Toronto Mayor Pledges Near $2 Billion in 2023 Budget to Fight Housing Crisis

Toronto Mayor John Tory, in announcing the 2023 budget, has pledged nearly $2 billion in gross spending to address the city’s housing crisis.

In a Jan. 5 news release, the government said this budget proposes $616 million in direct support from the city’s tax base for housing initiatives, apart from spending on the COVID-19 pandemic. The housing initiatives are built on the 2023 Housing Action Plan, introduced by the mayor and passed by the city council last December.

“This is needed funding to help our most vulnerable residents and to help people find a pathway out of homelessness,” Tory said in a Jan. 5 press conference.

Some major investments include nearly $300 million for the city’s subsidy to the Toronto Community Housing Corporation, and an additional $10.8 million for combating the impacts of COVID-19.

A total of $146 million will be allocated for operating the city’s Housing Secretariat, which is in charge of developing housing solutions, including creating and maintaining safe and affordable rental and ownership housing for lower-income residents.

Other investments include new funding of $3.5 million that goes to support the implementation of legalizing multi-tenant housing.

Tory said the budget also provides another $1 million to an eviction prevention program, known as the Eviction Prevention Intervention in the Community (EPIC) program, bringing the total budget to just over $7 million.

“These investments will help protect renters from eviction, save affordable housing that might be lost to the private market, build more supportive housing, and ensure our parks, rinks, and youth spaces are fully operational and welcoming,” Deputy Mayor Jennifer McKelvie also said at the press conference.

The proposed budget will also provide $18.85 million for the Multi-Unit Residential Acquisition program.

Nuts-and-Bolts Services

Tory said the 2023 budget also includes funding to protect frontline service and “nuts-and-bolts” services.

These include increasing the Toronto Library’s budget by $5 million, a 2.4 percent increase. Another $3.6 million will also support continuing COVID-19 responses. Tory also pledged $2.86 million to ensure that seasonal washrooms and fountains in city parks are open earlier in the spring and later in the fall.

Tory said this is “the most difficult budget” he has worked on considering inflation and economic challenges, and that it’s not possible to freeze taxes or water rates, solid waste fees, or Toronto Transit Commission (TTC) fares, but noted that any increases are below inflation increases.

The proposed TTC fare increase, in addition to the proposed $53 million increase in the city’s subsidy to the TTC, funded by taxpayers, will support transit expansion and ongoing operations that will cost an additional $60.1 million, according to the press release.

The City of Toronto’s 2023 budget will be presented to the budget committee on Jan. 10 and is scheduled to go to council on Feb 14.