The Toronto Real Estate Board (TREB) has publically stated it is in favour of two separate housing decisions that, if approved, could have a positive impact on the housing market for all Torontonians: the creation of an all-encompassing Housing Committee, and the permitting, regulating and setting of guidelines for laneway suites.
According to TREB president Tim Syrianos: “TREB has always been advocating that no matter the housing mix, from affordable to luxury housing, from single detached homes to ‘missing middle’ options to high-rise towers, housing should be a priority for the success of the city as a whole, to ensure its residents enjoy a better quality of life and continue to live and work here.”
On June 19, the City’s Executive Committee unanimously passed Mayor Tory’s recommendation to establish a Standing Committee on Housing whose primary focus would be the housing and accommodation of Torontonians, with a mandate to monitor and make recommendations on housing and shelter in the city.
TREB says it is encouraged by this decision and urges City Council to pass this motion as a clear sign that it recognizes the importance of housing to the overall economic prosperity of the city.
It addition, it also applauds the Toronto and East York Community Council’s decision to unanimously pass the report “Changing Lanes: The City of Toronto’s Review of Laneway Suites,” clearing the way for permitting, regulating and setting guidelines for laneway suites across Toronto and East York.
As a desirable location that continues to attract new people to the region, rental demand in Toronto has remained strong, creating heightened competition between renters in an ultra-low vacancy environment. According to TREB, this situation could be further exacerbated by the rent control provisions contained in the Ontario Government’s 2017 Fair Housing Plan, and might have negative implications on the rental supply over the long-term.
If passed by Council, TREB believes the permitting of laneway suites will help create new supply of affordable rental stock and alleviate some of the need, while the Housing Committee will ensure that housing issues are given the attention and cross-divisional planning they require for a better quality of life for all Torontonians.