Plan. Over the ten-year period 2010 to 2020 ending “mid-pandemic”, Toronto’s employment grew by 15,161 jobs per annum, or 1.4 times the rate of growth anticipated by the Growth Plan forecasts. To date, the City is still growing faster than forecast and remains on track to achieve the Growth Plan forecast before 2051.21

Toronto’s housing growth is also on track with the household forecasts supporting A Place to Grow as amended in 2020. The Growth Plan as amended is supported by a technical forecast study by Hemson Consulting Ltd also completed in 2020. The Reference Forecast of that study anticipates 495,000 households need to be accommodated over the forty-year period from 2011 to 2051.

Citywide Growth Plan Forecast

or proposed almost enough potential housing less estimated demolitions to accommodate the forecasted growth to 2051. CMHC reports that 127,481 units were completed between May 2011 and April 2020 for a net total of 116,135 units. The Development Pipeline contains 162,757 units in projects with their first Planning approval but not yet built. If realized, the estimated net new supply would be 148,272 units. Together this is 53% of the net units required to accommodate the forecasted growth over forty years. A further 246,769 units are in development projects still under review for an estimated added net supply of 224,807 units or a further 45% of the forecasted growth. Together this represents almost 99% of the units required to accommodate the forecasted household growth to 2051 (see Figure 5 on page 36). Not all submitted proposals are approved, and not all approved projects are built. However, given these trends, Toronto is well on its way to housing the population forecasted by A Place to Grow as amended.

A Place to Grow: Growth Plan for the Greater In order to accommodate the additional households, additional housing must be Golden Horseshoe (2019) was brought into effect built. To realize this additional housing, some existing housing may need to The mediumlong-term impacts on May and 16, 2019 by the Province. It manages be demolished. Based on an analysis of the COVID-19 pandemic are not yet of Demolition Permits over the 16-year growth and development throughout the region that known. The study supporting the revised period 2005-2020, the overall average forecasts in the amended Growth Plan annual demolition rate versus housing stretches around states that the forecasts incorporateLake Ontario from Niagara Falls to units completed over the same period a severe economic contraction in as reported by CMHC was 8.9% (see Peterborough, with 2020 while anticipating a return to pre- Toronto at its centre. On August pages 8-9). The demolition rate can be pandemic expectations within three applied to the potential housing supply 28, Province released the amended A Place years.2020, Nevertheless,the the study observes to estimate the net supply (see Table 14). that the pandemic has the potential to toaffectGrow. Theof theamended Growth Plan eliminates the the assumptions forecast, requiring ongoing monitoring. 2031 and 2041 forecast years, replacing them with forecasts at 2051. Table 14: Growth Plan Forecast Potential Supply (Units)

Potential Supply Less Estimated Demolitions

Hemson Forecast

2011 - 2051

495,800

100.0

495,800

100.0

CMHC Completions

2011 - 2020

127,481

25.7

116,135

23.4

Active Units

2016 - 2020

162,757

32.8

148,272

29.9

Under Review Units

2016 - 2020

246,769

49.8

224,807

45.3

537,007

108.3

489,213

98.7

41,207

8.3

-6,587

-1.3

Total Units Additional Potential / Shortfall

reports that 127,481 units were completed between May 2011 and April 2020 for a net total of 116,135 units. The Development Pipeline contains 162,757 units in projects with their first Planning approval but not yet built. If realized, the estimated net new supply would be 148,272 units. Together this is 53% of the net units required to accommodate the forecasted growth over forty years. A further 246,769 units are in development projects still under review for an estimated added net supply of 224,807 units or a further 45% of the forecasted growth. Together this represents almost 99% of the units required to accommodate the forecasted household growth to 2051. Not all submitted proposals are approved, and not all approved projects are built. However, given these trends, Toronto is well on its way to housing the population forecasted by A Place to Grow as amended. Potential Population

