In Mississauga, the cost of housing is increasingly becoming beyond reach for many middle income households. Middle income households play an integral role in the City’s growth since they form a substantial part of the workforce. Typically, however, these households are not eligible for funding from senior levels of government yet they also struggle to find affordable ownership or rental housing suitable for their needs in the market.
Mississauga’s middle income households earn $58,000 to $108,000 per year and can typically afford to purchase a home at $420,000 or less, whereas the average sale price of a resale home in Mississauga in 2020 is $875,000. Renter households can afford up to $1,600 per month, hardly enough to rent a bachelor apartment in Mississauga’s rental market.
The jurisdictional responsibility for housing in Mississauga falls to the Region of Peel which in the past has primarily supported low income households. However, housing affordability for all households is a priority for the City. When Mississauga City Council adopted Making Room for the Middle (2017) – Mississauga’s first Housing Strategy – it used available municipal tools to protect existing affordable housing and sought out partnerships to increase the supply of new housing for middle income households.
For example, Mississauga has recently prioritized securing affordable housing as a community benefit contribution for all large development proposals. Looking forward, the City will be implementing inclusionary zoning, a planning tool that allows municipalities to require the inclusion of affordable housing units in new developments that are close to transit. Mississauga is also exploring an incentive program for affordable rental housing development. Purpose-built rental housing provides tenants with greater long-term stability compared with rented condominium units.
Delivering affordable housing is complex and requires the support of many partners. Mississauga continues to work collaboratively with all levels of government and stakeholders to create a supportive environment for housing developers to provide housing. The City supports and promotes the Region of Peel in their housing efforts, such as the My Home Second Unit Renovation Program (Oct 2020 launch), which is a loan and forgivable grant program for homeowners looking to renovate their second / basement suite, and the affordable rental housing incentive program (2021 launch), a program to encourage new, affordable purpose-built rental housing. A great example of a recent partnership is the Peel affordable housing project completed with Daniels Corporation at 360 City Centre Drive. The development provides 174 units of affordable housing, and received funding from the Canada-Ontario Investment in Affordable Housing (IAH) agreement, as well as $2.7 million in funding from the City to offset the cost of development charges.
The City of Mississauga will continue to work with all levels of government to promote housing affordability for everyone.
For more information on the City’s Housing Strategy, visit: www.mississauga.ca/publication/ housing-strategy
