Keys to the City: 49 Ontario Street – Delivering 1,226 New Rental Homes in Downtown Toronto

In a city where land is scarce and affordable housing even scarcer, Toronto is taking bold steps to address the crisis from the ground up. One of the most significant examples is the planned redevelopment of 49 Ontario Street, where the city aims to deliver 1,226 new rental homes—including a substantial number of affordable and supportive housing units. Situated in the heart of downtown, this project reflects the city’s commitment to making central Toronto livable and accessible for all income levels.

Project Overview
The site, currently underutilized, is located at Ontario Street and Richmond Street East, just a short walk from Queen subway station and major transit routes. Spearheaded under the City of Toronto’s Housing Now initiative, the project will transform city-owned land into a mixed-income, transit-oriented housing community that includes:

• 1,226 rental homes, with a portion designated as deeply affordable and rent-geared-to-income (RGI).
• Supportive housing units for individuals at risk of homelessness.
• On-site amenities, including childcare, green space, and community services.
• Mid- and high-rise buildings, designed with sustainability and urban density in mind.

Affordability Commitment
While the final breakdown of affordable units is still being finalized, early targets suggest that at least 30% of the units will be affordable, including a mix of:

• Deeply affordable housing for individuals and families earning less than $32,000 annually.
• Rent-geared-to-income (RGI) units for those on fixed or low incomes.
• Below-market rentals to support moderate-income earners such as early-career workers and frontline service providers.

This mix is critical to ensuring the development doesn’t simply reinforce economic divides, but instead fosters a truly inclusive community.

Challenges and Considerations
As with all large-scale housing projects, 49 Ontario faces several challenges:

• Timeline Uncertainty: The project is still in pre-construction stages, and delays could push completion into the 2030s.
• Affordability Drift: Without long-term affordability covenants, affordable units may lose their status over time.
• Neighbourhood Pressure: Located in a rapidly gentrifying area, the project must guard against displacing vulnerable residents nearby.

Policy Recommendations
For 49 Ontario to meet its full potential, Toronto policymakers should:

1. Lock in affordability for at least 40 years, ensuring long-term community benefit.
2. Prioritize non-profit partnerships for operating supportive housing components.
3. Streamline permitting and approvals, fast-tracking projects on public land.
4. Use this model to replicate success across other city-owned properties.

Why This Project Matters
Toronto cannot rely on the private market alone to fix the affordability crisis. 49 Ontario represents a shift toward municipal leadership in housing delivery, using city-owned land for public good. If managed effectively, this development could become a blueprint for future housing efforts across the GTA.

Call to Action: Keep the Pressure On
The city deserves credit for moving forward with this ambitious plan. But ambition must be matched by speed, accountability, and equity. Residents and advocates should support the project while pushing for guarantees that affordability and accessibility remain core priorities.

The housing crisis won’t be solved with a single development—but 49 Ontario is a door worth unlocking.

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