There are 148,272 net units which are approved but not yet built in the Development Pipeline after The continuation of the recent growth trends are accounting for estimated demolitions to realize uncertain due to the COVID-19 pandemic, which profile TORONTOthem. If these units were completed and occupied - 35 has been factored into the 2020 Hemson technical at the average number of persons per household of background study supporting the amendment to A units built in the last twenty years, 1996 to 2016, the Table 15 shows the density of people equivalent of growing the population Potential Population Place to Grow. potential population in these units could be about and jobs per hectare for Downtown by over one fifth. Added to the 2020 There are 148,272 net units which and each Centre between 2006 and population estimate, the Pipeline would are approved but not yet built in the 259,900 people. In addition to Statistics Canada’s 2019, and for the city overall. Since contribute to a city population of about Development Pipeline after accounting 2006, each of of these the areas has become 3.642 million 99.8% of the 2051 The study states that theorlong-term effects for estimated demolitions to realize steadily denser. North York Centre and population forecast of 3.650 million 2020 population estimate for the city of 2,988,408, this them. If these units were completed Yonge-Eglinton Centre have achieved contained in the Provincial Growth Plan pandemic arenumber very uncertain. and occupied at the average of the 400 people and jobs per hectare as amended. could bring the city’s population to 3.25 million or 89% persons per household of units built in target, as early as 2006 in the case the last twenty years, 1996 to 2016, the of Yonge-Eglinton Centre. In 2020, potential population in these units could Density of Jobs and People in of the forecasted population at 2051. If the 224,807 Housing Forecast total employment was lower than in be about 259,900 people. In addition Growth Areas 2019 due to the initial impacts of the to Statistics Canada’s 2020 population Toronto’s Official Plan seeks to direct COVID-19 pandemic. As a result, the net units which were still under review at the end of estimate for the city of 2,988,408, this growth to the Centres and Downtown estimated densities in 2020 are lower could bring the city’s housing population to Toronto’s growth is mixed also with the “in order to promote use on track than they were in 2019. Nevertheless, 2020 were also approved, built and similarly occupied 3.25 million or 89% of the forecasted development to increase opportunities Table 15 also shows that Downtown population at 2051. If theforecasts 224,807 net household supporting A Place Grow asin for living close to work and to encourage and the to Centres have intensified units which were still under review at the walking and cycling for local trips.” (already having accounted for estimated demolitions), comparison to the city overall, as the end of 2020 were also approved, built Plan has directed. is amended in 2020. The Growth Plan asGrowth amended and similarly occupied (already having The Provincial Growth Plan sets the potential population in these additional units could accounted for estimated demolitions), minimum gross density targets to be If the density trends continue, it is likely supported forecast by Hemson the potential population by in thesea technical achieved by 2031 for Urban Growth study that Downtown will exceed the UGC be about 394,100 people. additional units could be about 394,100 (UGCs). The minimum gross density target well before 2031. The people. Consulting Ltd alsoCentres completed Theof theReference density target is 400 residentsin and 2020. jobs 2020 density Downtown UGC combined per hectare for each Centre area is estimated to be 366 people In total, the Development Pipeline In total, the Development Pipeline could represent a and for Downtown. and jobs per hectare. According to Forecast of that study anticipates 495,000 households could represent a potential population the Census, the Downtown UGC of 654,000 people. This would be the potential population of 654,000 people. This would need to be accommodated over the forty-year period be the equivalent of growing the population by over from 2011 to 2051. one fifth. Added to the 2020 population estimate, the Figure 5: Growth Plan Forecast to 2051 Pipeline would contribute to a city population of about 2051 2011 100% 3.642 million or 99.8% of the 2051 population forecast Forecast to 495,800 2051 of 3.650 million contained in the Provincial Growth Plan as amended. 2020 23% 30% 99% 45% 53% Potential Sources: City of Toronto, City Planning Division: Integrated Business Management System; Land Use Information System II; Canada Mortgage and Housing Corporation: Housing Now, GTA Edition tables.

Based on development projects with activity between January 1, 2016 and December 31, 2020 less estimated demolitions using a demolition rate of 8.9% based on Demolition Permits issued 2005-2020 versus CMHC Completions over the same period. Active projects are those which have been approved, for which Building Permits have been applied or have been issued, and/or those which are under construction, but are not yet built. Projects Under Review are those which have not yet been approved or refused and those which are under appeal.

Supply Estimated Demolitions

116,135 0

50,000

Households

148,272 100,000

150,000

Completions

200,000

224,807 250,000

300,000

Approved & Not Yet Built

350,000

400,000

Under Review

6,587 450,000

500,000

Required

Sources: City of Toronto, City Planning : Integrated Business Management System; Land Use Information System II; Canada Mortgage and Housing Corporation: Housing Now, GTA Edition tables. Based on development projects with activity between January 1, 2016 and December 31, 2020 less estimated demolitions using a demolition rate of 8.9% based on Demolition Permits issued 2005-2020 versus CMHC Completions over the same period. Built projects are those which became ready for occupancy and/or were completed. Active projects are those which have been approved, for which Building Permits have been applied or have been issued, and/or those which are under construction, but are not yet built. Projects under review are those which have not yet been approved or refused and those which are under appeal.

