Laneway Housing Approved in Toronto
After much talk and speculation, the City of Toronto has finally approved amendments permitting laneway housing in R zones across the city which includes anywhere from Victoria Park to the East, Parkside Dr. to theWest, and as far north as Eglinton.
Those looking to create laneway housing on their property will essentially be given the green light, so long as the rules and regulations identified by the City of Toronto are met. The amendments to the official plan and zoning by laws make laneway housing much more permissive than in the past where those looking to create this type of housing would have been dissuaded by the cost and effort to overcome the city’s original zoning and by-law restrictions. Toronto’s city planning department is also signalling that a second phase to the Changing Lane’s initiative is likely to come which will address other similar housing options like Coach Houses.
This initiative is long overdue for a city whose vacancy rate is floating around 1%. Rather than taking a leadership role in this initiative, Toronto has followed the lead of Vancouver and Ottawa who have already allowed for this type of housing supply.
Homeowners currently on laneways should consider this a windfall. Properties that fall within the eligible criteria and homeowners with the means and desire to do so will be to able to create an entirely new income-generating suite. Those that choose to built laneway housing will add some desperately needed supply to Toronto’s rental market, which could help ease pricing pressures on Toronto’s condo market.
Are you on laneway? Would you consider having a income suite? For more info on laneway housing, click here.
