TORONTO — The Ontario government has approved a plan for density and height increases near 120 transit stations across Toronto.
These amendments to Toronto’s official plan allow for greater density and taller buildings near transit, making it possible to build over 1.5 million more homes throughout the city over the next 25 years, states a release.
“Inclusionary zoning is a planning tool that a municipality can use to require affordable housing as part of certain new residential developments,” it explains.
“Through the province’s approval of the official plan amendments, Toronto’s inclusionary zoning framework will come into effect in the protected major transit station areas identified by the city.”
The province states it will continue to work with the city on plans for 14 other transit station areas, including those that are part of Ontario’s Transit-Oriented Communities Program.
This announcement tacks on to one made in June where Ontario awarded $67.2 million to the City of Toronto through the second round of the Building Faster Fund, which provides funding to municipalities that achieve at least 80 per cent of their provincially designated housing targets.