In order to accommodate the additional households, additional housing must be built. To realize this additional housing, some existing housing may need to be demolished. 36 - Toronto City Planning - June 2021

Just nine years into the forty-year forecast period, Toronto has seen built or proposed almost enough potential housing less estimated demolitions to accommodate the forecasted growth to 2051. CMHC

Density of Jobs and People in Growth Areas Toronto’s Official Plan seeks to direct growth to the Centres and Downtown “in order to promote mixed use development to increase opportunities for living close to work and to encourage walking and cycling for local trips.” The Provincial Growth Plan sets minimum gross density targets to be achieved by 2031 for Urban Growth Centres (UGCs). The minimum gross density target is 400 residents and jobs combined per hectare for each Centre and for Downtown.

gtaaonline.com | 13

If the density trends continue, it is likely that Downtown will exceed the UGC density target well before 2031. The 2020 density of the Downtown UGC area is estimated to be 366 people and jobs per hectare. According to the Census, the Downtown UGC population increased by 41,668 people between 2011 and 2016 or 19.4 persons per hectare. According to the City’s Toronto Employment Survey, the employment increased by 95,390 jobs between 2011 and 2020 or 44.4 jobs per hectare. The increase in density as a result of this growth is a minimum of an additional 63.8 people and jobs per hectare over the nine-year period 2011-2020, a per annum rate of at least 8.8 people and jobs per year. If the current trends continued for another 4 years after 2020, the additional density would yield a total of 402 people and jobs per hectare in 2024, exceeding the minimum Urban Growth Centre density target well before 2031. The timing of the city’s growth will be affected by its recovery from the impacts of the COVID-19 pandemic. COVID-19: Rebuild and Recover In response to the COVID-19 global pandemic, the City of Toronto closed its offices effective March 18, 2020. The City of Toronto remained deeply committed to public service and quickly adapted by rolling out remote work and resuming services. City Planning and Toronto Building Divisions continued accepting Planning and Building Permit applications, approving planning proposals, issuing building permits, and performing final inspections of completed construction. In 2020, City Planning received applications for 242 development projects proposing 70,851 residential units and 1,279,479 m2 of non-residential GFA. By comparison to the 211 projects proposed in 2019, 16% more residential proposals and 20% fewer non-residential projects were submitted in 2020. Even though City Planning was not able to accept new applications for several weeks at the onset of the pandemic, it received 40% of the year’s total by the end of June, compared to 33% in 2019. The comparatively high number of development proposals submitted in 2020 shows continuing confidence in development in Toronto in the foreseeable future, especially in the residential market. In the early months of the pandemic, City Planning pivoted its focus by prioritizing approvals of affordable and modular housing, as well as condominium applications and other applications that were close to approval. The number of development projects that received at least their first Planning approval in 2020 was 110, a decrease from 155 projects in 2019. The 110 approved projects consisted of 21,318 residential units and 473,644 m2 of non-residential GFA. The average number of projects approved per month in

14 | December 2021

2019 and 2020 were 8.9 and 7.6 respectively. One of the major contributing factors to the decrease in approvals was the cancellation of City Council and Committee meetings between March and May in 2020. Also, the City Planning Division and a few other City Divisions that provide development review support experienced critical staffing shortages for much of 2020, impacting development review timelines. The pandemic did not slow construction activities across the city as residential and some non-residential construction was deemed an essential service by the Province of Ontario. According to CMHC, 20,982 residential units began construction and 56,005 units were under construction in 2020. This is 11% and 7% higher respectively than the 18,877 units that began construction and the 52,317 units that were under construction in 2019. The Toronto Building Division issued 9,717 Building Permits comprising 25,258 residential units in 2020, while 11,636 Building Permits with 12,002 residential units were issued in 2019. CMHC reports 17,276 residential units were completed in 2020 and the Development Pipeline similarly captured 16,823 units that were built in the same year. Over the five-year period from 2016 to 2020, CMHC reports 78,513 completed residential units. The Development Pipeline similarly captured 75,510 units that were built during this period. The difference in these numbers is due to methodology. CMHC surveys construction sites while City Planning defines built residential units as those which have reached the stage of Ready for Occupancy and/or Work Completed based on Building Permits. While the methodologies used by CMHC and City Planning differ, the number of built residential units are closely comparable. The COVID-19 pandemic has not deterred development activity in 2020, especially in residential projects. However, many of these projects might have been pre-sold and were advancing through the development process before the pandemic hit Toronto. Ongoing monitoring of development activities will be necessary to assess the long-term impact of the pandemic and the progress of the economic recovery. Figure A.2: Residential Unit Completions by Dwelling Type 30,749 30,000

25,000

20,000 16,850 15,000

12,420

12,473

13,088

14,593

14,171

13,474

17,276

16,086

16,027 14,542

13,450

9,551

10,000

Apartment & Other

6,786

Row

5,000

Semi Single

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Source: Housing Now publications, Canada Mortgage and Housing Corporation

