In a city with a lot of empty buildings, it’s a lot harder to build affordable housing.
But researchers at the University of Toronto have found ways to convert old, high-rise buildings into affordable homes in a single project.
The researchers used data from the city’s Urban Development Act and data on rental prices from Statistics Canada to calculate the median price of a new two-bedroom apartment in Toronto for a family of four.
They then calculated the average cost of a single-bedroom unit for a household of four for the next 20 years.
The median cost of one-bedroom units dropped from $1,664 in 2016 to $1 in 2021.
That’s a 3.3 per cent drop in one-year rent.
The average cost for a two-bedroom unit dropped from just over $2,000 in 2016 and is now around $1.60 per square foot.
The team also found that the average annual rent for one-bedrooms has dropped from about $1 per square feet in 2016 up to about $600 in 2021, and it’s also fallen from about one-third of its 2016 price to about two-thirds of its 2021 price.
The new apartment buildings are located on the north side of Bloor Street East and are between Broadview Avenue and Jarvis Street East.
The city is currently working on a new set of regulations to make the project more affordable for residents of the area.