Fixing the affordable housing crisis in Toronto is dependent on the production of a lot of new housing. That’s what we heard during the @Scotiabank 2023 Affordable Housing Summit last week. Here are two of the problems standing in the way of getting new housing built in Toronto:
1) the cost of building new units results in rents that are above the average MARKET RENT, making it harder for the lowest Two-fifths (or quintiles as in the diagram below) to afford to live in them
2) it takes a really long time for High-rise buildings to be built.
We think our new FlexPlex® home Design–which can flex from a four Two-bedroom units to a single family home, or anything in Between–can be part of the affordability solution. Wood framed Low-rise construction is the fastest way to get new housing built. The small multiplexes that Toronto wants to see built can be a speedy alternative to high rise condos. And if families, groups of friends, or even Co-living organizations pool their resources they can get into housing that offers very low operating and maintenance costs and could represent a mortgage payment lower than average rents. Come see us at 19 Burlington Street in Humber Bay Shores if you want to see what FlexPlex® is all about.