Table A.3: Completions by Submarket and by Intended Market Toronto City

Freehold

Condo

Rental

Total

Condo %

2007

1,524

4,690

572

6,786

69%

2008

2,071

10,058

1,321

13,450

75%

2009

2,231

9,322

920

12,473

75%

2010

1,286

10,923

879

13,088

83%

2011

1,449

14,568

804

16,850

86%

2019

2020

Right-Sizing Housing & Generational Turnover In June 2021, Toronto Planning shared this new report as part of their ongoing research to create household projections to support the Municipal Comprehensive Review of the Official Plan with respect to the Provincial Growth Plan for the Greater Golden Horseshoe. Their past household projections show a mismatch between future demand and anticipated supply. This research measures the size of the mismatch by type, tenure and size. The Baby Boom generation is aging out of the existing stock. This research estimates how much of the future demand for ground-related housing could be met by the housing already built.

pite

Unmet Demand Scenarios. These Unmet Demand Scenarios consider how much additional housing beyond the Base Scenario might be required to provide enough housing availability to suitably house involuntarily underhoused households or all underhoused households. Note that all scenarios explored in this bulletin are demographic exercises only; considerations of macroeconomics and the market are outside the scope of this bulletin. These scenarios do not attempt to predict what households will be able to afford, only how much

As older generations age or move out of

the city, the Base Scenario anticipates Housing Demand is fulfilled by two types Housing that the Babyof Boomer households would decrease by a factor of 10 (from 395,080 to 36,874) between 2016new Supply: the turnover of existing and the supply of and 2051. By 2051, the youngest Baby Boomers would be 85 years units. It is important to consider howofthe numbers of age. Silent Generation and Earlier households would decline The Base Scenario represents an each ageof category changes through Generation the estimated number future households to almost projections. 0 by 2051, as the youngest in assuming future populations will form households at the same rates as in 2016. This is a key assumption of this method. The Base Scenario therefore embodies the same mixture of suitable

Housing Demand 2016-2051

these generations would be 105 years old. Generation X households would increase slightly to a peak of 323,613 in 2026 and decline thereafter.

Figure 58: Base Scenario Household Estimates by Generation, 2021-2051

Housing suitability is derived from CMHC’s National Occupancy Standard (NOS), where fit is based on the number of bedrooms occupied versus required) based on age, gender and relationship within the household). Toronto has more than 134,800 underhoused, and 488,025 overhoused households. Of the 490,100 right-sized households, more than 200,000 were individuals living alone. Figure 5: Number of Households by Suitability Indicator, 1996 to 2016

2016 household numbers are actual values from the 2016 Census; all other years are estimates. Younger generations are shown in blue and older generations are shown in grey. Younger generations refer to those born after May 10, 1966 and include Not Yet Born, Generation Z, Millennials, and Generation X all of whom were less than 50 years of age in 2016. Older generations refer to those born on or before May 10, 1966 and include Baby Boomers, the Silent Generation and Earlier generations, all of whom were aged 50 years or above in 2016. Chapter 10. How much housing could be freed up in the future by turnover of housing by older generations?

profile TORONTO - 95

Household Demand fits into 3 Scenarios • Base Scenario – number of future households assuming future populations will form households at the same rates as in 2016 (status quo) • Low Unmet Demand – accounts for households that are involuntarily underhoused. • High Unmet Demand – accounts for all households living in unsuitable housing. Housing Supply

e e n The

in ,

by generation. The curves in this graph and their timing represent the 2016 headship rates applied to generations, thus converting the entire population into households. As such, each curve represents hundreds of thousands of households and the outcome of their household life-cycle trajectories.

Note that this new bulletin considers only demographic factors – not market factors.

date

The number and location of older households has implications for how much housing may be required in the future. Eventually all of the housing occupied by housing they might demand based on years. The results of this calculation and unsuitable households that existed older generations will turn over, so the timing of the comprise the Base Scenario household in 2016, without any adjustment to fixed household rates and if current estimates and are found in Table 39 in redress the issues of unsuitability. The demographic conditions extended into availability becomes a critical factor. Appendix A and Figure 58, summarized next chapter will explore Low and High the future.

A deeper dive into the make-up of the 134,800 underhoused households by type:

Figure 6: Percent of Households by Suitability

Indicator, 1996 to 2016 Overhousing occurs at a higher rate among older households, non-family households, owner households, and expectedly in houses and low-rises

16 | December 2021

Turnover - About 60% of the future increase in demand for total housing could be fulfilled by older generations’ housing stock turning over across all scenarios. An additional 213,312 persons could reside in existing older households’ dwellings, if turned over to larger and younger households (+16% increase versus 2016 pop). Such turnover could accommodate approximately 25% of Toronto’s forecasted population growth to 2051. This turnover will occur naturally over time as older generations age out of the private housing stock.

