There is a housing affordability crisis in Mississauga, and the wider GTA. To address this crisis and ensure we have enough appropriate housing stock, Mississauga requires a committed provincial funding partner to help make Mississauga a place where people can live, work and play.
Housing is considered "affordable" when a household pays less than 30% of their total income on housing. In Mississauga, more than 33% of households are spending more than 30% of their income on housing - this is an issue that needs to be addressed.
That's why in 2017, the City of Mississauga took the lead by developing a made-in-Mississauga plan to address housing affordability. The goal of "Making Room for the Middle" is to make 35% of available housing Mississauga affordable ($270,000 - $400,000 ownership/$1,200 per month rental) for middle-income earners ($55,000 - $100,000 household income).
Last year, the Ontario Government announced 16 measures to "cool" the housing market and increase affordability in their Fair Housing Plan. Many of the province's measures are in alignment with the City's "Making Room for the Middle" plan.
Six of the 40 recommendations made in our strategy require provincial support or legislative changes to give the City the ability to incentivize the building of affordable, middle-class housing.
These recommendations include:
Create enduring and sustainable funding programs that realize developer timeframes and financial needs
Provide affordable home ownership assistance to individuals
Expand municipal revenue tools
Consider taxation policies that incent affordable housing that include but are not limited to:
the creation of second units
rehab of existing purpose built rental housing
new purpose built rental housing
GST rebates or exemptions
Explore tax credits and exemptions for affordable housing including but not limited to:
income tax credit (e.g. second unit homeowners)
land transfer tax exemptions
create land value capture tools for municipalities
low-income housing tax credits
Provide standardized local housing data and consistent methodologies to measure housing affordability