Governments of Canada, Ontario and Toronto Celebrate New Affordable Housing in West Don Lands
TORONTO, Nov. 29/CNW/ - Funding of almost $23 millionfor 218 new affordable rental housing units for low-income families, seniors and singles was announced today in Toronto.
Lois Brown, Member of Parliament for Newmarket-Aurora, on behalf of the Honourable Diane Finley, Minister of Human Resources and Skills Development Canadaand Minister Responsible for CanadaMortgage and Housing Corporation (CMHC); and George Smitherman, Member of Provincial Parliament for TorontoCentre, on behalf of the Honourable Jim Watson, Ontario's Minister of Municipal Affairs and Housing; along with City of TorontoCouncillor Pam McConnell, Ward 28 TorontoCentre-Rosedale, on behalf of Mayor David Millerand City Council, and David Mitchell, Chair, TorontoCommunity Housing, made the announcement.
"Our government is helping Canadians during these tough economic times and giving hope to seniors, families and individuals who need quality, affordable housing that meets their needs," said MP Brown. This investment is possible through our government's Economic Action Plan, that stimulates the economy and creates jobs during this global recession For Ontario, this includes a
$1.2 billionjoint investment."
"This project represents our government's commitment to ensuring residents in
Torontoand throughout Ontario have access to affordable housing," said MPP George Smitherman. "It will not only add significant support to the Province's efforts to reduce poverty, but will also mean the creation of hundreds of jobs for our workers."
Don Landsneighbourhood will be a wonderful addition to our city. This community will be a beautiful, sustainable, and welcoming place for everyone to live, work, and play. I am very pleased that the City of Torontocontributed $4.3 millionin waived development fees and charges and property tax exemptions to help create affordable housing for seniors and families." said Councillor McConnell, vice-chair of the Affordable Housing Committee.
"There remains a vast need for more affordable housing and
TorontoCommunity Housing applauds the three levels of government for responding to this need," said TorontoCommunity Housing chair David Mitchell. "It's a great opportunity to help us achieve our mandate of providing quality housing for low-and moderate-income singles, families and seniors in Toronto."
The Government of
Canadawants to ensure that Canadians on fixed incomes can live with independence and dignity and remain in their communities, close to family and friends. Canada's Economic Action Plan provides $400 million, over two years, to build new rental housing for low-income seniors. Overall, the Economic Action Plan includes $2 billionfor new and existing social housing, plus up to $2 billionin loans to municipalities for housing-related infrastructure.
Canada's Economic Action Plan builds on the Government of Canada's commitment in 2008 of more than
$1.9 billion, over the next five years, to improve and build new affordable housing and help the homeless.
Today's announcement celebrates funding for 218 units in two projects located at King and River Streets that will provide a total of 243 units of affordable rental housing for low-income families, singles and seniors. These homes are being developed by
TorontoCommunity Housing and are part of the West Don Landsrevitalization. The City of Torontois increasing the number of affordable homes to 243 from 218 by directing an additional $7.49 millionto this development from the provincial Developing Opportunities for Ontario Renters (DOOR) funding program, made possible through the federal Housing Trust.
Ontario is moving quickly to implement this additional funding. The province has already approved more than
$172 millionfor construction-ready projects, which will improve access to affordable housing for low-income families, seniors and persons with disabilities across the province. It will also create jobs and strengthen local economies. To find out more about affordable housing in Ontario, visit www.mah.gov.on.ca.
No opinion was made about whether you should buy or not buy. No one has a gun to your head. Do or Do NOT. The final answer is that Toronto is a net destination for immigration, education, jobs and a safe haven for investment dollars. The market value is the market value. It is land, cost of construction, lot Levies, taxes, permits, materials, design, marketing and yes, the ever evil profit.
Consumers today realize that buying has always been a good hedge against inflation, and will continue to do so. You cannot live inside a mutual fund.
Here is the ultimate irony. If no one bought what they built, They wouldn't build it.
If you do not want the west Don Lands, I have readily available product on Humber Bay Shore at California Condos in Mystic Pointe
Lets recap, Greening the environment, providing low income housing, increased employment, Improved city density (population growth) Please show me where that is wrong?