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New Units – In total, the remaining 40% of demand not fulfilled by turnover could be accommodated by the continued supply of new units. However, the results vary significantly by dwelling type, number of bedrooms and tenure. Housing Mismatch – While the overall volume of new units may satisfy total demand – the supply by type does not match the demand for all types of housing. The turnover of dwellings occupied by older households, coupled with the continued pace, volume and types of new units is unlikely to fulfill the future demand for certain housing types and the analysis shows by how much. These estimates show that the size of the supply is not the sole issue, that the composition of the supply is also important. The estimates indicate the minimum shift in supply required to satisfy the anticipated unmet demand. The unused population capacity in the existing housing stock has potential to accommodate a portion of Toronto’s growing population when turned over. Not all future population growth needs to be accommodated in new housing (based on these demographic factors). The detailed report includes some very useful findings What are the implications of older adults’ downsizing trends? The report demonstrated that there were more households aged 50-69 moving within Toronto and more households aged 50-69 moving within Toronto into mid/high-rise units in 2016 than in the past. However, the increases in these numbers can largely be explained by the increase in the total number of households aged 50-69 as the large Baby Boomer generation aged into this age group. The Baby Boomers are following in the footsteps of their predecessors. They moved within Toronto and into mid/ high-rise units at about the same rates as the Silent Generation did at the same age. These results suggest that these mobility characteristics are more a function of age than of generation. Households in Toronto tend to follow these patterns as they reach certain ages, regardless of which of the two generations they are from. These results also indicate that there is little evidence that Baby Boomers are about to downsize at high rates out of houses and lowrises, despite the preferences some of them indicated in some surveys. While their choices in the future may still diverge from those of the Silent Generation, past trends indicate that their downsizing is likely to continue to occur at similar rates to their predecessors as they age. Despite this pattern, the large size of the Baby Boomer population

18 | December 2021

will mean that even the low mobility rates historically exhibited by older adults could yield large amounts of housing turnover in the future. To the extent that Baby Boomers will downsize at the about same rate as their predecessors, this pattern will inform an estimate of the future demand for housing that could be fulfilled by today’s older households downsizing and turning over. Younger households would increase

a whole will require less housing over

greatlydemand from 2016 to 2051; the number time as they move out of Toronto, Younger generations’ for housing could of Millennial households would peak in move to institutional settings, or pass 2041, doubling from 232,460 to 564,425 on. Comparing the growth in younger be fulfilled by turnover. As the number of younger while Generation Z households peak generation households to the decline in in 2051, surging from 0 households in generation households indicates generation households increase, theirolder demand for 2016 to nearly 400,000. The household how much of younger generations’ estimates also consider those not born increase in demand for housing might as of yet in 2016. As a future the emergingolder be fulfilled by the turnover of housing housing increases. Meanwhile, generations generation, the generation referred to from older households to the younger as not yet born could reach household households that may succeed them. as a whole will require less housing over time as numbers of 254,733 in this timeframe It also indicates how much of younger to 2051. The magnitudes in this table generations’ increase in demand for they move out of Toronto, move to institutional represent the estimated current and housing might need to be fulfilled by future demand for housing, location, new housing supply. and services, and the the growth in settings, or pass on.amenities Comparing Note that some older generation interaction between the generations will also move around the backdrop of the housing younger generationagainst households to thehouseholds decline in examines within Toronto. This analysis stock they occupy now, and in future. the change in households as opposed to attempting tomuch estimate how many older generation households indicates how of Base Scenario: How much of households within each generation younger generations’ demand will seek new versushousing existing younger generations’ increase in demand for for housing could be fulfilled housing. This analysis focuses on the difference between the amount of turnover in the future, of housing might be fulfilled byby the turnover from assuming 2016 headship rates housing that existed in 2016 and the amount of housing demanded over older households toremain thestable? younger households that may time. It assumes that the number of Over decades, households represent households that existed in 2016 will the flow of people through thehow housing much continue to beof housed in the future. succeed them. It also indicates younger stock. As the number of younger The next step is to determine how generation households increase, much of younger generations’ increase generations’ increase in demand for housing might their demand for housing increases. in demand might be fulfilled by older Meanwhile, the older generations as generations’ housing turnover. need to be fulfilled by new housing supply.

