Opening the door to more affordable housing
Opening the door to more Affordable Housing
Population growth has been exceeding new housing supply in Canada for many years now and finding affordable and adequate housing for many has become more challenging.
For many years, Minto has looked for opportunities to address this situation. One example of this commitment is with our Richgrove Village Development in Toronto that was launched over a decade ago. It began as a collaboration with the municipality that resulted in the development of 139 affordable seniors’ rental units – made possible with city funding, an exemption from development charges and property taxes for the affordable units, and reduction in parking requirements. It has expanded this year to include 235 additional rental homes as part of federal investment that the Rental Construction Financing Initiative.
An impactful collaboration with government
In 2016, Toronto City Council took a bold step to make housing available to all when it approved the City of Toronto's Open Door Affordable Housing program, a socially responsible initiative designed to accelerate affordable housing construction in the city.
In a nutshell, it provided financial contributions including capital funding, relief on fees and property taxes, assistance in fast tracking approvals and activation and designation of surplus land for housing. It also linked directly with the forward-thinking Housing TO 2020-2030 Action Plan to approve 40,000 new affordable rental homes and 4,000 new affordable ownership homes by 2030.
Richgrove Village and the “Open Door” Program
Inspired by the impact of the original Richgrove Village Development, Minto was excited to participate in the Open Door program - completing a final phase for Richview Village at 610 Martingrove. An additional 100 affordable units are currently under construction, providing much needed homes to the community. These units are expected to be ready for residents in 2026.
The tenants of the 100 units will be selected from the city's waiting list and offered affordable rents. The buildings were designed for seniors similar to those in the previous phase at 620 Martingrove to complement the family and young professional demographic in the existing rental buildings on site as well as stacked townhouses along Richgrove Ave. developed and delivered earlier.
610 Martingrove and the Rental Construction Financing Initiative
On November 15th 2023, the government announced a federal investment of $1.2 billion to build 2,644 rental homes across seven new projects in Toronto, provided as fully repayable low-interest loans through the Rental Construction Financing Initiative.
To help address the need for more affordable housing, we are partnering with the government in the development of 225 new rental homes at 610 Martin Grove Road.
An affordable place people will want to call home
Minto has proven that affordable housing can also be extremely liveable. The Richview Village property is designed to build a strong sense of community and belonging among its residents. There are ample common spaces, designed to promote mingling between seniors and the diverse single and family demographics that will reside there.
Biophilic elements include natural and textural materials to support physical and mental wellbeing. And indoor amenities are connected to nature with views overlooking the landscaped outdoor amenities.
There is a technologically advanced media lounge for socializing, movie nights and special events as well as a games/hobby lounge with storage and communal table for activities, crafts, and games.
A fitness studio contains a full range of cardio equipment, weights and stretching apparatuses. Additionally, there is a laundry room, pet wash and pet relief area with a dedicated building entrance/exit located close to the elevators for convenient access.
And a community BBQ, outdoor seating area, garden plot and network of walking paths provide further opportunities to socialize and connect with neighbours.
Affordable housing is truly happening
Housing providers need to meet the unique and changing needs of all residents. Minto looks forward to providing affordable housing to people who need it for many more years to come. Upon completion of all phases of the Richgrove project in 2026, the community will consist of 808 suites comprised of 88 condo town homes (under separate ownership now but originally built by Minto), 239 affordable rental suites, and 481 market rental suites. The final phase of Minto's master planned Richview Village Development is a true testament to the organization's commitment to making a solid impact on the community through the promotion of sustainable living.