The filed record
Advancing Housing Sites: Supporting Housing Construction on Public Land at 267-275 Merton Street, and 610 Bay Street and 130 Elizabeth Street
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The decision
2025-06-25 · Toronto City Council · adopted
As filed
City Council on June 25 and 26, 2025, adopted the following: 1. City Council adopt the confidential instruction to staff in Confidential Attachment 1 to the report (June 9, 2025) from the Deputy City Manager, Development and Growth Services and the Deputy City Manager, Corporate Services, for the site at 267-275 Merton Street. 2. City Council adopt the confidential instruction to staff in Confidential Attachment 1 to the report (June 9, 2025) from the Deputy City Manager, Development and Growth Services and the Deputy City Manager, Corporate Services, for the site at 610 Bay Street and 130 Elizabeth Street.
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3. City Council request the Government of Canada and the Canada Mortgage and Housing Corporation to expedite review and approval of construction funding and financing applications for the sites at 267-275 Merton Street and 610 Bay Street and 130 Elizabeth Street to facilitate the realization of purpose-built rental and affordable rental homes. 4. City Council direct that Confidential Attachment 1 to the report (June 9, 2025) from the Deputy City Manager, Development and Growth Services and the Deputy City Manager, Corporate Services, remain confidential in its entirety as it outlines a position, plan, procedure, criteria or instruction to be applied to any negotiations carried on or to be carried on by or on behalf of the City; and contains financial information, supplied in confidence to the City of Toronto and CreateTO, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization. Confidential Attachment 1 to the report (June 9, 2025) from the Deputy City Manager, Development and Growth Services and the Deputy City Manager, Corporate Services remains confidential in its entirety in accordance with the provisions of the City of Toronto Act, 2006, as it pertains to a position, plan, procedure, criteria or instruction to be applied to any negotiations carried on or to be carried on by or on behalf of the City; and contains financial information, supplied in confidence to the City of Toronto and CreateTO, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
On the agenda
As the city filed it
The projects at 267-275 Merton St., and 610 Bay St. and 130 Elizabeth St. are signature housing projects that leverage City-owned lands and will deliver over 1,350 new rental homes including at least 369 affordable rental homes. Market conditions have changed since Council approval of deal terms for these two sites in 2024, most notably a reduction in market rental rates, and an increase in project costs, impacting the financial viability of the projects.
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In order to maintain the viability of these projects in the face of shifting market conditions, this report makes a number of recommendations to City Council to help 'unstick' these housing projects, to start construction on a significant amount of new purpose-built and affordable rental homes in 2025.
Staff recommended
The Deputy City Manager, Development and Growth Services and Deputy City Manager, Corporate Services, recommend that: 1. City Council adopt the instruction to staff in Confidential Attachment 1 for the site at 267-275 Merton Street. 2. City Council adopt the instruction to staff in Confidential Attachment 1 for the site at 610 Bay Street and 130 Elizabeth Street. 3. City Council request the Government of Canada and Canada Mortgage and Housing Corporation to expedite review and approval of construction funding and financing applications for the sites at 267-275 Merton Street and 610 Bay Street and 130 Elizabeth Street, to facilitate the realization of purpose-built rental and affordable rental homes.
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4. City Council direct that Confidential Attachment 1 to the report from the Deputy City Manager, Development and Growth Services and the Deputy City Manager, Corporate Services remain confidential in its entirety as it: outlines a position, plan, procedure, criteria or instruction to be applied to any negotiations carried on or to be carried on by or on behalf of the City; and contains financial information, supplied in confidence to the City of Toronto and CreateTO, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
Considered
2025-06-12 · Planning and Housing Committee · adopted
Decision as filed
The Planning and Housing Committee recommends that: 1. City Council adopt the instruction to staff in Confidential Attachment 1 to the report (June 9, 2025) from the Deputy City Manager, Development and Growth Services and the Deputy City Manager, Corporate Services, for the site at 267-275 Merton Street. 2. City Council adopt the instruction to staff in Confidential Attachment 1 to the report (June 9, 2025) from the Deputy City Manager, Development and Growth Services and the Deputy City Manager, Corporate Services, for the site at 610 Bay Street and 130 Elizabeth Street.
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3. City Council request the Government of Canada and Canada Mortgage and Housing Corporation to expedite review and approval of construction funding and financing applications for the sites at 267-275 Merton Street and 610 Bay Street and 130 Elizabeth Street, to facilitate the realization of purpose-built rental and affordable rental homes. 4. City Council direct that Confidential Attachment 1 to the report (June 9, 2025) from the Deputy City Manager, Development and Growth Services and the Deputy City Manager, Corporate Services, remain confidential in its entirety as it: outlines a position, plan, procedure, criteria or instruction to be applied to any negotiations carried on or to be carried on by or on behalf of the City; and contains financial information, supplied in confidence to the City of Toronto and CreateTO, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.
2025-06-25 · Toronto City Council · adopted
On the record
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