Table 4: Base Scenario: Estimated Younger Generations’ Increase in Demand that could be fulfilled by Turnover of Older Generations, 2016-2051 20162021

20162026

20162031

20162036

20162041

20162046

20162051

Change in younger generations' demand

144,348

283,545

416,051

545,616

671,224

788,072

887,802

Change in older generations' households (i.e. turnover)

-87,021

-164,815

-240,629

-319,319

-399,516

-474,681

-535,666

60.3%

58.1%

57.8%

58.5%

59.5%

60.2%

60.3%

Generation Grouping

Percent of change in younger generations' demand fulfilled by turnover Younger generations' increase in demand not fulfilled by turnover i.e. residual demand (cumulative) Residual demand (five years) 96 - Toronto City Planning - May 2021

tenure, with the exception of rental on the proportion of households by units57,326 in buildings with six or175,421 more units 226,297 tenure as they were313,392 in 2016. Three 118,730 271,708 352,136 (excluding condominium buildings), tables in Appendix E support this which are protected from conversion section. Table 48 lists these occupancy 95 by the Official Plan. In contrast, the rates by age of PHM 41,684 and tenure for 57,326 61,404 56,691 50,876 45,410 38,744 2016. Table 49 shows the resulting number of bedrooms in a dwelling Section 3: can change over time such as in mid/ numbers of households byHousing tenureTurnover when these occupancy rates are applied high-rise apartments built with knockout panels that can enable units to be to the future household estimates. Table 50 shows the background data combined, and certain dwelling types can change over time such as through by tenure that support the tables in this section. Note that the following the conversion of a single-detached house to a duplex. However, such discussion of future rental completions changes involve construction and costs refers to purpose-built rental that make them less likely or frequent. completions. Still, tenure is a fundamental component Most of the purpose-built rental units of the housing stock that households built between 1985 and 2016 were seek and occupy. Approximately half of Toronto households rent, yet only 14.6% constructed in the 1980s and early 1990s before rent controls were of Toronto completions in the 35 years introduced; rental completions in recent between 1985 and 2019 have been years have rebounded somewhat since rental completions (see Table 11, Row the early 2000s when annual rental D). It is therefore important to estimate completions were under 500, but still future households by tenure. averaged less than 2,000 units per year between 2015 and 2019. Averaging For consistency with the methodology annual completions by tenure over a used to calculate future households by dwelling type and number of bedrooms, longer period of time and extending tenure has also been calculated based this into the future smooths out some of

Around 60% of younger generations’ increase in demand for housing in the future could be fulfilled by older generations’ housing stock turning over in each future Census period to 2051.

The residual number of dwellings demanded by younger generations that is not fulfilled by turnover could be fulfilled by new units if the volume of dwelling completions in Toronto continue at past rates. Table 11: Base Scenario Demand by Tenure to 2051 versus Recent Completions from 1985-2019 Row

Measure

Owner

Renter

Change in younger generations' demand by 2051

549,701

338,106

Change in older generations' households (i.e. turnover) by 2051

-342,479

-194,120

Younger generations' demand not fulfilled by turnover by 2051 (A+B) i.e. residual demand

207,222

143,986

Recent completions, 1985-2019*

320,459

54,788

Recent completions as a percent of residual demand in 2051 (D/C)

154.6%

38.1%

Total additional units required to be built beyond recent completion trends to fulfill residual demand by 2051 (C-D)

-113,237

89,198

Annual additional units required to be built beyond recent completion trends to fulfill residual demand (F/35)

-3,235

2,549

Average annual completions, 1985-2019 (D/35)

9,156

1,565

Estimated annual completions required to fulfill residual demand (G+H)

5,921

4,114

Table should be read from top to bottom within each column. *Source: CMHC Housing Now Tables, 1985-2019. Owner completions include units with an intended tenure of freehold, condominium, or co-op. Rental completions are purpose-built. 104 - Toronto City Planning - May 2021

Section 3: Housing Turnover

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Purpose-Built Rental in Toronto The same Right-Sizing Housing & Generational Turnover report (June 2021) by Toronto Planning provides the City’s insight into rental requirements.

fulfilled by turnover by 2051, 62.3% of the increase in ownership demand could be fulfilled by turnover versus 57.4% for rental demand.

