The City and Toronto Community Housing cannot fill the gap on their own. More provincial and federal government funding is required - because raising property taxes is not the answer.
Federal contributions to social housing are declining across the country. In 2012, the City received approximately $161.3 million from Ottawa. However, by 2017, that will decline by $33.4 million and reach zero by 2031. Just to fill the $33.4-million gap alone would require raising property taxes by an estimated 1.4%.
Instead of stepping back, the federal and provincial governments need to step up and each invest $864 million over 10 years to match the City's contribution of one-third of Toronto Community Housing's long-term repair needs. As well, Ottawa and Queen's Park need to enter into a funding partnership to address the impact of expiring non-profit and co-op social housing agreements.
And the provincial government needs to restore the $113.9 million Toronto Pooling Compensation for social housing and harmonize provincial shelter rates for social housing.
We need a renewed federal/provincial partnership with adequate funding to repair and create social housing. Funding that is available for the long term — not just a few years at a time.
That's why we've launched the Close the Housing Gap campaign. To persuade the federal and provincial governments to continue funding social housing at existing levels and provide new, long-term funding for social housing capital repairs.
The City of Toronto and Toronto Community Housing are working hard to put people first by fixing social housing. And the work is paying off.