Following historic investments in affordable housing and renter supports in the 2024 budget, the 2025 budget makes modest new investments in these areas. The 2024 budget was the first under Mayor Chow’s administration and marked a significant departure from previous budgets that had focused on keeping property tax increases low and prioritizing homeowners over renters. However, the modest investments in renter supports and affordable housing in the 2025 budget stand in contrast to public sentiment: the majority of respondents (67 per cent) to the City’s initial consultation on the budget identified affordable housing and shelter as the top services requiring increased support.
Nevertheless, we are encouraged to see additional investments in critical renter support programs and increased staffing levels to support the implementation of new and ongoing rental programs. Renters make up nearly half of all Toronto residents, with equity-deserving renters facing disproportionate rates of housing insecurity and eviction. Investing in eviction prevention and stability programs and other initiatives to preserve existing affordable housing are thus critical to upholding the right to housing.