• 4,114 units – needed each year, for Younger generations’ increase in demand for rented on the proportion of households by tenure, with the exception of rental 35 years (2016-2051) to meet growth units would not be fulfilled by older generations tenure as they were in 2016. Three units in buildings with six or more units demand turning over and by new development in tables in Appendix E supportcombined this (excluding condominium buildings), the Base Scenario. The difference between younger section. Table 48 lists these occupancy which are protected from conversion • 1,565 units – average added each year contrast, the increase rates byinage of PHM and for by the Official Plan.95 Ingenerations’ demand andtenure turnover 49 shows the resulting number a dwellingto more2016. • 2,549 units – SHORTFALL each yearof bedrooms inamounts thanTable 140,000 rented units in the 35can change over time such as in mid/

numbers of households by tenure when

the conversion of a single-detached

this section. Note that the following

year period between 2016 and 2051 (Table 11, Row very unlikely that this level of rental development high-rise apartments built with knockthese occupancy rates are applied C), whereas rental unitsestimates. or 38.1% of that could be achieved consistently in the future without out panels that can enable units to be onlyto54,788 the future household has beenTable built the the 35 background years between combined, and certainamount dwelling types 50in shows data 1985 expanded policy and program support for the rental can change over time such through that support the tables in and as 2019 (Rows by D tenure and E). housing sector The average number of annual completions discussion of futurerental rental completions house to a duplex. However, such Most of the purpose-built rental units built between refers to purpose-built rental changesand involve construction costs wouldand need to increase by 2,549 between 2016 and 1985 and 2016 were constructed in the 1980s make them less likely or frequent. 2051 to fulfill thecompletions. Base Scenario demand for these early 1990s; rental completions in recentthat years have Still, tenure is a fundamental component units (Row J). Within Toronto, 4,114 rental units would rebounded somewhat since the early 2000s Most of the purpose-built rental units of thewhen housing stock that households need to be built annually in order to fulfill the increase built between 1985 and 2016 were annual rental completions were under 500, but still seek and occupy. Approximately half of constructed in the 1980s in younger generations’ demands in and the early 35 years Toronto households rent, yet only 14.6% averaged less than 2,000 units per year between 1990s before rent I). controls of Toronto in the 35 years 2016 and 2051 (Row This were number includes 2015 and 2019. Averaging annual completions bycompletionsbetween introduced; rental completions in recent between 1985 and 2019 have been 2,549 more rental units annually on top of the 1,565 tenure over a longer period of time and extending this years have rebounded somewhat since rental completions (see Table 11, Row average annual rental completions that were into the future smooths out some of the D). variability in the early 2000s when annual rental built in It is therefore important to estimate the 35 years between 1985were andunder 2019500, (Rows completions but stillG and completion rates that is likely to take place between future households by tenure. averaged less than 2,000 units per year per H). Given that 4,114 or more rental completions 2016 and 2051. between 2015 and 2019. For consistency with the methodology year has only been achieved once inAveraging that time period A higher proportion of the younger generations’ annual completions by tenure over a used to calculate future households by (in 1993), it is very unlikely that this level of rental dwelling type and number of bedrooms, longer period of time and extending increase in demand for owned housing could be development could be achieved consistently this into the future smooths out someinofthe tenure has fulfilled by older generations’ housing turnover byalso been calculated based future without expanded policy and program support 2051 than for rented housing. While more than half for the rental housing sector. of the increase in demand for each tenure could be Base Scenario Demand by Tenure to 2051 versus Recent Completions from 1985-2019 Row

Measure

Owner

Renter

Change in younger generations' demand by 2051

549,701

338,106

Change in older generations' households (i.e. turnover) by 2051

-342,479

-194,120

Younger generations' demand not fulfilled by turnover by 2051 (A+B) i.e. residual demand

207,222

143,986

Recent completions, 1985-2019*

320,459

54,788

Recent completions as a percent of residual demand in 2051 (D/C)

154.6%

38.1%

Total additional units required to be built beyond recent completion trends to fulfill residual demand by 2051 (C-D)

-113,237

89,198

Annual additional units required to be built beyond recent completion trends to fulfill residual demand (F/35)

-3,235

2,549

Average annual completions, 1985-2019 (D/35)

9,156

1,565

Estimated annual completions required to fulfill residual demand (G+H)

5,921

4,114

20 | December 2021

Section 3: Housing Turnover

Charitable Foundation announces $120,000 in donations at AGM GTAA’s Charitable Foundation celebrated our 16th year by presenting funding to several worthy organizations who each work tirelessly to help those in our community who need some assistance, and to some hardworking high school graduates as they pursue further education. At our AGM, $120,000 in new donations were announced, which when combined with our Annual Scholarship brings our annual total to $140,000! During GTAA’s Annual General Meeting we expressed our gratitude to the ongoing and extremely generous direct financial support to our Charitable Foundation by Greenrock Real Estate Advisors, Park Property Management and Yardi Systems, our Platinum Sponsors who each donated $15,000; Lawrence Construction Company and WJ Properties as our Gold Sponsors; Homestead Land Holdings and Preston Group as our Silver Sponsors. In the absence of our in-person events which include a fund-raising component, their continuation at pre-pandemic levels was a real boost and allowed us to continue supporting a variety of great organizations and initiatives.

