Toronto Community Housing provides homes for almost 60,000 households in 2,200 buildings across the city of Toronto. The majority of these buildings are over 50 years old. Without $2.6 billion in repairs over 10 years, most of Toronto Community Housing’s aging buildings will be in critical disrepair by 2023, and 7,500 homes will be boarded up. Toronto Community Housing currently has $7.5 billion in public and private investments underway or planned through community Revitalization and our 10-year capital plan.
Toronto Community Housing’s record investments in capital repairs are improving homes and quality of life for residents across the city. With the support of the City of Toronto, we have increased our capital repair investment each year, from $68 million in 2013 to $128 million in 2014, $175 million in 2015 and $250 million in 2016. These investments range from elevators, boilers, roofing and windows to kitchens, plumbing and structural repairs in communities across Toronto. Unless we secure the rest of the funding we need, we will have to scale back our capital program and board up more than 7,500 homes by 2023.
- 220,000 person years of employment over 30 years, including an average of 14,000 jobs per year for the first 10 years.
- $18.5 billion boost in GDP through labour and material needs, with 68 per cent of this GDP growth occurring in the Greater Toronto Area.
- $5 billion in further private capital investment.
- $4.5 billion in tax revenue for the federal and provincial governments, meaning they will earn back their share of the investment required within the first 10 years.
- 2.1 million fewer doctor or hospital visits.
- $3.8 billion in avoided healthcare costs.
- Increase property values to surrounding private homes.
- 15 per cent reduction in neighbourhood crime.
- 10 per cent reduction in utility costs, a savings of $12 million per year.
- Nine per cent reduction in greenhouse gas emissions, an average of 390 kg per unit.
The findings are clear—by making this investment we will deliver better quality homes for our residents, while also providing substantial economic and social benefits for the city, province and country.