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22 | December 2021

MULTI-RESIDENTIAL Contracting COMMON-AREAS

AMENITY SPACES suite renovations

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building envelope PAC Building Group is a full-service General Contracting firm servicing Southern Ontario, Montreal and Ottawa regions. We deliver comprehensive building solutions for all project types. We partner with our clients to understand their goals and interpret their vision, building spaces that are distinctly suited for each environment. With an integrated approach and seamless process, we outpace traditional expectations.

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Margaret Herd, Chair, and the Members of GTAA’s Charitable Foundation selected to continue $15,000 donations to the seven partnering agencies. Without the usual cheque presentation ceremony during our annual dinner, we directly notified the recipients and yes, put the cheques in the mail. These dedicated community-based organizations are making a tremendous difference in the lives of the homeless and hard to house. We are proud to support and assist them in assisting others. Each of the following seven grant recipients received $15,000 from GTAA’s Charitable Foundation in November 2021:

RESIDENTIAL PROGRAMME

The Charitable Foundation continued our donation of $8,000 to the City of Toronto Family Residence. In past years, this was used to take 125-150 children living in Toronto’s family shelter system for a special day out to the venue of their choice. For safety reasons, last year they used these funds to create gift baskets for each family. They have expressed their appreciation to the GTAA for our ongoing support. You can donate personally and/or corporately to the Charitable Foundation so that our industry may continue and even expand on our annual efforts to make a positive difference. GTAA’s website now includes a Charitable Foundation page which accepts credit card donations: www.gtaaonline.com/charitable-foundation/ An official donation tax receipt will be issued.

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Housing is now at the forefront of the federal agenda

By John Dickie, CFAA President

Before the September election, the Liberals had focused on the housing needs of low-income households. It was said (accurately) that the National Housing Strategy, enacted in 2017, was really a lowincome housing strategy. Now the heightened attention placed on housing affordability for the middle-class has likely led the federal Liberals to decide that they need policies which address that issue. Within the middle class, the people most affected are young people who have not yet achieved home ownership and want to. The Liberals are also concerned about home ownership for new immigrants and other disadvantaged groups who do not have access to intergenerational wealth to help them afford a home. Obviously, the Liberals want policies which will be popular, but they also want to be seen to be trying to make good policies, and to be able to show success. The issues of concern for rental housing providers have expanded, both because new market rental housing serves the middle class and those seeking to join it, and because there is more pressure for the federal government to be seen to be making effective use of the money and regulatory power it can apply to housing issues. The Liberals election promises on housing focus mostly on helping people buy their first homes sooner, with a more flexible First-Time Home Buyer’s Incentive, a new Rent-to-Own program, and by reducing the closing costs for first-time buyers.

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The new $4 billion Housing Accelerator Fund is to help municipalities approve housing development in a more timely manner, and to encourage them to approve more density. However, process improvements for the approval of housing aimed at renters is unlikely to be given any special priority, even though it is clear to most people that more purpose-built rental housing is critical for gaining more density. The need for faster approvals for rental housing was at the forefront of the recommendations of the CanadaBC Expert Panel on the Future of Housing Supply and Affordability. That Panel recommended help for the municipalities to provide approvals faster. It was a key source of the idea that became the promise to create the new Housing Accelerator Fund. Better technology, better project management and better staffing should help the municipalities to provide development approvals in a more timely manner. So would more efficient planning rules and a reduction in NIMBYism. Other issues in producing housing include shortages of skilled trades, construction equipment and sometimes construction materials. Approving and building more housing, more quickly, is critical to meeting the housing needs of Canada’s growing population. Torontonians are likely to hear more about the federal government’s new Housing Accelerator Fund, as it works to addresses roadblocks in housing approvals.

CFAA Rental Housing Conference to resume in Toronto – May 9 – 11, 2022 The CFAA Rental Housing Conference is to resume in Toronto on May 9, 10 and 11, as an in-person event.

Ahmend Hussen Housing Minister

Benjamin Tal, Deputy Chief Economist, CIBC World Markets

Romy Bowers President of CMHC

CFAA has invited both Housing Minister Ahmed Hussen, and Romy Bowers, President of CMHC, to speak, and we ware eagerly awaiting their replies. Benjamin Tal has agreed to speak, and expressed considerable enthusiasm for doing so. See www.CFAA-FCAPI.org for the current conference schedule and to register now!

CFAA Rental Housing Conference 2022 Toronto, ON

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1.800.661.9891 www.amresupply.com Don’t forget to login to your free wholesale account for exclusive pricing!